When creating an estate plan in Georgia, there are many things to think about. First, it is important to fully understand estate planning so that you can account for every asset, the value of the asset, and who you want to receive that asset. By planning properly, your heirs and beneficiaries will not be harmed from failure to place as asset in a will or trust.
An estate technically includes all of your assets, such as:
- Real estate properties
- Checking accounts
- Savings accounts
- Antiques and collectibles
- Retirement accounts
- Life insurance proceeds
Basically, anything of value should be included in your estate plans. Items that often get forgotten about are payments that are due to you—such as an outstanding loan or tax refund.
It’s not only important to list out your assets, but it is essential that you know the value of them and your entire estate, minus your debts. This is very important and can help determine if your heirs will be subject to capital gain taxes.
If you need help in the estate planning process in Georgia, a skilled Fayette County estate planning lawyer in Peachtree City can help. Please call the Law Offices of Shane Smith today to seek the advice and services of a knowledgeable lawyer to help you create your estate plan at 770.487.8999.