What Happens to Your Assets in Georgia When You Don’t Leave a Will?

What Happens to Your Assets in Georgia When You Don’t Leave a Will?

georgia estate planning lawyer

 

You may not need an Atlanta GA estate planning lawyer to make a will (although that isn’t a wise decision), but what if you have no will at all? No one wants to think about their future demise, but death will be coming for all of us eventually. Without a will, what will become of your assets, your liabilities, and who will be the executor? Will any of your loved ones be left out in the cold?

Every state has its own specific set of laws, but by and large the basic rules are the same from state to state. A qualified Georgia estate planning lawyer is the best resource for uncovering what the laws are here.  For someone to inherit intestate, or when there is no will, he or she must be a legal relative. Generally speaking a spouse (or civil partner in some states) inherits it all if there are no children. If there are children, the spouse may receive as little as 1/3 of the estate, and the rest is divided among the children.

The specifics concerning separated spouses, stepchildren, etc. can make things even more complicated, but there is one constant: no one can profit from a death they caused. If there are allegations or proof of abuse or murder, that person may be prohibited from inheriting at all. This makes sense; not only is abuse wrong, but the government wants to make sure that no one is rewarded for murder.

In cases where there are minor children and the other parent is still living, an estate planning lawyer will tell you that what is left behind usually goes solely to the spouse, with the understanding that he or she will use it for the benefit and welfare of him or herself and the children. If there are considerable assets, a will and trust lawyer in Atlanta can then help the surviving spouse to create living trusts for the children.

Sometimes, there is no surviving spouse or children. In these cases, distant relatives may be eligible to inherit some or all of the assets left behind. In no case, however, are friends and people not related to the deceased allowed to inherit. These people can only inherit based on the specifics of a will, and with no will, they have no claim.

Some assets aren’t passed along via a will, and so these items may also have clear beneficiaries listed on the specific documents.

  • Life insurance policy proceeds
  • Real estate, bank accounts, and other property held in joint tenancy or community property
  • IRA funds, or other retirement plans that name a beneficiary
  • Any funds held in a living trust

Perhaps the strangest thing that probate lawyers in Atlanta see is when there are no living family members and no will. When this happens, the assets are given to the state. If you want to make sure that your property is passed along to a friend or charity, be sure to make a will, because otherwise it goes to Uncle Sam.

Estate planning is very important, and your best bet is to hire an estate planning lawyer who has specific knowledge in this area of law. Each state has laws that change when and how people can inherit if you leave your estate intestate. So, do your loved ones a favor and leave a will. This way you can make sure that your estate is divided as you want it to be, without it going back to the government.

Atlanta Estate Planning Lawyer’s Special Advice for Women

Atlanta Estate Planning Lawyer’s Special Advice for Women

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A good Atlanta estate planning attorney is going to help you take a lot of things into consideration when putting together your plan.  Various factors influence your estate planning after all:  finances, children, age…But what about your gender?  Is estate planning for women different from that for men?

Actually, there are some important things to keep in mind.

A Spouse’s Will Is Not Enough

Atlanta estate planning attorneys see again and again where a married couple believes that only one of them—usually a husband—needs to have a will.  This can cause a lot of problems in the long run, however.

  • Your family may not know your wishes, even if you think they do.
  • In times of grief, people aren’t always at their best and could resort to fighting over the estate.
  • If your spouse remarries, the new wife (and her children) could legally inherit your things.

These are just some of the scenarios estate planning attorneys see playing out when one partner is relying on the other’s will.

Women Need Powers of Attorney

Various types of powers of attorney are an important part of an estate plan, and this can be especially true for women.  The average woman’s lifespan is longer than a man’s, which means that she may be on her own near the end of her life.  With no spouse to make medical and financial decisions should she become incapacitated, it’s even more important to make sure appropriate appointees have been legally declared.

Updates are Needed When Marriage Status Changes

When one spouse has passed away, it is always a good idea to review the surviving spouse’s estate plan.  There are likely some changes that need to be made based on changes in income and other living circumstances.  A knowledgeable estate planning attorney in Atlanta will be able to help redefine the goals you and your spouse set in order to ensure you stay on track.

It’s also very important to meet with an estate planning lawyer after a divorce.  The details of the divorce can strongly impact your financial future, and the attorney will work to make sure you know and have access to what is rightfully yours.  Additionally, if you already have a will, you will want to change it to avoid the possibility of your ex being entitled to your estate or assets.

A Trust May Be a Good Choice

A mother wants to provide for her child in every way possible, and while trusts are something that are often associated with rich people, they are a great tool for just about anyone with heirs.  Talk with an estate planning attorney about why and how to go about creating a trust to help fund your children or grandchildren’s future should you not be around to help them.

There are plenty of other considerations that apply specifically to estate planning for women, and the best way to get all the information you need is to get together with a qualified, experienced attorney in Atlanta.  To schedule an appointment for a complimentary Georgia Family Treasures Planning Session at one of our 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 email him at steve@georgiaestateplan.com.

A Priceless Valentine’s Gift In Times of Uncertainty

A Priceless Valentine’s Gift In Times of Uncertainty

Marietta GA Estate Planning Lawyer suggests the Ultimate Gift of Love for your family : an up-to-date estate plan!

Marietta GA Estate Planning Lawyer suggests the Ultimate Gift of Love for your family : an up-to-date estate plan!

 

With budgets tight and uncertainty in the air, this Valentine’s Day is the perfect time to give your loved one a priceless gift that never grows old — financial security.

Sure, you can’t stuff it in a box or wrap it with a pretty bow, but taking the time to get your financial and legal affairs in order this month is the ultimate way to show your loved ones just how much you care now, and for the future.

Think about what would happen if you were disabled, incapacitated or passed away suddenly this year. That expensive night out you spent with your “special someone” won’t do much to ensure he or she will continue to thrive in your absence. A less exciting, but meaningful gift of life insurance, for example, would have been a better expression of your love during hard times.

And, when is the last time you updated your will or trust? Are you certain that your wishes would be honored and your loved ones would be taken care of exactly as you want in an emergency? This includes minor children who, without legal guardians named for them by mom and dad, will be at the mercy of the courts.

Legal and financial planning is the ultimate way to demonstrate your love for your family where it counts the most. Make a commitment to not put it off any longer and use this Valentine’s Day to give your loved ones the long-term financial security and peace of mind they deserve.

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Steve Worrall is the Family Estate Planning Lawyer for Georgia Estate Plan: Worrall Law LLC in Marietta and Atlanta. 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 email him at steve@georgiaestateplan.com.

Image courtesy of cuteimage at FreeDigitalPhotos.net

Estate Planning Checklist For The New Year

ID-10043426Now that the champagne has been consumed and the party horns have been put away, it’s time to really begin the New Year.   You may or may not be sticking to those resolutions you made on January 1st, but even if they are a vague memory at this point, I challenge you to add one more resolution to your list — review your estate plan.

Here’s a checklist to get you started:

  1. Look for your estate planning documents and see if they are still in the place where you left them.  Check your fireproof safe, safety deposit box, or other location where you store the actual documents.  In addition, make sure your electronic copies are where you last left them.  You may have chosen to keep them on a CD or on your home computer, in any case, make sure they are still accessible.  Additionally, make sure your heirs, executor, or trust administrator know where they are.
  1. Review your children’s long-term and short-term guardian nominations.  Has anything happened either in your children’s lives or your guardian’s lives that may make you rethink things?  Has the person (people) you’ve named as guardians moved, had a child, divorced, or remarried? If so, does this impact your decision?  Have any changes happened that might make you rethink the people you named as short-term guardians?
  1. Did any of your children turn 18?  If so, you need to make sure that they have the proper legal documents in place.  They may not have many assets so they may not need a full-blown estate plan, but they will need a signed healthcare power of attorney and living trust in case something happens to them.  Without these legal documents in place, you may not be able to speak for them.
  1. Update, review, or consider a pet trust.  If you currently have a pet trust, has anything happened that would make you rethink it?  Did something happen to your pet that may mean there are more medical expenses than you thought? Did you get a new pet this year that you want to be sure will be cared for if something happens to you?
  1. Think through 2014 and list any substantial assets you may have acquired.  If you have new assets, make sure they are transferred into your trust.  If they aren’t, those assets could end up in probate even though you thoughtfully created a trust to avoid this.
  1. Review and think about your asset distribution. Does your trust still reflect your wishes for how you would like to distribute your assets? Again, life events such as births, deaths, marriage and divorce may impact the decisions you made about this.
  1. Check your insurance policies.  Does your life insurance still reflect an amount that would support your family if something happens to you?  Has something happened in the past year that would require you raise that amount?
  1. Are you still happy with your decision regarding who should administer your estate?  Is he or she still willing to accept this duty?  Has anything happened in the last year that would make you wonder whether this person is still able to perform this function?  If you are in doubt, you may consider discussing the person you chose and make changes if necessary.
  1. Update your family’s legacy. Each year you should update your written legacy whether it is in writing or recorded.  Be sure to note family member milestones and accomplishments.   This will most likely be the most valuable part of your estate plan so be sure to spend time on this.

As I tell my clients, your estate plan is a document that changes just as your life changes.  While every change in your life doesn’t mean that you need to update your estate plan, it is important to think through the past year’s events and experiences to make sure that your estate plan will still take care of your family just has you planned.