Trusts lawyers in Atlanta have the important job of helping their clients create a legacy that is compliant with a number of different laws. For the most part, these laws will vary from state to state. Some differences are minor, while others can impact the trust significantly. Someone who already has established a trust in one state may very well want to at least review it with a trusts lawyer when relocating to another.
For example, if you have created a trust in Georgia but then move to Florida for retirement, it’s a good idea to meet with a trusts lawyer in your new city. Likewise, someone moving from somewhere else in the U.S. to metro Atlanta should contact a Georgia trust lawyer to review the documents and potentially amend them to meet the law here.
Most often, when a trust is administered, it is done so under the laws of the state where the person resides. This can get a little tricky if you have residences in two states—say, if you’re a “snowbird.” In those situations, it’s best to work with trusts lawyers in both states. The changes needed may be as small as a little wording, but they could also be more complicated.
There are some estate planning documents that should always be addressed with a trusts lawyer when moving to a new state. Powers of attorney are vital for determining who can represent you should you become incapacitated, and those are administered under state law. Powers of attorney drawn up by a trusts lawyer in Atlanta may be disregarded by the courts in another area.
A final consideration in the discussion of where to establish a trust is the tax implications. By working with a good trusts lawyer, you can uncover which state may hold the best benefits for you, your estate, and your heirs. It is possible to have trusts set up in more than one state, though the complexities of doing so are absolutely something that should be done with the guidance of a knowledgeable professional with plenty of experience in trusts administration.
To schedule an appointment for a complimentary Georgia Family Treasures Planning Session to help you review or create your estate plan, at one of our five metro Atlanta offices, we invite you to call 770-425-6060 to get started
If you’d like to give your loved ones and yourself the gift of peace of mind, please call Steve at 770-425-6060 or 770-421-0808 or email him at email@example.com.
We are fast approaching the holidays, when travel is the busiest and careful planning is necessary to nab the best airfare or book that New Year’s beach cottage before it slips away. One thing that is probably not on your travel to-do list is estate planning, but it should be so you can travel with peace of mind.
Here are some tips to pack away your worries before you board that flight:
Complete your estate plan. If you’ve been putting it off, now is the time to complete your estate plan. If money is a consideration, then start with those the most important items: a will, power of attorney and advance health care directives.
Update an existing estate plan. Has something changed in your life since you last updated your estate plan? A birth, a death, a marriage, a divorce? Each of these triggers your need to update your estate plan.
Establish guardianship for minor children. If you have ever gotten a nagging fear about what would happen to your children if something were to happen to you, then use that fear to follow through on naming a guardian for raising your minor children. If you have young kids, there is never an excuse for you to neglect this important step.
Review beneficiaries. Beneficiaries of your retirement accounts, life insurance and other assets must be kept current or your assets will not pass to them upon your death. If you have minor children, you will need to set up a trust and name the trust as beneficiary so your assets can pass without court intervention.
Review/update incapacity documents. Two very important health care documents – a durable power of attorney for health care and a HIPPA Authorization – will determine who can make medical decisions for you and who has access to your medical records in case of incapacity. Be sure you have these documents before you travel and that the person/people named are still valid.
Review/update insurance. Does your life insurance coverage still meet your family’s needs? If not, it is time to update your insurance policy before you hit the road.
In addition, you need to be sure you have an organized file of all your accounts and estate planning documents and you need to tell your family where they can locate the file if and when it becomes necessary.
The time to create a plan that spells out how you will pass on your values, beliefs and your money to your children is now. You can begin by calling our Atlanta estate planning law office today at 770-425-6060 to schedule a time for us to sit down and talk. We normally charge $750 for a Georgia Family Legacy Planning Session, but because this planning is so important, I’ve made space for the next three people who mention this article to have a complete planning session at no charge. Call today and mention this blog post.
Image courtesy of Nujalee at FreeDigitalPhotos.net
Estate planning lawyers in Cobb County have always had to keep up with the times, and this is just as true in Georgia as it is anywhere else. Often these changes include things like new legislation, but there are other factors that need to be considered, such as differing lifestyles and advancing technologies. Have you ever stopped to wonder what happens to your Facebook when you die?
It’s a question that even the legal world is starting to address. Of course, Facebook is only one of the social networks out there, and it’s likely that more will emerge, with some taking over the spotlight. For now, Facebook is certainly one of the most talked about, as Facebook has reached a billion users. As of November of 2012, Twitter had 500 million, Google+ had 400 million, Skype had 280, and LinkedIn had 175 million. And this represents only a fraction of the social networks that are out there.
New York, Oklahoma, and Nebraska were some of the first states to start taking a look at how estate planning attorneys might assist clients in designating personal representatives to take over their social media accounts should the original owner become deceased or incapacitated. Some people are referring to this as an “online executor,” and it’s even being suggested to officially name this person in the will or trust.
What About Facebook?
While it still remains to be seen how things will play out, especially as newer technologies become part of the Cobb County estate planning landscape, Facebook (as well as many other social media networks) already does have a system in place for dealing with the death of a user.
When someone passes away, Facebook allows another person to notify them. They will need to be able to supply the individual’s full name (used on the account), email address used to create the account, and the URL of the deceased’s profile. This is done through a form. In addition, the person must report their relationship with the deceased.
At this point, Facebook will ask what should be done with the profile. Some families prefer to take the entire thing down. Others choose the option of “memorializing” the page. When this happens, Facebook allows only those who were already confirmed as friends to see and post on the page. Many friends do this as a way to leave memories or express condolences to those left behind. If the account has been memorialized, it is removed from the general search function.
Another common option is for people to create their own pages in memory of a friend or family member. This can even be done in conjunction with the memorializing of the original page. The benefit is that this allows those who were not confirmed friends on the original account to leave messages, post photos, etc.
So, do you need to get a Cobb County will lawyer involved when it comes to your Facebook account? The answer to that is “maybe.” If your account is part of your business strategy, for example, you might find it to be even more imperative. Even for those who just use Facebook and other social media for personal communication, naming an online executor is something to consider.
Our Cobb County wills, trusts and probate law firm can help you get started in creating a digital asset protection plan that best meets your personal or business needs. For more information or to schedule a complimentary Georgia Family Treasures Planning Session, please give our office a call at 770-425-6060.
Marietta and Cobb County, Georgia, estate planning attorney and divorce lawyer Steve Worrall reminds us that when a divorce—also called a dissolution of marriage—is imminent, meeting with an estate planning attorney in Cobb County, GA, is probably not at the top of anyone’s list of things to do. But, it very well should be. Keep in mind that divorces can take a fairly long time (months or even years) to complete. It makes sense to consider what would become of your assets, or even your physical self, if you should become incapacitated or die before the divorce has been finalized.
If you do not take steps to change your estate plan in light of an impending divorce, then your soon-to-be ex may still be entitled to everything that was agreed upon when it was originally drawn up (or as the courts deem appropriate if no estate plan is in place). This means that if he or she has your medical power of attorney, all of your medical decisions will be in the hands of someone who may not have your best interests in mind. Likewise, if you are incapacitated and your spouse has power over your finances, it’s possible that you will not be happy with the outcome.
Another concern comes up if you and your spouse are co-trustees on various trusts or other accounts. Again, if you become incapacitated, the spouse could access and use all kinds of property that you would not want him or her to have access to. This becomes a real worry when you realize that this person could actually buy or sell property or even take out loans without your consent.
And, if you have inherited or stand to inherit from your parents, another potential problem arises. Should you pass away before the divorce is final, your inheritance may legally pass directly to the person you were in the process of trying to get out of your life. Even if you have assets that would be passed directly to your minor children, without a proper estate plan in place, the courts will likely put your ex in charge of any money or other property that you leave them.
In order to protect your interests during a divorce, it makes good sense to talk with your estate planning attorney. A qualified will attorney in Cobb County can offer advice on where you may be vulnerable. You may need to work with him or her quickly in order to revoke the appropriate documents, and keep in mind that you might need to contact various institutions personally to ensure they are aware of the revocation.
An estate planning attorney who is familiar with the laws specific to Georgia is the best option for ensuring that you are protecting yourself both during and after a divorce in Georgia.