|
|
Will Trusts and Probate
|
|
"We enjoyed working with Lisa on updating our wills and trusts. She is very knowledgeable, diligent and a joy to work with. She completed our wills and trusts timely and I would recommend her to everyone."
Last Wills and Testaments
Everyone who has assets or children needs a Last Will and Testament. Even those who have Revocable Trusts need a will. Sometimes people forgets to transfer every asset into their trust, and therefore a Last Will and Testament is still needed and must be probated. A Last Will and Testament is a person’s direction to those that survive on how his or her assets are to be distributed upon the deceased’s passing. It is a legally binding document and the Executor must follow the instructions that the decedent left in his or her Last Will and Testament. The Will can list items specifically or generally, to whom the assets are to be distributed and at what time and in what capacity the distribution should be made. In the State of Georgia under most circumstances it is not necessary to avoid the Probate process.
Revocable and Irrevocable Trusts
Sometimes one believes it is necessary or desirable to pass assets outside of the probate process. It is necessary to avoid probate in other states due to the cost or time consumed by the probate process. In Georgia some of the reasons to have a Revocable Trust include fear that his or her estate will be contested by an heir at law. When you transfer assets to a Revocable Trust, you can take those assets out of the trust at any time during your life. The Grantor in a Revocable Trust can also be the Trustee of that trust. When you transfer assets to an Irrevocable Trust after time, those assets are taken out of your estate and taken out of your control. You cannot be the Trustee of your Irrevocable Trust. An Irrevocable Trust is used to protect assets as well as take assets out of one’s estate for tax purposes. There are a multitude of issues related to whether or not you should put your assets in any trust, whether it be Revocable or Irrevocable, so it is important to discuss the pros and cons with an attorney to help you determine what is best for you.
Probate and Administration of Estates
In the State of Georgia there are two different main processes used to distribute the assets of a decedent. You can either Probate an Estate or Administer an Estate. The probate process is used when the decedent has drafted and executed a Last Will and Testament. The Executor, which is the person whom the decedent named to transfer his or her assets upon the decedent's death and according to his or her wishes takes the Will and petitions the Probate Court. The Executor petitions the Probate Court in the county where the decedent last lived and offers the Will for probate. The Executor takes an oath and promises the Probate Court that he or she will distribute the assets and handle the business of the decedent according to his wishes as written in his Last Will and Testament. Once the Petition for Probate is filed and the heirs at law consent to the probate of the Last Will and Testament, the Executor takes his oath. The Petition is then processed by the Probate Court, and if everything is in proper order, the Probate Court Judge will issue an Order that will allow the Executor to proceed with the Probate of the Estate.
In the event the decedent died without a Will, but with assets, the process is similar, but called an Administration of the Estate. In this case the interested parties come together and decide who will be named the Administrator. That is the person who acts like an Executor, and distributes the assets and takes care of the business of the decedent. The major differences include the fact that the assets are transferred according to the laws of the Official Code of the State of Georgia and not what everyone thought the decedent would have preferred. There are specific beneficiaries named in the Code and they are to receive percentages of a decedent’s estate according to their level of standing as next of kin. Also, when there are minor heirs and there is no trust set up for their benefit, processes and expenses will increase significantly. Increased reporting to the Probate Court will also be required with an Administration.
Healthcare Directives
This document is used so that a person may appoint someone they trust to make medical decisions for them at a later date, if they can not make the decisions on their own. It also instructs the medical attendants on what the person giving the directive wants done or not, if in fact he or she cannot communicate on his or her own.
Powers of Attorney
A Power of Attorney is a document that allows one person to give someone else the ability to perform tasks for that person, as if he or she was the one handling the matter. They can be limited powers of attorney or general powers of attorney. They can be financial or for a specific purpose. Some powers are granted at the moment the document is signed and some are reserved until the time when the grantor becomes incapacitated.
Deed Transfers
Real Property may be transferred in many ways including by General Warranty Deed, Limited Warranty Deed, Executor’s Deed, Trustee’s Deed or by Quitclaim Deed. Depending upon where you are in your Estate Planning or Probate process it may be necessary to transfer Real Estate by Deed. The client’s need, coupled with what is required by the Probate or Administration of an Estate will determine what Deed is needed. As a law firm that handles Real Estate and Estate matters, we can easily assist our clients in the proper transfer.
Petition for Years Support
Official Code of Georgia title 53 Chapter 3 allows for the surviving spouse and or minor children to elect a year’s support in lieu of other bequests. This is sometimes a very beneficial way for the minor children or surviving spouse to preserve the family home and to not lose the equity in the property to creditors of the estate. It can also allow the surviving spouse to receive a credit for real estate taxes for one year. There are many options to consider when administering or probating an estate. This is one avenue that can help beneficiaries save assets of a small estate.
Everyone who has assets or children needs a Last Will and Testament. Even those who have Revocable Trusts need a will. Sometimes people forgets to transfer every asset into their trust, and therefore a Last Will and Testament is still needed and must be probated. A Last Will and Testament is a person’s direction to those that survive on how his or her assets are to be distributed upon the deceased’s passing. It is a legally binding document and the Executor must follow the instructions that the decedent left in his or her Last Will and Testament. The Will can list items specifically or generally, to whom the assets are to be distributed and at what time and in what capacity the distribution should be made. In the State of Georgia under most circumstances it is not necessary to avoid the Probate process.
Revocable and Irrevocable Trusts
Sometimes one believes it is necessary or desirable to pass assets outside of the probate process. It is necessary to avoid probate in other states due to the cost or time consumed by the probate process. In Georgia some of the reasons to have a Revocable Trust include fear that his or her estate will be contested by an heir at law. When you transfer assets to a Revocable Trust, you can take those assets out of the trust at any time during your life. The Grantor in a Revocable Trust can also be the Trustee of that trust. When you transfer assets to an Irrevocable Trust after time, those assets are taken out of your estate and taken out of your control. You cannot be the Trustee of your Irrevocable Trust. An Irrevocable Trust is used to protect assets as well as take assets out of one’s estate for tax purposes. There are a multitude of issues related to whether or not you should put your assets in any trust, whether it be Revocable or Irrevocable, so it is important to discuss the pros and cons with an attorney to help you determine what is best for you.
Probate and Administration of Estates
In the State of Georgia there are two different main processes used to distribute the assets of a decedent. You can either Probate an Estate or Administer an Estate. The probate process is used when the decedent has drafted and executed a Last Will and Testament. The Executor, which is the person whom the decedent named to transfer his or her assets upon the decedent's death and according to his or her wishes takes the Will and petitions the Probate Court. The Executor petitions the Probate Court in the county where the decedent last lived and offers the Will for probate. The Executor takes an oath and promises the Probate Court that he or she will distribute the assets and handle the business of the decedent according to his wishes as written in his Last Will and Testament. Once the Petition for Probate is filed and the heirs at law consent to the probate of the Last Will and Testament, the Executor takes his oath. The Petition is then processed by the Probate Court, and if everything is in proper order, the Probate Court Judge will issue an Order that will allow the Executor to proceed with the Probate of the Estate.
In the event the decedent died without a Will, but with assets, the process is similar, but called an Administration of the Estate. In this case the interested parties come together and decide who will be named the Administrator. That is the person who acts like an Executor, and distributes the assets and takes care of the business of the decedent. The major differences include the fact that the assets are transferred according to the laws of the Official Code of the State of Georgia and not what everyone thought the decedent would have preferred. There are specific beneficiaries named in the Code and they are to receive percentages of a decedent’s estate according to their level of standing as next of kin. Also, when there are minor heirs and there is no trust set up for their benefit, processes and expenses will increase significantly. Increased reporting to the Probate Court will also be required with an Administration.
Healthcare Directives
This document is used so that a person may appoint someone they trust to make medical decisions for them at a later date, if they can not make the decisions on their own. It also instructs the medical attendants on what the person giving the directive wants done or not, if in fact he or she cannot communicate on his or her own.
Powers of Attorney
A Power of Attorney is a document that allows one person to give someone else the ability to perform tasks for that person, as if he or she was the one handling the matter. They can be limited powers of attorney or general powers of attorney. They can be financial or for a specific purpose. Some powers are granted at the moment the document is signed and some are reserved until the time when the grantor becomes incapacitated.
Deed Transfers
Real Property may be transferred in many ways including by General Warranty Deed, Limited Warranty Deed, Executor’s Deed, Trustee’s Deed or by Quitclaim Deed. Depending upon where you are in your Estate Planning or Probate process it may be necessary to transfer Real Estate by Deed. The client’s need, coupled with what is required by the Probate or Administration of an Estate will determine what Deed is needed. As a law firm that handles Real Estate and Estate matters, we can easily assist our clients in the proper transfer.
Petition for Years Support
Official Code of Georgia title 53 Chapter 3 allows for the surviving spouse and or minor children to elect a year’s support in lieu of other bequests. This is sometimes a very beneficial way for the minor children or surviving spouse to preserve the family home and to not lose the equity in the property to creditors of the estate. It can also allow the surviving spouse to receive a credit for real estate taxes for one year. There are many options to consider when administering or probating an estate. This is one avenue that can help beneficiaries save assets of a small estate.
Lisa Shippel Law is endorsed by Fidelity Investments for Estate Planning and is listed on the Professional Access Directory.
Lisa Shippel Law, LLC
info@lisashippellaw.com
Call us: 678-615-3349
info@lisashippellaw.com
Call us: 678-615-3349
Website design by: Christhea Turner
This internet site is for informational purposes only, does not constitute the practice of law in any State,
and should not be relied upon as legal advice or in lieu of consulting Lisa Shippel Law, LLC as each matter is unique.
© All rights reserved by Lisa Shippel Law, LLC.
and should not be relied upon as legal advice or in lieu of consulting Lisa Shippel Law, LLC as each matter is unique.
© All rights reserved by Lisa Shippel Law, LLC.