Inheritance Delay: Is This a Possibility for My Heirs?
If you are over 18 and have anything you want to pass on later, you should consider having a will. As you get older and accrue more property, your needs will probably be more complex all around—and especially as you age and your family grows. At that time, you should consult with an estate planning firm like Scriber Law Group to create everything from a will to an advance health directive, powers of attorney, and one or more trusts.
One of your biggest motivators in moving forward to create an estate plan is probably to see that your estate avoids being thrown into probate—a process which can be time-consuming and expensive, and could even take a portion of each beneficiary’s inheritance. After going to all the trouble of creating a plan so that your loved ones would be cared for, your goal is most likely to see that they receive designated assets expediently, and as instructed. For younger, disabled, or adult beneficiaries who you may not trust to be careful with their inheritances, you may have placed conditions or age restrictions regarding when they receive their assets. You may also have multiple trusts set up for dependents and beneficiaries, helping to protect all assets not only while you are alive, but also after death. Assets will be organized and protected from others who may hope to lay claim to assets, such as creditors.
If the estate has been placed into probate with the state of Georgia, beneficiaries may not receive their inheritances for up to a year of more, depending on how complicated the estate is. If the estate has a will and all the required paperwork in force, to include an executor, probate may be avoided. The executor is then not only responsible for locating the beneficiaries, but they must also make sure the estate is completely in order. This means that all debts and taxes from within the estate must be paid, and this must be documented and presented. A complete list of accounting is made of all the assets and provided to each of the beneficiaries, who are then able to receive their inheritances. If you have set up your estate plan with an experienced and skilled attorney from a firm like Scriber Law Group, the process should be as streamlined as possible.
Contact Scriber Law Group for a free consultation. We can give you the important information you need regarding estate planning and trusts in Georgia, as well as answering any questions. Call (404) 939-7562 or contact us online for a free consultation.