Handling a Vacation Home In Wills and Trusts Administration in Cobb County

Handling a Vacation Home In Wills and Trusts Administration in Cobb County

Wills and trusts administration lawyers in Cobb County, Georgia, often have the opportunity to work with local families who—in addition to planning for their regular home—also have a vacation home to take into consideration during the planning process. While you might think that real estate prices or the vacation home’s location would be the driving forces behind putting it through the wills and trusts administration process, there are actually other, highly compelling reasons.

Vacation homes don’t just come with the baggage you pack to spend a family holiday on the lake, in the woods, or on the coast; they also come with a lot of emotional history. By working with a wills and trusts administration lawyer, those leaving the vacation home behind can take this history into consideration. They may be best served to really spend some time taking their heirs’ perspectives into consideration when determining how the home should be handled.

For some family members, the vacation home may be an important part of family history, full of memories and personal rites of passage. These folks might prefer that the property be safeguarded in some sort of trust or passed as-is to heirs in a will. On the other hand, there may be family members who are less emotionally attached to the home and see it as their parents’ investment in a stable financial future. These family members would be more inclined to sell the property and share the proceeds.

There are plenty of other aspects of the situation that the original owners would want to explore with a wills and trusts administration lawyer in Marietta GA. For example, would any potential heirs be financially able to maintain the property, pay taxes on it, etc? If not, then it may be time to consider either selling the vacation home or finding a means to fund the trust so it can meet these obligations.

Other thoughts to keep in mind:

  • Do heirs live close enough to the vacation home to actually use it?
  • Could you leave the vacation home to those who would most appreciate it and balance that with a different inheritance for others?
  • Is there someone you could name as a trustee who could oversee the property on behalf of the trust?
  • Would it be possible for some family members to buy others out of their portion of the property?
  • Could the property be rented out when not in use by family members as a way to support its own upkeep?

Because there are so many variables that can come into play—money, grief, family tension, tradition, etc., etc., dealing with a vacation property during estate planning is something that is probably best done under the guidance of an experienced wills and trusts administration lawyer in Marietta.

For additional questions about estate planning or wills and trust administration in Georgia or to speak with a will or trust lawyer, contact our office at 770-421-0808 for assistance.

Marietta Guardianship Lawyer Answers, “Will My Ex Get My Kids If Something Happens To Me?”

Marietta Guardianship Lawyer Answers, “Will My Ex Get My Kids If Something Happens To Me?”

The short answer is: it depends.

This is a question we Marietta Guardianship Lawyers get a lot, and one we typically discuss at length with non-married parents during our planning sessions.  When one of the parties of a divorce decree dies, this will end the custody agreement because there’s no longer anything to govern. In most cases, custody usually reverts to the surviving parent.

An exception to this is when one of the parent’s rights to the children has been terminated. If this is the case, third-parties, such as grandparents, may be allowed to intervene. Grandparents can also intervene if they believe the surviving parent is not able to care for the children. The burden of proof would fall on the grandparents to demonstrate that the surviving biological parent is unfit and that the best interest of the children would be better served by the third party having custody They would have to go through a lengthy custody proceeding that can be stressful on everyone – especially the children.

But, this can all be avoided…

The custodial parent can make it easier for grandparents (or other relatives) to step in after their passing with just a few estate planning steps. For starters, they can name an alternative guardian for the children in their will or trust. They can further explain their reasons for the nomination and why they believe the other parent is unfit.

Of course this doesn’t guarantee that the court will allow the guardianship, but it will certainly be a factor in the court’s decision. If the court approves the nomination of a guardian, it doesn’t sever the parental rights of the surviving parent; it simply states that the children will live with the nominated guardian instead.

The bottom line is that if you believe that your ex-spouse is not fit to raise your children, it is critical that you take the steps now to put an estate plan and guardian nominations in place that will be in the best interest of the kids should something happen to you. Call us now at 770-421-0808 to set an appointment with an experienced Marietta guardianship attorney if you need assistance getting started.