Trust Administration
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.

So You’ve Been Named the Trustee of a Trust…Now What?

So You’ve Been Named the Trustee of a Trust…Now What?

trust adminstration assistanceMany of you who have been asked by a family member of close friend to serve as the trustee of a trust are honored that the trust owner feels confident in relying on their good judgment to undertake this important responsibility.  And it’s very likely you have no idea what you have just said yes to take on.

Being a trustee means that you are responsible for all oversight and direction of the assets of the Trust.  As a Trustee, you have what is known as a fiduciary duty to the beneficiaries of that trust.  There are laws you must abide by in administering the trust, in addition to the terms of the trust that set out your duties as trustee.

A trustee’s duties include, but are not limited to:

  • Administering the trust according to its terms
  • Communicating with beneficiaries about the various activities of the trust.
  • Investing and managing trust assets in a prudent manner
  • Accounting for and paying any taxes or fees
  • Distributing assets to beneficiaries as outlined in the trust
  • Making an accounting of trust assets, liabilities, receipts and disbursements to beneficiaries.

As a Trustee, you may find yourself involved with the probate process at some point and have to go into Court to marshal assets. If some of the assets of the estate were not properly transferred into the trust, this process can be overwhelming, especially if you do not have prior experience in this area.

Thankfully, with a good Atlanta trusts administration lawyer on board, you do not have to navigate this process alone. Engaging experienced legal help is always the best option for trustees, with the trust being responsible for any fees incurred for legal services.

If you would like some guidance on trust administration or planning for smooth administration of an estate, call our Marietta trust administration lawyer office today to schedule a time for us to sit down and talk. We normally charge $750 for a Family Wealth Planning Session, but if you mention this article and we still have room on our calendar this month, we will waive that fee. Call us today at 770-425-6060 and mention this article.

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