Creating a comprehensive Estate Plan not only requires a full analysis of your Assets, but it also requires you to determine which individuals will receive them and when this transfer will occur. While you are free to designate any person, you want to be a Beneficiary, there are limitations under the law that may make it difficult for specific people to inherit your property or may open the Estate to taxation.
Our experienced lawyers at Nelson Elder Care Law could help you understand Beneficiary Designations in Woodstock Estate Planning. Our knowledgeable team could help you pass on your belongings in a way that limits the impact of taxation or prevents a beneficiary the right to inherit.
Any person living in or out of Woodstock may be designated as a Beneficiary in your Estate Plan. However, nuances do come into play depending upon the form of testamentary document that you use to transfer your property.
For example, people over the age of 18 can directly inherit Assets under a Will, but minors may not be able to enjoy the benefits of being a Beneficiary. Under state law, people under 18 can only directly receive $15,000 of their inheritance. The rest must flow into a Conservatorship.
Looking into alternative forms of Estate Planning can help to avoid these complications. For instance, minor children can be Beneficiaries of a Trust. The property moves into the Trust until the child comes of age, at which point the trustee distributes the property to the Beneficiary. Our lawyers could provide more information about the legal limitations of Beneficiaries.
The goal of any Estate Plan is to ensure the swift and accurate Distribution of your Assets to specific Beneficiaries. Of course, if you fail to name these Beneficiaries, multiple complications may arise.
The state’s Intestacy laws determine who will inherit property if an Estate Plan does not mention that properly or if a court invalidates a testamentary document. According to the Official Code of Georgia § 53-2-1, the Probate Court will grant Beneficiary status to family members in a certain order if you do not put together a valid Estate Plan.
For this reason, it is vital to be as specific as possible when naming Beneficiaries. Always list a Beneficiary’s full legal name. For family members, list that person’s relationship to you. It can also be beneficial to include other identifying information, such as a Beneficiary’s birthdate.
Similarly, be as precise as possible when intending to disinherit a party. One of our local attorneys at Nelson Elder Care Law could work to craft testamentary documents that leave no doubt concerning your naming of Beneficiaries.
The accurate naming of Beneficiaries is an essential part of Estate Planning. Not only will this inform a Probate court of your intent in Distributing your Assets after your death, but it can also help to avoid confusion or animosity that could lengthen the Probate process.
It is essential to remember that certain people cannot directly inherit property. For others, receiving this property may make them subject to taxes that do not exist in this state, such as an Estate tax. Our team at Nelson Elder Care Law are prepared to assist you with Beneficiary Designations in Woodstock Estate Planning. Call today to schedule a consultation.
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