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    What is probate like in Georgia? www.tracebrookslaw.com

    In many states, probate – the court-administered process by which someone’s property and debts are settled after death – can be complex, expensive, and worth significant effort to avoid. Georgia, however, is an exception to this. Georgia is an “easy probate” state. Georgia law streamlines the administration of most estates that go through probate and allows many estates to avoid probate altogether. In this article, we look at what makes Georgia probate easier than in many other states.


    In Georgia, the probate process is only administrative unless a post-death dispute arises. The will, the Petition to Probate in Solemn Form, and (sometimes) the death certificate should be filed with the probate court in the county where the decedent lived. So long as all heirs are adults, consent to the Petition to Probate in Solemn, and do not dispute the will’s validity, the proposed executor swears to follow the terms of the will. After swearing, the probate court clerk provides the executor with Letters Testamentary, a document stating the individual is the estate’s executor. From there, the executor handles the estate administration without court oversight or filings. 


    Even with a streamlined process, probate in Georgia typically takes several months. Complicating factors, such as a minor heir or a poorly-drafted Will, can slow the probate process. An experienced Atlanta estate planning attorney may be able to provide valuable insights on how to manage any potential disputes that may arise during the probate process.


    Further, in Georgia, you may not need a will at all. Most states have a simplified probate process – called summary probate – for small and uncontested estates. The qualifications for summary probate vary by state and are often driven by the value of the estate. Georgia is one of the few states that allows heirs to skip probate altogether, so long as there are no outstanding debts, all heirs agree to the distribution plan, and there is no Will.


    Notably, Georgia does not put an estate dollar value limitation on the availability of this process. So long as the three requirements above are met, the process only requires that a representative of the estate file a petition with the court attesting to the lack of need for administration.


    This is a huge benefit for small, simple estates in Georgia. But for people with more complex estates, or who do not want to leave the disposition of their estate for others (or the state) to decide, comprehensive estate planning is advisable. You should discuss with an attorney whether your primary estate planning document should be a will or a revocable living trust. 


    Contact an Atlanta Estate Planning Attorney at Trace Brooks Law to discuss whether a will or a revocable living trust is right for you.


    Often, potential clients seek a revocable living trust to avoid probate. Probate in Georgia, with a well-drafted will that waives bond and inventory and reporting requirements, and gives all the correct powers to act without ongoing court supervision, is not difficult. There are, however, other reasons to use a revocable living trust as your primary estate planning document.


    It is important to note that the only assets subject to probate are those in your estate at death, and many assets can be transferred to your heirs upon death without a will or trust. For example, any asset that allows you to make a beneficiary designation (such as a bank account, life insurance, or retirement account) will transfer ownership to the designated beneficiary immediately upon your death. Similarly, any jointly-owned property will pass to the surviving owner. The probate estate consists of everything left over after these compulsory transfers occur.


    Contact an Atlanta Estate Planning Attorney at Trace Brooks Law today to discuss your options and determine how probate might affect your estate.


    https://www.tracebrookslaw.com/what-is-probate-like-in-georgia/


    via Trace Brooks Law https://www.tracebrookslaw.com



    In many states, probate – the court-administered process by which someone’s property and debts are settled after death – can be complex, expensive, and worth significant effort to avoid. Georgia, however, is an exception to this. Georgia is an “easy probate” state. Georgia law streamlines the administration of most estates that go through probate and allows many estates to avoid probate altogether. In this article, we look at what makes Georgia probate easier than in many other states.


    In Georgia, the probate process is only administrative unless a post-death dispute arises. The will, the Petition to Probate in Solemn Form, and (sometimes) the death certificate should be filed with the probate court in the county where the decedent lived. So long as all heirs are adults, consent to the Petition to Probate in Solemn, and do not dispute the will’s validity, the proposed executor swears to follow the terms of the will. After swearing, the probate court clerk provides the executor with Letters Testamentary, a document stating the individual is the estate’s executor. From there, the executor handles the estate administration without court oversight or filings. 


    Even with a streamlined process, probate in Georgia typically takes several months. Complicating factors, such as a minor heir or a poorly-drafted Will, can slow the probate process. An experienced Atlanta estate planning attorney may be able to provide valuable insights on how to manage any potential disputes that may arise during the probate process.


    Further, in Georgia, you may not need a will at all. Most states have a simplified probate process – called summary probate – for small and uncontested estates. The qualifications for summary probate vary by state and are often driven by the value of the estate. Georgia is one of the few states that allows heirs to skip probate altogether, so long as there are no outstanding debts, all heirs agree to the distribution plan, and there is no Will.


    Notably, Georgia does not put an estate dollar value limitation on the availability of this process. So long as the three requirements above are met, the process only requires that a representative of the estate file a petition with the court attesting to the lack of need for administration.


    This is a huge benefit for small, simple estates in Georgia. But for people with more complex estates, or who do not want to leave the disposition of their estate for others (or the state) to decide, comprehensive estate planning is advisable. You should discuss with an attorney whether your primary estate planning document should be a will or a revocable living trust. 


    Contact an Atlanta Estate Planning Attorney at Trace Brooks Law to discuss whether a will or a revocable living trust is right for you.


    Probate Process in Georgia


    Key Steps


    Filing Documents


    Submit will, Petition to Probate in Solemn Form, and (sometimes) the death certificate to the county probate court where the decedent lived.


    Executor Appointment


    Proposed executor swears to follow the will’s terms; receives Letters Testamentary from the probate court clerk, confirming their role as the estate’s executor.


    Estate Administration


    Executor manages estate affairs independently, without court oversight or additional filings, if heirs are adults, consent to the probate petition, and do not dispute the will’s validity.


    The Role of Probate Lawyers in Georgia


    When faced with the death of a loved one in Georgia, navigating the legal terrain of probate court can be overwhelming. This is where probate lawyers step in, offering vital assistance to ensure that the deceased person’s affairs are resolved according to the law.


    Assisting Executors and Beneficiaries: In Georgia, probate attorneys play a crucial role in guiding executors through the probate process, which includes validating wills, administering estates, and, if necessary, acting as intermediaries between executors and beneficiaries. This is particularly important when disputes arise or if there is a need for clarification of the deceased’s wishes.


    Facilitating Estate Management: Probate lawyers also provide invaluable help in managing the practical aspects of settling an estate. This includes arranging the sale of property, ensuring the fair distribution of assets to beneficiaries, and addressing any outstanding debts or taxes tied to the estate. They can help ensure that all financial obligations are met, and the assets of the deceased are handled appropriately.


    Legal Advice and Support: The complexity of probate laws in Georgia underscores the need for professional advice. Probate attorneys not only assist in legal proceedings but also offer counsel on avoiding potential pitfalls that can lead to delays or additional costs. They are adept at preparing necessary documents such as deeds, creditor notices, and tax returns, and can also advise on estate planning tools like living trusts to streamline the probate process.


    Working with an Experienced Atlanta Estate Planning Attorney


    Often, potential clients seek a revocable living trust to avoid probate. Probate in Georgia, with a well-drafted will that waives bond, inventory, and reporting requirements, and gives all the correct powers to act without ongoing court supervision, is not difficult. There are, however, other reasons to use a revocable living trust as your primary estate planning document.


    It is important to note that the only assets subject to probate are those in your estate at death, and many assets can be transferred to your heirs upon death without a will or trust. For example, any asset that allows you to make a beneficiary designation (such as a bank account, life insurance, or retirement account) will transfer ownership to the designated beneficiary immediately upon your death. Similarly, any jointly-owned property will pass to the surviving owner. The probate estate consists of everything left over after these compulsory transfers occur.


    Contact an Atlanta Estate Planning Attorney at Trace Brooks Law today to discuss your options and determine how probate might affect your estate.


    https://www.tracebrookslaw.com/what-is-probate-like-in-georgia/


    via Trace Brooks Law https://www.tracebrookslaw.com

    Heirs vs. Beneficiary in Georgia www.tracebrookslaw.com
    Estate planning is a crucial aspect of managing your financial affairs and ensuring that your assets are distributed according to your wishes upon your passing. Two key terms that often arise when discussing estate planning are “heirs” and “beneficiaries.” Although these terms may sometimes be used interchangeably, they carry different meanings, roles, and legal implications. In this article, we will shed light on the distinctions between heirs and beneficiaries and delve into their roles in estate planning. We will also explore Georgia’s estate and probate laws to help you gain a better understanding of the processes involved in distributing assets after one’s death. To ensure that your estate planning aligns with your goals and adheres to state laws, it’s critical to consult with an experienced Georgia estate planning attorney. At Trace Brooks Law, Atlanta estate planning lawyer Trace Brooks may be able to help you create a comprehensive estate plan that safeguards your loved ones’ financial future and guarantees your wishes are carried out according to your intentions. Contact us today at (404) 492-9559 to discuss your options and develop a tailored strategy for your unique circumstances. Understanding Heirs and Beneficiaries Estate planning is an essential part of organizing your financial life and ensuring that your assets are distributed according to your wishes after your death. This article seeks to clarify the difference between heirs and beneficiaries and provide insights on their roles in estate planning. Definition of Heirs Heirs are individuals who automatically inherit or have a legal right to inherit some, or all, of the assets of a deceased person due to their familial relationship to the estate holder. This is determined by the laws of descent and distribution in the deceased person’s state of residence. The heirs’ rights to inherit solely depend on their position within the family tree, with primary consideration given to spouses and children of the deceased, followed by other relatives in a certain order, such as siblings or parents. For example, if a person dies without a last will and testament (intestate), Georgia laws will determine the distribution of their assets among their closest relatives. These may include their spouse, children, parents, siblings, or other more distant relatives. The priority given to each family member varies and is based on their particular “order of intestate succession.” In general, an heir cannot choose to be excluded from their inheritance, but they can legally disclaim their entitlement, allowing the assets to pass on to the next in line on the succession order. Definition of Beneficiaries Beneficiaries, on the other hand, are individuals or entities (such as a trust, charity, or organization) who are specifically named in a person’s last will and testament, trust document, or other legal documents to receive a particular benefit or several benefits upon the person’s death. Unlike heirs, beneficiaries do not have to be family members. Apart from trust beneficiaries who are children to the deceased; they can also be friends, institutions, or other parties. Beneficiaries are chosen by the deceased person, and their rights to inherit assets are based on the deceased’s expressed wishes in their will or designated through other valid legal documents such as life insurance policies, payable-on-death bank accounts, or retirement plans. Beneficiaries can accept or reject the benefit that has been bequeathed to them. Georgia Estate and Probate Laws Georgia probate laws deal with the administration and distribution of a person’s assets and debts after their death. The probate process in Georgia is governed by the Georgia Probate Code and supervised by the Probate Court in the county where the deceased person resided at the time of their death. This article will provide an overview of the probate process in Georgia, as well as the intestate and testate succession laws in the state. Overview of Georgia’s Probate Process The probate process in Georgia begins when a person dies, leaving property that needs to be distributed. If the deceased person had a will, the will must be filed with the probate court within a specified time after the person’s death. If there is no will, a petition for administration must be filed with the court. The Georgia probate process involves several steps, including: Filing a petition: The probate process begins when someone files a petition for probate with the appropriate court. If the deceased person left a will, the person named as the executor in the will typically files the petition. If there is no will, a close relative or other interested party can file the petition for administration. Notice to heirs and beneficiaries: The court requires that notice be given to all heirs and beneficiaries of the estate. This includes individuals named in the will, as well as those who would inherit under the state’s intestate succession laws if there was no will. Inventory of assets: The executor or administrator of the estate is responsible for creating an inventory of the deceased person’s assets. This includes real property, personal property, bank accounts, investments, and other assets. Payment of debts and expenses: The executor or administrator is responsible for paying the deceased person’s debts and expenses, including funeral costs, outstanding bills, and taxes. Distribution of assets: After all debts and expenses have been paid, the remaining assets are distributed to the beneficiaries and heirs according to the provisions of the will or, in the absence of a will, the state’s intestate succession laws. Closing the estate: Once all assets have been distributed and all required filings have been made, the probate court will close the estate. Georgia’s Probate Process Description Filing a petition The probate process begins by filing a petition for probate with the appropriate court. The executor named in the will typically files the petition. If there is no will, a close relative or interested party can file the petition. Notice to heirs and beneficiaries All heirs and beneficiaries of the estate, including individuals named in the will and those who would inherit under intestate succession laws, must be given notice by the court. Inventory of assets The executor or administrator creates an inventory of the deceased person’s assets, including real property, personal property, bank accounts, investments, and other assets. Payment of debts and expenses The executor or administrator is responsible for paying the deceased person’s debts and expenses, such as funeral costs, outstanding bills, and taxes. Distribution of assets After paying all debts and expenses, the remaining assets are distributed to beneficiaries and heirs according to the provisions of the will or intestate succession laws. Closing the estate The probate court closes the estate once all assets have been distributed and all required filings have been made. Intestate Succession in Georgia Intestate succession is the process by which a person’s assets are distributed when they die without a valid will. In Georgia, the intestate succession laws determine how a person’s assets will be distributed based on familial relationships. Some key points of the intestate succession laws in Georgia include: Spouse’s share: If the deceased person was married and had no children, their surviving spouse inherits the entire estate. If the deceased person was married and had children, the spouse and children share equally in the estate, with the spouse receiving no less than one-third of the estate. Children’s share: If the deceased person had children but no spouse, the children inherit the entire estate, divided equally among them. Parents and other relatives: If the deceased person had no spouse or children, their estate would be distributed to other relatives in the following order: parents, siblings, nieces and nephews, grandparents, aunts and uncles, and, finally, cousins. Testamentary Succession in Georgia Testamentary succession refers to the process by which a person’s assets are distributed according to their will. In Georgia, a valid will must meet certain legal requirements, including being written, signed by the person making the will (the testator), and witnessed by at least two competent individuals. As long as a will is valid under Georgia law, it will generally be followed during the probate process. Some key points of testate succession in Georgia include: Devise of property: A testator can leave specific property or assets to specific beneficiaries named in the will. This includes real and personal property, as well as financial assets such as bank accounts or investment accounts. Residuary estate: The residuary estate refers to the remaining assets after all specific devises have been distributed. A testator can specify how the residuary estate should be distributed among the beneficiaries or heirs. Trusts: A testator can establish a trust in their will. These trusts can be used to distribute assets to minor children, provide for the care of a disabled beneficiary, or accomplish other estate planning goals. Power of appointment: A testator can grant a power of appointment in their will, allowing a named individual to distribute certain assets as they see fit, within the limits set in the will. Contingent and alternative beneficiaries: A testator can name contingent beneficiaries to inherit in case a named beneficiary predeceases the testator or is otherwise unable to inherit. Similarly, a testator can name alternative beneficiaries to inherit if the primary beneficiaries cannot or will not accept the bequest. The probate and estate laws of Georgia seek to protect the rights and wishes of testators and their heirs, as well as provide an orderly process for the distribution of a person’s assets after their death. With the help of a skilled Atlanta estate planning attorney, individuals can better plan for the disposition of their estate and ensure that their wishes are carried out after their death. Georgia Inheritance Rights and Protections In Georgia, inheritance rights and protections exist to ensure that family members are justly provided for following the death of a loved one. These rights and protections, which are governed by Georgia’s probate and estate laws, generally fall into three main categories: spousal inheritance rights, children’s inheritance rights, and inheritance rights of other family members. This article provides an overview of these categories and their legal implications within the state of Georgia. Spousal Inheritance Rights Georgia has some of the more restrictive spousal inheritance regulations in the United States. In many states, the surviving spouse receives the entirety of the deceased spouse’s estate, regardless of whether they share children. A surviving spouse’s share depends on the existence of surviving children or other descendants. If the decedent (the person who has died) has no surviving children or descendants, the spouse will inherit the entire estate. However, if the decedent has children or descendants, Georgia law stipulates that the surviving spouse shall receive no less than one-third of the estate. The remaining two-thirds will be distributed among the children and their respective descendants.  In accordance with Georgia’s inheritance statutes, an individual can purposefully exclude their spouse from their will, effectively disinheriting them. The disinherited spouse has the right to receive financial support for a period of one year following the death of their partner. Beyond this timeframe, the estate bears no responsibility to provide any further assistance. Children’s Inheritance Rights In Georgia, children have the right to inherit from their parent’s estates, regardless of whether a will is in place. If a person dies intestate with surviving children, the share of the estate allocated to each child is determined by Georgia’s inheritance laws. As mentioned earlier, the spouse is entitled to at least one-third of the estate, and the children will share the remainder equally. Importantly, these shares are determined by a legal concept called ‘per stirpes.’ This means that descendants of a child who predeceased the decedent would receive the share that the child would have been entitled to if they were still alive. Additionally, Georgia law allows for adopted children to inherit from their adoptive parents in the same manner as biological children. However, adopted children generally do not inherit from their birth parents unless their original birth certificate lists the birth parent(s) and adoptive parent(s) by the decree of the juvenile court. In cases of illegitimate children, those born out of wedlock can inherit from their biological father if a parental relationship has been established through a court order, written acknowledgment of paternity, or another legal process. Inheritance Rights of Other Family Members If an individual dies intestate without a surviving spouse, children, or descendants, Georgia law provides that the estate will pass to other close relatives. The estate would first pass to the decedent’s parents. If there are no surviving parents, then the estate would be divided among the decedent’s siblings or their descendants. Further, if the decedent has no surviving siblings or descendants, the estate passes to the grandparents and any extended family members, following the priority set by Georgia laws. Common Estate Planning Tools in Georgia Estate planning is an essential process that ensures the proper management and distribution of an individual’s property upon their passing. In Georgia, numerous estate planning tools are available to help individuals efficiently manage their assets and minimize potential disputes among family members. This article will discuss some common estate planning tools in Georgia, including wills, trusts, joint tenancy with right of survivorship, and payable-on-death accounts. Wills A will is a legal document that expresses an individual’s desires for their property distribution upon their passing. To be legally valid in Georgia, a will must meet specific requirements: The will must be in writing. The testator (person making the will) must be at least 14 years old and of sound mind. The will must be signed by the testator. Two competent witnesses, who are not beneficiaries, must sign the will in the presence of the testator. It is crucial to review and update wills regularly, especially after significant life events like marriage, divorce, or the birth of a child, to ensure that the estate plan accurately reflects the testator’s current wishes. Trusts A trust is a legal entity that holds and manages assets for the benefit of designated beneficiaries. Trusts can bypass probate, potentially saving time and money, and provide greater control over asset distribution. There are multiple types of trusts available in Georgia, including revocable living trusts, irrevocable trusts, and special needs trusts. Each trust type serves a specific purpose and has unique advantages or restrictions. Joint Tenancy with Right of Survivorship Joint tenancy with right of survivorship is a form of property ownership where two or more individuals share ownership, and upon the death of one owner, the surviving owner(s) automatically acquires their share. This estate planning tool helps protect assets from probate and can be beneficial for married couples sharing property ownership. Payable on Death Accounts  Payable on death (POD) accounts are financial accounts that allow the account holder to designate a beneficiary who will receive the account’s funds upon the account holder’s death. POD accounts bypass probate and provide a simple way to transfer assets to a chosen beneficiary. Getting the Help of a Skilled Atlanta Estate Planning Lawyer Navigating the complex world of estate planning can be a daunting task. With the intricacies of Georgia’s probate and estate laws, ensuring that your assets are distributed according to your wishes and in compliance with state laws requires the assistance of a skilled Atlanta estate planning attorney.  An estate planning attorney can help you effectively navigate the distinctions between heirs and beneficiaries, ensuring that your estate plan clearly outlines your intentions for asset distribution after your death. By carefully designating beneficiaries in your will or trust, and understanding the implications of Georgia’s laws regarding heirs, a skilled attorney can help you avoid potential disputes and complications among your loved ones. Atlanta estate planning lawyer Trace Brooks may be able to help ensure that your assets are distributed according to your wishes while adhering to state laws, giving you peace of mind and providing your family with financial security and stability. Contact Trace Brooks Law today at (404) 492-9559 to schedule a consultation. https://www.tracebrookslaw.com/heirs-vs-beneficiary-in-georgia/ via Trace Brooks Law https://www.tracebrookslaw.com
    Seven Major Life Events That Should Prompt Georgia Residents to Prepare or Update Their Estate Plans www.tracebrookslaw.com
    Estate planning is a critical, but often overlooked, aspect of managing your financial and legal wellness. As you know, estate planning involves creating a plan for the distribution of your assets, property, and wealth after your passing. Comprehensive estate planning should also include making provisions for your healthcare and decision-making in case of incapacitation. An experienced Atlanta estate planning lawyer can provide guidance and assistance in developing a comprehensive estate plan that takes into account your unique circumstances and goals. There’s never a “wrong” time to prepare or review your estate plan in Georgia. Though estate planning is commonly considered something that only older individuals need to think about, young families in Georgia also benefit from having an estate plan in place.  Several major life events should prompt estate planning to ensure that your wishes are honored and your loved ones are taken care of. In this article, we look at seven major life events that should prompt you to prepare or review your estate plan. Let’s get started! Marriage or Divorce Marriage is a significant life event that impacts the disposition of your estate, even if you do not have an estate plan. If you die without a will or trust, Georgia intestacy law gives at least a portion of your estate to your spouse. Creating or updating your estate plan after getting married can ensure that your spouse is taken care of and inherits your assets according to your wishes.  A comprehensive estate plan can also take into account the birth of children and the acquisition of additional assets, making the time shortly after marriage an ideal time to have your estate plan prepared. Further, estate planning can ensure your and your spouse’s estate plans are aligned. Conversely, divorce also has implications for your estate plan, as you may want to revise beneficiary designations and consider changes to powers of attorney and healthcare directives. Any time your marital status changes, you should strongly consider reviewing and updating your estate plan. Birth or Adoption of a Child Like marriage, the birth or adoption of a child is an ideal time to create or update your estate plan. If you already have a comprehensive estate plan, your documents may include provisions for your children. You should, of course, review these documents with your estate planning attorney to confirm everything is as you wish. Further, you should appoint a guardian for your child. The birth or adoption of a child is a joyous occasion and is also an ideal time to create or update your estate plan.  Retirement The first time many people begin thinking about their estate plan is upon retirement. Because retirement ushers in many changes (income, lifestyle, healthcare needs), retirement is an ideal time to create or update your estate plan. Your estate plan should align with your financial and lifestyle goals in retirement. In addition to revising your will, updating your trust, and updating beneficiary designations, you may also wish to consider long-term care insurance. Further, you may consider certain irrevocable trusts to pass assets you will not need in retirement to your beneficiaries so that they can enjoy their inheritance earlier in life. If you anticipate being subject to the estate tax, these trusts also move assets out of your estate, thereby lowering or removing your potential estate tax burden. Death of a Loved One If you are like me, the death of a loved one was your first introduction to the importance of estate planning. The death of a spouse, parent, or other loved one is emotionally challenging, but it’s also a time when estate planning becomes critical. If your loved one had a comprehensive estate plan, you’ve hopefully seen first-hand how relatively easy the disposition of their estate was. If your loved one did not have a comprehensive estate plan (or had a flawed or incomplete estate plan), you’ve likely suffered the stress and frustration of dealing with probate. Either way, the death of a loved one is a stark reminder to create or update your estate plan. Further, if you inherit property or assets from a loved one, you may experience a change in your financial situation, which is always a good time to create or update your estate plan.  Change in Financial Situation As suggested above, a change in your financial situation is an ideal time to create or update your estate plan. Positive changes in your financial situation, such as receiving a significant inheritance, selling a business, or winning the lottery, have a profound impact on your estate plan. You may have the means to leave more to your beneficiaries, to name new beneficiaries, or to leave more to charity. Further, without estate tax planning, your estate may also be subject to the estate tax. Negative changes in your financial situation should also influence a review of your estate plan, as you may wish to reallocate your remaining assets amongst your beneficiaries. It’s important to review your estate plan to consider how these changes in your financial situation may affect your overall financial picture and make adjustments accordingly. Relocation to Another State Whether you moved to Georgia from another state or are planning to move out of state, reviewing your estate plan upon relocation is crucial. Estate planning laws vary from state to state, and what may have been valid in the state your documents were created may not be valid in your new state. With a will-based estate plan, often the entire estate plan will need to be recreated to comply with your new resident state’s laws. For clients who plan to relocate, we often recommend revocable living trust-based estate planning. While the pour-over will and powers of attorney will need to be updated in the new state, the primary estate planning document – the revocable living trust – likely will not. This significantly reduces the cost of maintaining effective estate planning despite moving across state lines.  Changes in Health Finally, changes in your health, such as a diagnosis of a chronic illness or a debilitating condition, should prompt the creation or review of your estate plan. It is doubly important to prepare estate planning documents quickly if you are at risk of becoming incapacitated, as you may lose the legal capacity to create or update your estate plan. When you suffer a change in health, you should pay particular attention to creating or updating advanced healthcare directives, appointing a healthcare proxy, and ensuring that your loved ones are aware of your medical wishes. Estate planning is a crucial aspect of managing your financial and legal affairs. While a comprehensive estate plan can be drafted to account for many changes in life, these seven major life events should prompt you to create or review your estate plan. Whether it’s getting married, having a child, retiring, experiencing a loss, facing a change in your financial situation, relocating, or dealing with changes in health, estate planning can provide you with peace of mind that your wishes will be honored and your loved ones will be taken care of.  If you have recently experienced any of these major life events, contact Trace Brooks Law at (404) 492-9559 to speak with an experienced Atlanta Estate Planning Lawyer and learn more about an estate plan that is right for you and your family. Life Event Reason to Create or Update Estate Plan Marriage or Divorce Ensure spouse is taken care of and inherits assets according to your wishes; revise beneficiary designations; consider changes to powers of attorney and healthcare directives Birth or Adoption of a Child Review and confirm provisions for children in your estate plan; appoint a guardian for your child Retirement Align estate plan with financial and lifestyle goals in retirement; revise will, update trust, and beneficiary designations; consider long-term care insurance Death of a Loved One Reminder to create or update estate plan; change in financial situation due to inheritance Change in Financial Situation Leave more to beneficiaries, name new beneficiaries, leave more to charity; adjust estate plan according to changes in financial situation Relocation to Another State Review and recreate estate plan to comply with new resident state’s laws; consider revocable living trust-based estate planning Changes in Health Prompt creation or review of estate plan; pay particular attention to advanced healthcare directives and appointing a healthcare proxy https://www.tracebrookslaw.com/seven-major-life-events-that-should-prompt-georgia-residents-to-prepare-or-update-their-estate-plans/ via Trace Brooks Law https://www.tracebrookslaw.com
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    Atlanta Estate Planning Attorney | Atlanta Probate Wills and Estate Planning Law Firm

    Looking for an experienced estate planning lawyer to help you secure your future and the future of your loved ones? Look no further than Trace Brooks! As an Atlanta-based attorney, Trace is dedicated to providing personalized service to each and every one of his clients. With his extensive knowledge of estate planning matters, including wills, trusts, and probate, you can rest assured that you're in good hands.


    But that's not all! Trace also offers guidance on complex issues such as asset protection and trust administration. With his help, you can ensure that your assets are protected and your loved ones are taken care of long after you're gone.


    So if you're ready to take control of your future and plan for the unknown, give us a call at (404) 492-9559 to schedule a consultation with Trace Brooks. He'll work with you every step of the way to ensure that your wishes are carried out and your loved ones are provided for. Don't wait - the future is now!


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What is probate like in Georgia? www.tracebrookslaw.com

In many states, probate – the court-administered process by which someone’s property and debts are settled after death – can be complex, expensive, and worth significant effort to avoid. Georgia, however, is an exception to this. Georgia is an “easy probate” state. Georgia law streamlines the administration of most estates that go through probate and allows many estates to avoid probate altogether. In this article, we look at what makes Georgia probate easier than in many other states.


In Georgia, the probate process is only administrative unless a post-death dispute arises. The will, the Petition to Probate in Solemn Form, and (sometimes) the death certificate should be filed with the probate court in the county where the decedent lived. So long as all heirs are adults, consent to the Petition to Probate in Solemn, and do not dispute the will’s validity, the proposed executor swears to follow the terms of the will. After swearing, the probate court clerk provides the executor with Letters Testamentary, a document stating the individual is the estate’s executor. From there, the executor handles the estate administration without court oversight or filings. 


Even with a streamlined process, probate in Georgia typically takes several months. Complicating factors, such as a minor heir or a poorly-drafted Will, can slow the probate process. An experienced Atlanta estate planning attorney may be able to provide valuable insights on how to manage any potential disputes that may arise during the probate process.


Further, in Georgia, you may not need a will at all. Most states have a simplified probate process – called summary probate – for small and uncontested estates. The qualifications for summary probate vary by state and are often driven by the value of the estate. Georgia is one of the few states that allows heirs to skip probate altogether, so long as there are no outstanding debts, all heirs agree to the distribution plan, and there is no Will.


Notably, Georgia does not put an estate dollar value limitation on the availability of this process. So long as the three requirements above are met, the process only requires that a representative of the estate file a petition with the court attesting to the lack of need for administration.


This is a huge benefit for small, simple estates in Georgia. But for people with more complex estates, or who do not want to leave the disposition of their estate for others (or the state) to decide, comprehensive estate planning is advisable. You should discuss with an attorney whether your primary estate planning document should be a will or a revocable living trust. 


Contact an Atlanta Estate Planning Attorney at Trace Brooks Law to discuss whether a will or a revocable living trust is right for you.


Often, potential clients seek a revocable living trust to avoid probate. Probate in Georgia, with a well-drafted will that waives bond and inventory and reporting requirements, and gives all the correct powers to act without ongoing court supervision, is not difficult. There are, however, other reasons to use a revocable living trust as your primary estate planning document.


It is important to note that the only assets subject to probate are those in your estate at death, and many assets can be transferred to your heirs upon death without a will or trust. For example, any asset that allows you to make a beneficiary designation (such as a bank account, life insurance, or retirement account) will transfer ownership to the designated beneficiary immediately upon your death. Similarly, any jointly-owned property will pass to the surviving owner. The probate estate consists of everything left over after these compulsory transfers occur.


Contact an Atlanta Estate Planning Attorney at Trace Brooks Law today to discuss your options and determine how probate might affect your estate.


https://www.tracebrookslaw.com/what-is-probate-like-in-georgia/


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In many states, probate – the court-administered process by which someone’s property and debts are settled after death – can be complex, expensive, and worth significant effort to avoid. Georgia, however, is an exception to this. Georgia is an “easy probate” state. Georgia law streamlines the administration of most estates that go through probate and allows many estates to avoid probate altogether. In this article, we look at what makes Georgia probate easier than in many other states.


In Georgia, the probate process is only administrative unless a post-death dispute arises. The will, the Petition to Probate in Solemn Form, and (sometimes) the death certificate should be filed with the probate court in the county where the decedent lived. So long as all heirs are adults, consent to the Petition to Probate in Solemn, and do not dispute the will’s validity, the proposed executor swears to follow the terms of the will. After swearing, the probate court clerk provides the executor with Letters Testamentary, a document stating the individual is the estate’s executor. From there, the executor handles the estate administration without court oversight or filings. 


Even with a streamlined process, probate in Georgia typically takes several months. Complicating factors, such as a minor heir or a poorly-drafted Will, can slow the probate process. An experienced Atlanta estate planning attorney may be able to provide valuable insights on how to manage any potential disputes that may arise during the probate process.


Further, in Georgia, you may not need a will at all. Most states have a simplified probate process – called summary probate – for small and uncontested estates. The qualifications for summary probate vary by state and are often driven by the value of the estate. Georgia is one of the few states that allows heirs to skip probate altogether, so long as there are no outstanding debts, all heirs agree to the distribution plan, and there is no Will.


Notably, Georgia does not put an estate dollar value limitation on the availability of this process. So long as the three requirements above are met, the process only requires that a representative of the estate file a petition with the court attesting to the lack of need for administration.


This is a huge benefit for small, simple estates in Georgia. But for people with more complex estates, or who do not want to leave the disposition of their estate for others (or the state) to decide, comprehensive estate planning is advisable. You should discuss with an attorney whether your primary estate planning document should be a will or a revocable living trust. 


Contact an Atlanta Estate Planning Attorney at Trace Brooks Law to discuss whether a will or a revocable living trust is right for you.


Probate Process in Georgia


Key Steps


Filing Documents


Submit will, Petition to Probate in Solemn Form, and (sometimes) the death certificate to the county probate court where the decedent lived.


Executor Appointment


Proposed executor swears to follow the will’s terms; receives Letters Testamentary from the probate court clerk, confirming their role as the estate’s executor.


Estate Administration


Executor manages estate affairs independently, without court oversight or additional filings, if heirs are adults, consent to the probate petition, and do not dispute the will’s validity.


The Role of Probate Lawyers in Georgia


When faced with the death of a loved one in Georgia, navigating the legal terrain of probate court can be overwhelming. This is where probate lawyers step in, offering vital assistance to ensure that the deceased person’s affairs are resolved according to the law.


Assisting Executors and Beneficiaries: In Georgia, probate attorneys play a crucial role in guiding executors through the probate process, which includes validating wills, administering estates, and, if necessary, acting as intermediaries between executors and beneficiaries. This is particularly important when disputes arise or if there is a need for clarification of the deceased’s wishes.


Facilitating Estate Management: Probate lawyers also provide invaluable help in managing the practical aspects of settling an estate. This includes arranging the sale of property, ensuring the fair distribution of assets to beneficiaries, and addressing any outstanding debts or taxes tied to the estate. They can help ensure that all financial obligations are met, and the assets of the deceased are handled appropriately.


Legal Advice and Support: The complexity of probate laws in Georgia underscores the need for professional advice. Probate attorneys not only assist in legal proceedings but also offer counsel on avoiding potential pitfalls that can lead to delays or additional costs. They are adept at preparing necessary documents such as deeds, creditor notices, and tax returns, and can also advise on estate planning tools like living trusts to streamline the probate process.


Working with an Experienced Atlanta Estate Planning Attorney


Often, potential clients seek a revocable living trust to avoid probate. Probate in Georgia, with a well-drafted will that waives bond, inventory, and reporting requirements, and gives all the correct powers to act without ongoing court supervision, is not difficult. There are, however, other reasons to use a revocable living trust as your primary estate planning document.


It is important to note that the only assets subject to probate are those in your estate at death, and many assets can be transferred to your heirs upon death without a will or trust. For example, any asset that allows you to make a beneficiary designation (such as a bank account, life insurance, or retirement account) will transfer ownership to the designated beneficiary immediately upon your death. Similarly, any jointly-owned property will pass to the surviving owner. The probate estate consists of everything left over after these compulsory transfers occur.


Contact an Atlanta Estate Planning Attorney at Trace Brooks Law today to discuss your options and determine how probate might affect your estate.


https://www.tracebrookslaw.com/what-is-probate-like-in-georgia/


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Heirs vs. Beneficiary in Georgia www.tracebrookslaw.com
Estate planning is a crucial aspect of managing your financial affairs and ensuring that your assets are distributed according to your wishes upon your passing. Two key terms that often arise when discussing estate planning are “heirs” and “beneficiaries.” Although these terms may sometimes be used interchangeably, they carry different meanings, roles, and legal implications. In this article, we will shed light on the distinctions between heirs and beneficiaries and delve into their roles in estate planning. We will also explore Georgia’s estate and probate laws to help you gain a better understanding of the processes involved in distributing assets after one’s death. To ensure that your estate planning aligns with your goals and adheres to state laws, it’s critical to consult with an experienced Georgia estate planning attorney. At Trace Brooks Law, Atlanta estate planning lawyer Trace Brooks may be able to help you create a comprehensive estate plan that safeguards your loved ones’ financial future and guarantees your wishes are carried out according to your intentions. Contact us today at (404) 492-9559 to discuss your options and develop a tailored strategy for your unique circumstances. Understanding Heirs and Beneficiaries Estate planning is an essential part of organizing your financial life and ensuring that your assets are distributed according to your wishes after your death. This article seeks to clarify the difference between heirs and beneficiaries and provide insights on their roles in estate planning. Definition of Heirs Heirs are individuals who automatically inherit or have a legal right to inherit some, or all, of the assets of a deceased person due to their familial relationship to the estate holder. This is determined by the laws of descent and distribution in the deceased person’s state of residence. The heirs’ rights to inherit solely depend on their position within the family tree, with primary consideration given to spouses and children of the deceased, followed by other relatives in a certain order, such as siblings or parents. For example, if a person dies without a last will and testament (intestate), Georgia laws will determine the distribution of their assets among their closest relatives. These may include their spouse, children, parents, siblings, or other more distant relatives. The priority given to each family member varies and is based on their particular “order of intestate succession.” In general, an heir cannot choose to be excluded from their inheritance, but they can legally disclaim their entitlement, allowing the assets to pass on to the next in line on the succession order. Definition of Beneficiaries Beneficiaries, on the other hand, are individuals or entities (such as a trust, charity, or organization) who are specifically named in a person’s last will and testament, trust document, or other legal documents to receive a particular benefit or several benefits upon the person’s death. Unlike heirs, beneficiaries do not have to be family members. Apart from trust beneficiaries who are children to the deceased; they can also be friends, institutions, or other parties. Beneficiaries are chosen by the deceased person, and their rights to inherit assets are based on the deceased’s expressed wishes in their will or designated through other valid legal documents such as life insurance policies, payable-on-death bank accounts, or retirement plans. Beneficiaries can accept or reject the benefit that has been bequeathed to them. Georgia Estate and Probate Laws Georgia probate laws deal with the administration and distribution of a person’s assets and debts after their death. The probate process in Georgia is governed by the Georgia Probate Code and supervised by the Probate Court in the county where the deceased person resided at the time of their death. This article will provide an overview of the probate process in Georgia, as well as the intestate and testate succession laws in the state. Overview of Georgia’s Probate Process The probate process in Georgia begins when a person dies, leaving property that needs to be distributed. If the deceased person had a will, the will must be filed with the probate court within a specified time after the person’s death. If there is no will, a petition for administration must be filed with the court. The Georgia probate process involves several steps, including: Filing a petition: The probate process begins when someone files a petition for probate with the appropriate court. If the deceased person left a will, the person named as the executor in the will typically files the petition. If there is no will, a close relative or other interested party can file the petition for administration. Notice to heirs and beneficiaries: The court requires that notice be given to all heirs and beneficiaries of the estate. This includes individuals named in the will, as well as those who would inherit under the state’s intestate succession laws if there was no will. Inventory of assets: The executor or administrator of the estate is responsible for creating an inventory of the deceased person’s assets. This includes real property, personal property, bank accounts, investments, and other assets. Payment of debts and expenses: The executor or administrator is responsible for paying the deceased person’s debts and expenses, including funeral costs, outstanding bills, and taxes. Distribution of assets: After all debts and expenses have been paid, the remaining assets are distributed to the beneficiaries and heirs according to the provisions of the will or, in the absence of a will, the state’s intestate succession laws. Closing the estate: Once all assets have been distributed and all required filings have been made, the probate court will close the estate. Georgia’s Probate Process Description Filing a petition The probate process begins by filing a petition for probate with the appropriate court. The executor named in the will typically files the petition. If there is no will, a close relative or interested party can file the petition. Notice to heirs and beneficiaries All heirs and beneficiaries of the estate, including individuals named in the will and those who would inherit under intestate succession laws, must be given notice by the court. Inventory of assets The executor or administrator creates an inventory of the deceased person’s assets, including real property, personal property, bank accounts, investments, and other assets. Payment of debts and expenses The executor or administrator is responsible for paying the deceased person’s debts and expenses, such as funeral costs, outstanding bills, and taxes. Distribution of assets After paying all debts and expenses, the remaining assets are distributed to beneficiaries and heirs according to the provisions of the will or intestate succession laws. Closing the estate The probate court closes the estate once all assets have been distributed and all required filings have been made. Intestate Succession in Georgia Intestate succession is the process by which a person’s assets are distributed when they die without a valid will. In Georgia, the intestate succession laws determine how a person’s assets will be distributed based on familial relationships. Some key points of the intestate succession laws in Georgia include: Spouse’s share: If the deceased person was married and had no children, their surviving spouse inherits the entire estate. If the deceased person was married and had children, the spouse and children share equally in the estate, with the spouse receiving no less than one-third of the estate. Children’s share: If the deceased person had children but no spouse, the children inherit the entire estate, divided equally among them. Parents and other relatives: If the deceased person had no spouse or children, their estate would be distributed to other relatives in the following order: parents, siblings, nieces and nephews, grandparents, aunts and uncles, and, finally, cousins. Testamentary Succession in Georgia Testamentary succession refers to the process by which a person’s assets are distributed according to their will. In Georgia, a valid will must meet certain legal requirements, including being written, signed by the person making the will (the testator), and witnessed by at least two competent individuals. As long as a will is valid under Georgia law, it will generally be followed during the probate process. Some key points of testate succession in Georgia include: Devise of property: A testator can leave specific property or assets to specific beneficiaries named in the will. This includes real and personal property, as well as financial assets such as bank accounts or investment accounts. Residuary estate: The residuary estate refers to the remaining assets after all specific devises have been distributed. A testator can specify how the residuary estate should be distributed among the beneficiaries or heirs. Trusts: A testator can establish a trust in their will. These trusts can be used to distribute assets to minor children, provide for the care of a disabled beneficiary, or accomplish other estate planning goals. Power of appointment: A testator can grant a power of appointment in their will, allowing a named individual to distribute certain assets as they see fit, within the limits set in the will. Contingent and alternative beneficiaries: A testator can name contingent beneficiaries to inherit in case a named beneficiary predeceases the testator or is otherwise unable to inherit. Similarly, a testator can name alternative beneficiaries to inherit if the primary beneficiaries cannot or will not accept the bequest. The probate and estate laws of Georgia seek to protect the rights and wishes of testators and their heirs, as well as provide an orderly process for the distribution of a person’s assets after their death. With the help of a skilled Atlanta estate planning attorney, individuals can better plan for the disposition of their estate and ensure that their wishes are carried out after their death. Georgia Inheritance Rights and Protections In Georgia, inheritance rights and protections exist to ensure that family members are justly provided for following the death of a loved one. These rights and protections, which are governed by Georgia’s probate and estate laws, generally fall into three main categories: spousal inheritance rights, children’s inheritance rights, and inheritance rights of other family members. This article provides an overview of these categories and their legal implications within the state of Georgia. Spousal Inheritance Rights Georgia has some of the more restrictive spousal inheritance regulations in the United States. In many states, the surviving spouse receives the entirety of the deceased spouse’s estate, regardless of whether they share children. A surviving spouse’s share depends on the existence of surviving children or other descendants. If the decedent (the person who has died) has no surviving children or descendants, the spouse will inherit the entire estate. However, if the decedent has children or descendants, Georgia law stipulates that the surviving spouse shall receive no less than one-third of the estate. The remaining two-thirds will be distributed among the children and their respective descendants.  In accordance with Georgia’s inheritance statutes, an individual can purposefully exclude their spouse from their will, effectively disinheriting them. The disinherited spouse has the right to receive financial support for a period of one year following the death of their partner. Beyond this timeframe, the estate bears no responsibility to provide any further assistance. Children’s Inheritance Rights In Georgia, children have the right to inherit from their parent’s estates, regardless of whether a will is in place. If a person dies intestate with surviving children, the share of the estate allocated to each child is determined by Georgia’s inheritance laws. As mentioned earlier, the spouse is entitled to at least one-third of the estate, and the children will share the remainder equally. Importantly, these shares are determined by a legal concept called ‘per stirpes.’ This means that descendants of a child who predeceased the decedent would receive the share that the child would have been entitled to if they were still alive. Additionally, Georgia law allows for adopted children to inherit from their adoptive parents in the same manner as biological children. However, adopted children generally do not inherit from their birth parents unless their original birth certificate lists the birth parent(s) and adoptive parent(s) by the decree of the juvenile court. In cases of illegitimate children, those born out of wedlock can inherit from their biological father if a parental relationship has been established through a court order, written acknowledgment of paternity, or another legal process. Inheritance Rights of Other Family Members If an individual dies intestate without a surviving spouse, children, or descendants, Georgia law provides that the estate will pass to other close relatives. The estate would first pass to the decedent’s parents. If there are no surviving parents, then the estate would be divided among the decedent’s siblings or their descendants. Further, if the decedent has no surviving siblings or descendants, the estate passes to the grandparents and any extended family members, following the priority set by Georgia laws. Common Estate Planning Tools in Georgia Estate planning is an essential process that ensures the proper management and distribution of an individual’s property upon their passing. In Georgia, numerous estate planning tools are available to help individuals efficiently manage their assets and minimize potential disputes among family members. This article will discuss some common estate planning tools in Georgia, including wills, trusts, joint tenancy with right of survivorship, and payable-on-death accounts. Wills A will is a legal document that expresses an individual’s desires for their property distribution upon their passing. To be legally valid in Georgia, a will must meet specific requirements: The will must be in writing. The testator (person making the will) must be at least 14 years old and of sound mind. The will must be signed by the testator. Two competent witnesses, who are not beneficiaries, must sign the will in the presence of the testator. It is crucial to review and update wills regularly, especially after significant life events like marriage, divorce, or the birth of a child, to ensure that the estate plan accurately reflects the testator’s current wishes. Trusts A trust is a legal entity that holds and manages assets for the benefit of designated beneficiaries. Trusts can bypass probate, potentially saving time and money, and provide greater control over asset distribution. There are multiple types of trusts available in Georgia, including revocable living trusts, irrevocable trusts, and special needs trusts. Each trust type serves a specific purpose and has unique advantages or restrictions. Joint Tenancy with Right of Survivorship Joint tenancy with right of survivorship is a form of property ownership where two or more individuals share ownership, and upon the death of one owner, the surviving owner(s) automatically acquires their share. This estate planning tool helps protect assets from probate and can be beneficial for married couples sharing property ownership. Payable on Death Accounts  Payable on death (POD) accounts are financial accounts that allow the account holder to designate a beneficiary who will receive the account’s funds upon the account holder’s death. POD accounts bypass probate and provide a simple way to transfer assets to a chosen beneficiary. Getting the Help of a Skilled Atlanta Estate Planning Lawyer Navigating the complex world of estate planning can be a daunting task. With the intricacies of Georgia’s probate and estate laws, ensuring that your assets are distributed according to your wishes and in compliance with state laws requires the assistance of a skilled Atlanta estate planning attorney.  An estate planning attorney can help you effectively navigate the distinctions between heirs and beneficiaries, ensuring that your estate plan clearly outlines your intentions for asset distribution after your death. By carefully designating beneficiaries in your will or trust, and understanding the implications of Georgia’s laws regarding heirs, a skilled attorney can help you avoid potential disputes and complications among your loved ones. Atlanta estate planning lawyer Trace Brooks may be able to help ensure that your assets are distributed according to your wishes while adhering to state laws, giving you peace of mind and providing your family with financial security and stability. Contact Trace Brooks Law today at (404) 492-9559 to schedule a consultation. https://www.tracebrookslaw.com/heirs-vs-beneficiary-in-georgia/ via Trace Brooks Law https://www.tracebrookslaw.com
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Seven Major Life Events That Should Prompt Georgia Residents to Prepare or Update Their Estate Plans www.tracebrookslaw.com
Estate planning is a critical, but often overlooked, aspect of managing your financial and legal wellness. As you know, estate planning involves creating a plan for the distribution of your assets, property, and wealth after your passing. Comprehensive estate planning should also include making provisions for your healthcare and decision-making in case of incapacitation. An experienced Atlanta estate planning lawyer can provide guidance and assistance in developing a comprehensive estate plan that takes into account your unique circumstances and goals. There’s never a “wrong” time to prepare or review your estate plan in Georgia. Though estate planning is commonly considered something that only older individuals need to think about, young families in Georgia also benefit from having an estate plan in place.  Several major life events should prompt estate planning to ensure that your wishes are honored and your loved ones are taken care of. In this article, we look at seven major life events that should prompt you to prepare or review your estate plan. Let’s get started! Marriage or Divorce Marriage is a significant life event that impacts the disposition of your estate, even if you do not have an estate plan. If you die without a will or trust, Georgia intestacy law gives at least a portion of your estate to your spouse. Creating or updating your estate plan after getting married can ensure that your spouse is taken care of and inherits your assets according to your wishes.  A comprehensive estate plan can also take into account the birth of children and the acquisition of additional assets, making the time shortly after marriage an ideal time to have your estate plan prepared. Further, estate planning can ensure your and your spouse’s estate plans are aligned. Conversely, divorce also has implications for your estate plan, as you may want to revise beneficiary designations and consider changes to powers of attorney and healthcare directives. Any time your marital status changes, you should strongly consider reviewing and updating your estate plan. Birth or Adoption of a Child Like marriage, the birth or adoption of a child is an ideal time to create or update your estate plan. If you already have a comprehensive estate plan, your documents may include provisions for your children. You should, of course, review these documents with your estate planning attorney to confirm everything is as you wish. Further, you should appoint a guardian for your child. The birth or adoption of a child is a joyous occasion and is also an ideal time to create or update your estate plan.  Retirement The first time many people begin thinking about their estate plan is upon retirement. Because retirement ushers in many changes (income, lifestyle, healthcare needs), retirement is an ideal time to create or update your estate plan. Your estate plan should align with your financial and lifestyle goals in retirement. In addition to revising your will, updating your trust, and updating beneficiary designations, you may also wish to consider long-term care insurance. Further, you may consider certain irrevocable trusts to pass assets you will not need in retirement to your beneficiaries so that they can enjoy their inheritance earlier in life. If you anticipate being subject to the estate tax, these trusts also move assets out of your estate, thereby lowering or removing your potential estate tax burden. Death of a Loved One If you are like me, the death of a loved one was your first introduction to the importance of estate planning. The death of a spouse, parent, or other loved one is emotionally challenging, but it’s also a time when estate planning becomes critical. If your loved one had a comprehensive estate plan, you’ve hopefully seen first-hand how relatively easy the disposition of their estate was. If your loved one did not have a comprehensive estate plan (or had a flawed or incomplete estate plan), you’ve likely suffered the stress and frustration of dealing with probate. Either way, the death of a loved one is a stark reminder to create or update your estate plan. Further, if you inherit property or assets from a loved one, you may experience a change in your financial situation, which is always a good time to create or update your estate plan.  Change in Financial Situation As suggested above, a change in your financial situation is an ideal time to create or update your estate plan. Positive changes in your financial situation, such as receiving a significant inheritance, selling a business, or winning the lottery, have a profound impact on your estate plan. You may have the means to leave more to your beneficiaries, to name new beneficiaries, or to leave more to charity. Further, without estate tax planning, your estate may also be subject to the estate tax. Negative changes in your financial situation should also influence a review of your estate plan, as you may wish to reallocate your remaining assets amongst your beneficiaries. It’s important to review your estate plan to consider how these changes in your financial situation may affect your overall financial picture and make adjustments accordingly. Relocation to Another State Whether you moved to Georgia from another state or are planning to move out of state, reviewing your estate plan upon relocation is crucial. Estate planning laws vary from state to state, and what may have been valid in the state your documents were created may not be valid in your new state. With a will-based estate plan, often the entire estate plan will need to be recreated to comply with your new resident state’s laws. For clients who plan to relocate, we often recommend revocable living trust-based estate planning. While the pour-over will and powers of attorney will need to be updated in the new state, the primary estate planning document – the revocable living trust – likely will not. This significantly reduces the cost of maintaining effective estate planning despite moving across state lines.  Changes in Health Finally, changes in your health, such as a diagnosis of a chronic illness or a debilitating condition, should prompt the creation or review of your estate plan. It is doubly important to prepare estate planning documents quickly if you are at risk of becoming incapacitated, as you may lose the legal capacity to create or update your estate plan. When you suffer a change in health, you should pay particular attention to creating or updating advanced healthcare directives, appointing a healthcare proxy, and ensuring that your loved ones are aware of your medical wishes. Estate planning is a crucial aspect of managing your financial and legal affairs. While a comprehensive estate plan can be drafted to account for many changes in life, these seven major life events should prompt you to create or review your estate plan. Whether it’s getting married, having a child, retiring, experiencing a loss, facing a change in your financial situation, relocating, or dealing with changes in health, estate planning can provide you with peace of mind that your wishes will be honored and your loved ones will be taken care of.  If you have recently experienced any of these major life events, contact Trace Brooks Law at (404) 492-9559 to speak with an experienced Atlanta Estate Planning Lawyer and learn more about an estate plan that is right for you and your family. Life Event Reason to Create or Update Estate Plan Marriage or Divorce Ensure spouse is taken care of and inherits assets according to your wishes; revise beneficiary designations; consider changes to powers of attorney and healthcare directives Birth or Adoption of a Child Review and confirm provisions for children in your estate plan; appoint a guardian for your child Retirement Align estate plan with financial and lifestyle goals in retirement; revise will, update trust, and beneficiary designations; consider long-term care insurance Death of a Loved One Reminder to create or update estate plan; change in financial situation due to inheritance Change in Financial Situation Leave more to beneficiaries, name new beneficiaries, leave more to charity; adjust estate plan according to changes in financial situation Relocation to Another State Review and recreate estate plan to comply with new resident state’s laws; consider revocable living trust-based estate planning Changes in Health Prompt creation or review of estate plan; pay particular attention to advanced healthcare directives and appointing a healthcare proxy https://www.tracebrookslaw.com/seven-major-life-events-that-should-prompt-georgia-residents-to-prepare-or-update-their-estate-plans/ via Trace Brooks Law https://www.tracebrookslaw.com
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What is the Difference Between a Will and a Revocable Living Trust in Georgia? www.tracebrookslaw.com
When planning your estate in Atlanta, GA, there are a lot of good options of estate planning tools that can each provide a benefit to your plan. The two primary estate planning documents in Georgia are wills and trusts and each one brings something different to the table. However, you shouldn’t just include these estate planning tools in your plan without consulting an experienced Atlanta estate planning attorney. You should consider many factors when deciding whether to build your estate plan around a revocable living trust or a will. An experienced attorney can assist by making a comprehensive evaluation of your specific circumstances and clear up any misconceptions regarding living trusts and wills. At Trace Brooks Law, we can help you explore your options and determine which can help you fulfill your estate planning goals.  Contact an Atlanta Estate Planning Attorney at Trace Brooks Law today to discuss whether a will or revocable living trust is right for you. A will is a document in which you declare what you want to happen to the assets in your probate estate after your death. A will takes effect at your death, and must be formally acknowledged as valid by a court of law. Probate is the process of having the will acknowledged by the court. During the probate process, your will becomes part of the public record. The disposition of your estate’s assets is called estate administration. Your will should appoint an executor to administer your estate and include guidance for the disposition of your probate assets. Your will can also name guardians for any minor children. Finally, your will can serve one of two roles: as your primary estate planning document or as a supporting document for a revocable living trust. The second type of will, known as a pour-over will, simply directs the executor to move all your probate assets into your revocable living trust. A revocable living trust is a trust often used as a primary estate planning document. Revocable living trusts are more complicated to establish than wills but provide many additional benefits. Like a will, a revocable living trust can be amended or revoked at any time, as long as the grantor (the person creating the trust) is living and has capacity. Because revocable living trusts become effective immediately (i.e., during life instead of at death), the grantor names a trustee (often, the grantor and trustee are the same person) to manage the assets in the trust during the grantor’s lifetime. The grantor should also name a successor trustee (and sometimes more than one) to take over trustee duties when the grantor trustee becomes incapacitated or dies.  For a revocable living trust to control assets during the grantor’s life, assets must be formally transferred to the revocable living trust – called “funding the trust.” During the grantor’s life, the revocable living trust may be funded with real property, personal property, or other assets. Further, the revocable living trust should also be named as the designated beneficiary on various accounts. At the grantor’s death, the revocable living trust will receive all the assets on which it is the designated beneficiary and all the probate assets as directed by the pour-over will (a necessary supporting document for a revocable living trust).  If the grantor trustee does not transfer all assets to the revocable living trust during their lifetime, subject to a beneficiary designation, or through joint ownership with rights of survivorship, assets will likely end up in the probate estate. If this happens, your pour-over will must be admitted to probate to ensure the assets in your probate estate are transferred to your revocable living trust. Once all assets are in the revocable living trust, the trust acts just like a will – directing the disposition of your assets and payment of debts – with one important distinction: privacy. Unlike a will, which requires a formal acknowledgment process and entry into the public record, a revocable living trust has no such requirements.  Choosing between a will or a revocable living trust as your primary estate planning document is a personal decision. Many clients balance the initial lower cost and ease of implementation of a will-based estate plan with the additional benefits of a revocable living trust that may apply to their unique situation.  Contact an Atlanta Estate Planning Attorney at Trace Brooks Law today to discuss whether a will or revocable living trust is right for you. https://www.tracebrookslaw.com/what-is-the-difference-between-a-will-and-a-revocable-living-trust-in-georgia/ via Trace Brooks Law https://www.tracebrookslaw.com
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