A Beneficiary is any person or entity that stands to inherit property or benefits in an Estate Plan. As a general rule, any person can be a Beneficiary.
However, a variety of issues can arise during the Estate Planning process that can interfere with these parties’ ability to inherit. They may also impact whether the Estate will be vulnerable to taxation.
Consulting with our team at Nelson Elder Care Law can help you to understand the role that Beneficiary Designations play in Marietta Estate Planning. Our experienced attorneys can also assist you in forming Estate Planning documents that ensure that your intended Beneficiaries receive the full benefits of being your heirs.
Part of the appeal of creating your Estate Plan is that you are able to nominate any party to receive benefits in the future. This applies to Wills where heirs receive property after your death and Trusts that can mandate the Distribution of property at any time in the future.
As long as a party is an adult, the transfer of assets should occur without complication. However, the situation becomes more difficult if a Beneficiary is a child. For example, if a child is named to be the sole heir to your Will, the Probate court may order that the assets sit in a Trust until your child turns 18. Our local lawyers at Nelson Elder Care Law can explain any complications that may arise in your Beneficiary Designations as your craft your Estate Plan.
Many people make provisions in their Estate Plans to provide for the maintenance of property, the care of a pet, or the upkeep of a charity. However, it is important to understand the impact that local laws can have on these processes.
For example, the Official Code of Georgia Annotated § 53-4-62 says that if a testamentary gift to a charity fails for any reason, a court may exercise its powers in a way that aims for an equitable result. This is in contrast to testamentary gifts to individuals where a failing in a Will would trigger the Intestacy statute.
Another example includes the providing of charitable gifts through Trusts. Here, a charitable lead Trust can ensure that a charity receives the full benefit of the Estate Plan before other parties receive the remainder of the value of the Trust. In other situations, a charitable remainder Trust can allow a charity to receive the remaining value after other Beneficiaries receive their due. Talking with a Marietta attorney could provide you with more information about naming organizations as Beneficiaries in your Estate Plan.
It is important to understand how the law impacts Beneficiary Designations in Marietta Estate Planning. Reaching out to Nelson Elder Care Law could help to answer any questions you may have.
Our team can provide more information about the rules concerning the ability of Beneficiaries to inherit and foresee any potential complications so you can take steps to minimize their impact on your Estate Plan. Call us today.