Marietta GA Estate Planning for Your Physical Self

There are tons of reasons to do your estate planning, and it seems like those most often talked about are passing on your possessions and avoiding taxes.  It can be argued, however, that there is a far more important reason, and it’s one that even young college graduates shouldn’t overlook: your medical decisions.

What happens if you become injured or otherwise capacitated and can’t tell the doctors what you want?  Who makes decisions for you about what kind of life-sustaining measures should be taken or whether or not you consent to surgery?  In most states, an individual’s parents are given this responsibility (although that is not always the case).  Whether you want your parents in that role or someone else, the way to make sure you have a say is to have an estate planning lawyer in Marietta Georgia draw up a legally binding “medical power of attorney.”

Marietta  Estate Planning for Your Finances

It may not seem like you have much of anything to look after when it comes to finances and the recent college grad.  In reality, though, you likely do have some things to consider.  For example, do you have any debt, and if so, do you know what happens to it if you become incapacitated or pass away?  The answer has a lot of variables such as the kind of debt, whether or not you have other authorized users on your account, and more.

One of the reasons you worked so hard for your degree was likely so you could move out into the workforce, and with that comes options such as retirement accounts and insurance.  Each of these includes naming a beneficiary for benefits, and you’ll want to make sure you are up to speed on what it means and have the appropriate people named.  Some accounts don’t have specific beneficiaries, so setting up even a simple will can help make the transfer of those funds much easier and less expensive when the time comes.

Marietta Georgia Estate Planning for Your Partner

Many college graduates are moving forward with their lives as couples, both married and unmarried.  Either way, estate planning in Marietta and Cobb County GA  is an important part of making sure that your partner is cared for and receives the appropriate benefits upon your death. As mentioned above, you want to make sure you have the correct information filled out when it comes to beneficiaries on accounts, but you will probably want to go a step further to ensure that your assets pass in the way you want.  Typically, an unmarried partner is not entitled to the same benefits as spouses, so if you don’t set up the situation appropriately through well-reasoned estate planning, your significant other might be entitled to absolutely nothing!

Estate Planning Matters For College Grads, Too!

Contrary to what you may have heard, estate planning is NOT just for the ultra-wealthy or the elderly.  Estate planning is just as important for the college grad and savvy young adult, too.   Celebrate your recent graduation and your success by getting a complimentary review of your situation. Schedule a Georgia Family Treasures Planning Session with the mention of this article and let us help you layout a road map for lasting protection and peace of mind in the future.

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Single parents tend to work hard for their children, so it’s no wonder that those in Marietta and Cobb County want to protect the children they would leave behind should the adult be killed or become incapacitated.  Every day it falls to the single parent to provide just about everything for his or her children, and with 13 million single parent households in the US, there are a whole lot of folks doing their best to provide everything their children need today.  Working with a Georgia guardianship lawyer is the right step to make sure they are also provided for in the future.

As a single parent, your estate plan may look different from that of a married parent.  In those cases, there are laws in place to ensure that both property and custody have a means of passing to the surviving spouse.  In your case, however, the courts would determine your next of kin and disperse your property, as well as appoint a guardian, based on Georgia state laws.  While it’s great that there are laws like this to rely on when a single parent dies with no will in place, it’s not necessarily such a wonderful thing if the person/people named are not those you would have chosen yourself.

For example, it’s quite common for grandparents to be given custody of a child upon the parent’s death.  In many families, that would be the perfect choice.  In others, however, a better choice could be made.  Perhaps there has been a falling out between family members, or it’s possible that the grandparents are either too old or just otherwise not in the right place in their lives to be starting over raising children.

Clearly, appointing a guardian for your child or children is one of the most pressing issues for which to see an estate planning attorney in Marietta or Cobb County.  It’s not the only one, though.  This lawyer can also help you to create a financial plan which can help support your child even if you aren’t there.  You might be advised to look into a life insurance policy or to participate in a Georgia college savings plan.  Likely, a guardianship lawyer in Marietta will also help you to create a trust or trusts which can not only protect some of the money from being heavily taxed, but also give you some say over how the money is to be used and by whom.

An estate planning attorney will also help you to make sure that everything is in order.  He or she will ask you about bank accounts, insurance policies, retirement accounts, and even military service, as all of these can possibly be directed to the care of your child or children.  Every family, no matter what the marital status is, is unique.  With the help of a Marietta estate planning lawyer, you can put together a plan that works for your specific situation.

Trusts are rights and properties held by one party for the benefit of another. There are many reasons for a cohabitant to enter into a trust agreement. These include maintaining control over assets, avoiding probate, and avoiding inheritance taxes. A testamentary trust is a trust created by a will or a living or an inter-vivos trust document. A testamentary trust does not have the tax advantages of a living will, but does allow the beneficiary to use the property during his or her lifetime. The remaining principal or corpus would go to a second person after the beneficiary’s death. A living trust is a written agreement in which a trustee agrees to hold assets contributed by the grantor for the benefit of third parties or beneficiaries. In some states, but not all, the trustee, grantor, and initial beneficiary may all be the same person. A will or a testamentary trust becomes effective only upon the death of the testator. However, a living trust becomes effective immediately. As long as a living trust is not irrevocable, it can be amended or revoked at any time, and the grantor retains absolute control over the assets transferred to the trust, if he is the trustee. At the time of the grantor’s death, the living trust either becomes irrevocable or it terminates with the trust assets going to designated beneficiaries, or it continues to stay in existence, with the trustee continuing to hold assets for the benefit of the remaining beneficiaries. It is one way to avoid the expense of probate.

There are both disadvantages and advantages to wills and to living trusts. Some of them are as follows:

• Privacy – A will, when it is probated, becomes public knowledge, as do the assets listed under the will. A living trust, unless there are extraordinary circumstances, never becomes public; thus, neither the assets nor terms of the trust become public record.

• Probate – In order to be enforced, a will must go through a form of probate procedure in the court system for which there are fees, usually based on the size of the estate and possibly on the identification of the beneficiaries if they are minors (since guardians may have to be appointed; however, see below). Beneficiaries normally cannot receive the bulk of the assets until probate is completed, which could take a year or more. With a living trust, probate is avoided, and trust assets are distributed almost immediately by the trustee to the beneficiary.

• Complexity – A living trust agreement is more complex in that the assets, while the grantor is alive, must be transferred to the trustee and held in the name of the trust. The trustee is the one who distributes the assets and income and manages the corpus (the body) of the trust. A will, however, takes effect only upon the testator’s death, and is usually less expensive to draft and to change than a living will. However, as stated above, probate is more expensive to hold property.

Another method of estate planning for cohabitants is through joint tenancy, where title to either real or personal property is held jointly. The joint tenants own equal shares and jointly own the property. Each joint tenant may sell his or her one-half interest. However, when one dies, the remaining owner automatically takes over ownership as a right of survivorship. 

Tenancy in common is a way for two or more people to hold property. Each has the right to bequeath or sell his or her share of the property to someone other than the co-owners. It is often also easier to sell an interest as a tenant in common rather than as a joint tenant. At the tenant’s death, his interest passes either through his will, through a living trust, or by intestacy.

Each of these Georgia estate planning techniques should be considered by a cohabitant, in that each has its own pros and cons and every case is different. Having no method of estate planning is a disaster for a cohabitant, because the intestacy laws of Georgia will not allow the cohabitant to receive any of the estate. Thus, it is essential for a couple living together to meet with a Georgia estate planning attorney to discuss estate planning, living wills, and durable springing powers of attorney so that they can fully understand their rights and obligations and can deal with these problems in a way that is suited for their personal needs at a time that is not pressured or emotionally chaotic.

This may not be top-of-mind, but updating your will is extremely important if you are going through a divorce.  Having your assets go to your ex can be like adding insult to injury...and can tie up your estate for years to come. 

Tip #2: Update your life insurance policy and retirement beneficiaries.

Actor Dennis Hopper was in the middle of a highly contentious divorce when he died.  Since he didn’t change his life insurance policy beneficiaries, his ex received the proceeds.  Be sure to name new beneficiaries on your life insurance and retirement accounts so your ex doesn’t inherit your assets.

Tip #3: Do not wait until the divorce is final.

Contrary to popular belief, you do not have to wait until your divorce is final to update your estate planning documents.  If your divorce is likely to drag on for months or even years, you can still protect your assets from your ex by updating your estate plan.

Tip #4: Revisit your choice of executor and trustee.

While your ex may become the legal guardian of any minor children if you die, he or she should not necessarily be named as executor of your will or the trustee of your children’s inheritance. 

Tip #5: Update your Durable Power of Attorney for Health Care.

If you do not want your ex making decisions about your health care, you should update your durable power of attorney for health care as well as your living will.  This also applies to any other advance directives that name your ex as a decision maker.

If you’d like to learn more about estate planning and asset protection and how it affects you in a divorce case in Georgia, call our office today to schedule a time for us to sit down and talk. We normally charge $750 for a Georgia Family Treasures Planning Session, but because this planning is so important, I’ve made space for the next five people who mention this article to have a complete planning session at no charge. Call us at 404-665-3391 today and mention this article.

You spend a lot of your time and energy helping your family members with special needs to get the most out of life.  How are you going to keep that up if you become incapacitated or deceased?  Working with an experienced special needs lawyer is a really important step in making that a reality.  The attorney will help you get your affairs in order and will be able to advise you on areas that you might not even realize need attention.  Taking care of these issues now means that things are in place and ready to go should you suddenly become unable to care for your family member.

Atlanta Special Needs Consideration #1 – Creating a Guardianship

You likely have very strong feelings about who you would and would not like to be responsible for your family member in your absence.  For example, you may feel that one of your adult children would be an excellent care taker while also being sure that you would not want your parents to be given guardianship.  If you don’t specify this clearly and legally, then the decision would be up to the courts, and your opinion on the matter will have no weight at all. 

Atlanta Special Needs Consideration #2 – Inheriting Assets

Many special needs attorneys in Georgia will recommend that you not leave assets to your family member with special needs.  This doesn’t mean you don’t care for the person or want to recognize them in your will.  The point is, if the individual inherits assets, they can cause him or her to suddenly be disqualified from various types of assistance programs.  In fact, Medicaid could even view the acquisition of assets as a reason to go back and try to get payment for benefits paid out in the past.

Atlanta Special Needs Consideration #3 – Setting Up a Special Needs Trust

Depending on your situation, your special needs planning attorney in Atlanta may recommend that you set up a specific trust for the family member.  You will also need to determine how the trust will be funded, with life insurance being a common choice.  Again, this action is intended as a way to protect the individual’s ability to qualify for certain types of benefits and public programs.  In addition to possibly providing assets and funding for the family member with special needs, this kind of trust can also name someone you trust as the legal manager of those funds.

It’s hard to overstate the importance of preparing for your loved one’s future, especially when it is apparent that he or she will be dependent upon others for a lifetime.  Working with a special needs planning attorney in Atlanta GA will allow you to create some peace of mind while ensuring you are in compliance with all local and state laws.

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.

Please see my special Valentine's Day offer here. Make An Appointment For A FREE Georgia Family Treasures Planning Session And I’ll Buy You A Romantic Dinner For Two At Aspens Signature Steaks (East Cobb or West Cobb). Vive Amore!

Revocable Trusts

A powerful tool that is commonly used for this purpose is the revocable trust.  This is created while you are still living and allows you to make changes.  The revocable trust gives you and your home a number of protections during your lifetime but also creates provisions for when you pass away.  For example, if you have created a revocable trust, once you die, it becomes unchangeable (“irrevocable”), ensuring that your wishes are carried out.  Also significant is the fact that it keeps your house out of the Fulton County or Cobb County probate process, saving money and the risk of the courts choosing to do something other than you would have liked.

Revocable trusts are relatively easy to set up with an estate attorney in Atlanta.  The cost varies, of course, but putting together all of the legal documentation usually costs less than a few thousand dollars and saves many times that much for the estate.  They are also very flexible, which means that you can have a lot of say in what becomes of the home you’ve treasured.

For example, you may wish to leave the property directly to a certain heir or group of heirs who will then be responsible for the costs associated with keeping and running the home.  On the other hand, you may choose to incorporate funding for the upkeep of the home.  Some people even choose to leave their home as a legacy to a certain organization for various purposes or to a group of family members to use as a vacation residence.

Options Provision for Your Revocable Trust

Another option that Atlanta estate attorneys see in practice is when a specific person is given the option to buy the home.  If this person declines, then the next potential family member is given the option.  The grantor can name as many people as he or she likes or can choose to have the home sold and the proceeds given to the charity of his or her choice.  When a family member exercises this option, however, it is typical for the home to be purchased at fair market value.

A good estate attorney in Atlanta will be able to help you create a revocable trust that gives you access to your home throughout your lifetime while setting up what will happen to it after your death.  By doing so, you may be able to avoid certain taxes which would apply, not to mention avoiding the significant costs associated with probate in Georgia.

Every parent wants to make sure their children are provided for in the event something happens to them while the children are still minors. Grandparents, aunts, uncles and other relatives often want to leave some of their assets to young children, too. But good intentions and poor planning often have unintended results.

For example, many parents think if they name a guardian for their minor children in their wills and something happens to them, the named person will automatically be able to use the inheritance to take care of the children. But that’s not what happens. When the will is probated, the court will appoint a guardian to raise the child; usually this is the person named by the parents. But the court, not the guardian, will control the inheritance until the child reaches legal age (18 or 21). At that time, the child will receive the entire inheritance. Most parents would prefer that their children inherit at a later age, but with a simple will, you have no choice; once the child attains the age of majority the court must distribute the entire inheritance in one lump sum.

A court guardianship for a minor child is very similar to one for an incompetent adult. Things move slowly and can become very expensive. Every expense must be documented, audited and approved by the court, and an attorney will need to represent the child. All of these expenses are paid from the inheritance, and because the court must do its best to treat everyone equally under the law, it is difficult to make exceptions for each child’s unique needs.

Quite often children inherit money, real estate, stocks, CDs and other investments from grandparents and other relatives. If the child is still a minor when this person dies, the court will usually get involved, especially if the inheritance is significant. That’s because minor children can be on a title, but they cannot conduct business in their own names. So as soon as the owner’s signature is required to sell, refinance or transact other business, the court will have to get involved to protect the child’s interests.

Sometimes a custodial account is established for a minor child under the Uniform Transfer to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA). These are usually established through a bank and a custodian is named to manage the funds. But if the amount is significant (say, $10,000 or more), court approval may be required. In any event, the child will still receive the full amount at legal age.

A better option is to set up a children’s trust in your will and name someone to manage the inheritance instead of the court. You can also decide when the children will inherit. But the trust cannot be funded until the will has been probated, and that can take precious time and could reduce the assets. If you become incapacitated, this trust does not go into effect…because a will cannot go into effect until after you die.

Another option is a revocable living trust, the preferred option for many parents and grandparents. The person(s) you select, not the court, will be able to manage the inheritance for your minor children or grandchildren until they reach the age(s) you want them to inherit—even if you become incapacitated. Each child’s needs and circumstances can be accommodated, just as you would do. And assets that remain in the trust are protected from the courts, irresponsible spending and creditors (even divorce proceedings).

If you’d like to learn more about estate planning for your family, call our Atlanta estate planning lawyers at our Marietta wills and trusts law office today to schedule a time for us to sit down and talk. Call us today at 404-665-3391.

Incapacity. Because women, on average, live longer than men, there is an increased need to plan for physical and/or mental incapacity that can occur in later years. Long-term care insurance, purchased in advance, can help cover these costs and can even help women remain in their homes for as long as possible. It is also important to plan now to prevent the court from taking control of finances and of personal care at incapacity. At a minimum, durable powers of attorney (for both assets and health care decisions) are needed. A revocable living trust provides excellent protection for assets at incapacity and contains distribution instructions at death.

Children, Grandchildren, Parents and Pets. Those raising minor children need to name a guardian in their will; otherwise, a judge will decide who will raise them without your input. Provisions need to be included for aging parents, a child or relative with special needs, pets and other dependents. (Special planning can provide needed care without jeopardizing valuable government benefits.) Additional life insurance may be needed to provide for these loved ones. A gifting program or trust can provide for the education of grandchildren and future generations.

Charitable Causes. Those who want some or all of their assets to go to a favorite charitable, religious or educational organization must include this in their estate planning. Without a valid plan in place, assets will be distributed by state law—and a charity will not be among the heirs. Also, proceeds from a life insurance policy can be used to fund various types of charitable giving at your death.

Protecting a Business and Other Assets. Professional women in medicine, law and real estate must be concerned about protecting their assets from lawsuits. Many women are also business owners, and they need to plan for what will happen to their business when they are no longer involved due to incapacity, retirement or death. Asset protection planning and business succession planning can and should be included in the estate planning process.

Married Women. Women who marry tend to choose husbands who are older, which means they are likely to become widowed. Without proper estate planning while married, many will see their standard of living reduced during their retirement years. Those in second marriages need estate planning that provides for the surviving spouse but does not disinherit children from a previous marriage. Also, because most married women survive their husbands, they often have final say over who will ultimately receive the couple’s assets. Women must take an active role in the couple’s estate planning. Knowledge is key—an unknowledgeable widow will likely be confused and uncertain, while one who has participated in the planning process will more easily understand it and even feel empowered.

Unmarried Women (Never Married, Divorced and Widowed). Without valid instructions, state law will apply and that means friends, charities and unmarried partners will not be among your heirs. On the flip side, if you are divorced or separated, you need to update documents (including beneficiary designations) as soon as possible to prevent your ex from making life and death decisions for you or inheriting your assets.

If you’d like to learn more about estate planning, call our Marietta estate planning lawyers at our Cobb County wills and trusts law office today to schedule a time for us to sit down and talk. We normally charge $750 for a Georgia Family Treasures Planning Session, but because this planning is so important, I’ve made space for the next five people who mention this article to have a complete planning session at no charge. Call us today at 404-665-3391 and mention this article.

That said, here are some of the most common ways to leave your home to your kids:

Will. You can leave real estate to anyone in your will. Once the will has been probated, your children will receive title to the property.

Trust. Using a trust is a convenient way to transfer property without having to go through probate. Title is transferred automatically upon a triggering event -- in this case, the death of the original property owner.

Joint tenancy with right of survivorship. This method allows you to add your children to the property title while you are still alive. When you pass, the children become owners of the property as surviving joint owners.

Transfer on death deed. This allows you to name a beneficiary for your property without giving a present interest in it to the beneficiary. Upon your passing, the beneficiary takes title.

Life estate. You can transfer title to the property while you are still living, and retain the right to live there during your lifetime. After your death, the beneficiary owns the entire interest in the property.

There are pros and cons to each of these options.  Deciding on the best option for you and your family should be done with the assistance of your Atlanta Family Estate Planning Lawyer.

If you’d like to learn more about estate planning, call our Atlanta estate planning lawyers at our Marietta wills and trusts law office today to schedule a time for us to sit down and talk. We normally charge $750 for a Georgia Family Treasures Planning Session, but because this planning is so important, I’ve made space for the next five people who mention this article to have a complete planning session at no charge. Call us today at 404-665-3391 and mention this article.

But, working with a will lawyer in Atlanta is something which EVERY responsible parent needs to put on his or her to-do list. 

Obviously, no one really wants to think about what would happen should they die or become incapacitated while their children are still young, but it is so very important.  Think about all of the decisions you make for and with your children on a daily basis, and then realize that if something happens to you, you will no longer be involved in that process.  The thought is scary, for sure, but it should also get you thinking about how you can have input in your children’s upbringing, even if you aren’t there physically.

The Who

One of the most important reasons to start your estate planning now with a will lawyer in Atlanta, is the need to name guardians for your children.  This is the only way of really having a say in who will be there helping your children with the decisions and growing up they have yet to do.  You  have to set this up legally, or else the courts will step in and decide for you who will end up raising your children. 

Keep in mind, too, that the term “guardian” doesn’t just have to include the person who will gain custody of your children should you die.  You’ll also want to work with your will lawyer to set up short-term guardians for briefer periods in which you might need someone to step up.  For example, if you are in a car accident and don’t have a short-term guardian named, your kids could end up in foster care while you’re recuperating.

The What

In addition to outlining legal guardians for your children, you’ll want to set some of your estate planning time aside to develop a plan for how you want them raised.  Sure, you won’t have 100% say in their futures, but you will be able to make your wishes known, and you will have hopefully gone over these with your chosen guardian long in advance to satisfy yourself that he or she knows your expectations.  You’ll want to look at:

• Discipline Styles
• Educational Choices
• Financial Realities
• Healthcare Choices
• Religious Preferences
• Etc.

The How

The other big advantage of working with a will lawyer in Atlanta to set things up for your children is that it gives you the opportunity to develop a financial plan.  Your lawyer can help you figure out the best way to fund your children’s upbringing should you not be around to do it yourself.  This plan might include some sort of trust, as well as determining how to fund that trust.  Do you have a retirement plan that will go to your survivors?  Maybe a life insurance policy is a better bet? 

An experienced will lawyer in Atlanta can help you go through your options and will likely have a lot of suggestions for things you hadn’t thought of yet. 

Need help getting started? We are here to help!  Call our office at 404-665-3391 and ask to schedule a complimentary Georgia Family Treasures Planning Session with the mention of this article.

When we sit down to that holiday meal, rarely do we contemplate Susie and Sally engaged in a bitter fight over the sterling butter knives.  But it happens.  A lot.

To ensure that family memories are kept in a good place, your estate plan needs to include the orderly disposition of your material possessions.  Unbeknownst to a lot of us, these possessions can hold special meaning to younger generations, and a family feud that could be in the offing can be avoided by advance planning. Ideally, this process is a bit more that sticking notes on the furniture and china pieces. Remember: Post-It notes are not legally binding!

As part of your comprehensive estate plan, you may want to consider distributing some material possessions to your heirs prior to your death.  If not, then you need to be sure you specify exactly who you want to get what by:

• Listing in detail each item and the name of the intended recipient
• Sharing this list with your estate executor as well as with your family
• Including the list within your last will and testament or other estate planning documents (and specifically referring to the list in your documents).

If you’d like to learn more about estate planning strategies for your family, call our office today to schedule a time for us to sit down and talk. We normally charge $750 for a Georgia Family Treasures Planning Session™, but because this planning is so important, I’ve made space for the next five people who mention this article to have a complete planning session at no charge. Call us today at  404-665-3391 and mention the article: “Family Feud.”

Really, “yes” is the only answer that’s really needed, but we’ll go ahead and create a whole blog post to offer some insight as to why estate planning is important for singles and not just for families.

One of the most important reasons for a single person to work with a will and trust attorney in Atlanta, Georgia, is best understood when you think about the consequences of not planning.  Should you have a medical emergency or pass away, what becomes of you and your estate will be entirely up to the state of Georgia. This means that if you are unable to communicate your wishes, the state will step in and impose its own plan on your body and your assets.

Imagine that for a moment.  If you were to have a medical emergency and be unable to speak up, who would be able to tell the doctors what you would want?  Hopefully, that person would be one of your parents or siblings, because it’s pretty likely that they are who the courts would appoint on your behalf.  If the best choice would really be a good friend, other family member, or possibly a significant other to whom you’re not legally married, the courts won’t care.  They will stick to the predetermined law, and that law will look at bloodline relatives first.

This is also the case with your finances.  If you are unable to take care of your own finances for any reason, the courts will likely appoint the closest blood relative to step in.  It doesn’t matter if you don’t want your family in your private financial affairs or not.  They will have access to your money and will be put in charge of managing it, paying your bills, etc.  Think about how your oldest sibling manages his or her money.  Would you be comfortable with that person being in responsible for yours?

Along the same lines, should you pass away without an estate plan, your assets will automatically go through the Georgia probate process.  Again, the courts will step in and determine who is to inherit your property and money; and you will have absolutely no say in the matter.  How excited would you be for Mom and Dad to inherit your laptop or for your siblings to be given the jewelry which, by all accounts, should go to your best friend?

None of these scenarios is even a little bit exaggerated.  This is exactly what happens when a single person in Atlanta chooses not to work with an estate planning attorney.  Remember, it’s not just about having a lot of assets to leave behind; it’s about making your own decisions regarding your medical care, your possessions, and your finances.  Having a small estate now simply means that the planning process will be less complicated!

Before we talk about fees, it's important for you to understand how our firm is different than traditional law firms..  First of all, we don't bill anything on an hourly basis, so you never have to worry about any surprises when it comes to what something will cost.  Everything is flat fee and discussed up front, so you will never get a surprise bill in the mail.  With a traditional law firm, you might expect to pay $2,000-$3,000 for a typical set of estate planning documents.  In many cases, in our experience, those estate planning documents won’t work when your family needs them because they will become stale the minute you walk out the door of your lawyers office - you'll put the documents away and never look at them again.  Your life will change, your assets will change, and the law will change, but those documents are going to be sitting there - staying the same.  You are unlikely to ever hear from your lawyer again and won't update your plan and if you do, you'll very likely have to pay hourly to take care of any updates with uncertainty about how much that will cost on an ongoing basis.  And, if your lawyer goes out of business or dies, you'll have to start everything over with a new lawyer and pay all those initial fees again.  And, this is sad to say, your assets are very unlikely to be owned in the right name at the time of your death, making all the planning you did irrelevant.

At GeorgiaFamilyLaw, we don't believe that traditional model of estate planning really serves you and your family.  Instead, we focus on developing a lifetime relationship with you, giving you affordable access to a lawyer who will help you make the right legal decisions throughout life and then being there for your family when you can't be.

We do this in a number of ways, including throwing out the time clocks – which means everything we do is billed on a flat fee basis, agreed to in advance, so there are no surprises.  It means we have a whole team in place to ensure that every part of your planning is done right, including that your assets are titled in the right name and that your planning continues to work throughout your lifetime.  We do that by reviewing your planning at least every three years at no additional charge and if you want to make unlimited changes to your plan on an ongoing basis and be able to consult with us about all of your legal and financial questions that come up during life without paying hourly fees, we have a membership program you can join to ensure your planning works when your family needs it.  And last, we don’t focus only on passing on your financial wealth, but we also have a unique process for capturing the assets that are most often lost when someone dies because they are intangible – the intellectual, spiritual and human assets – or who you are and what’s important to you.

All of that’s getting a little ahead of the game though because we can’t get to any of that until you complete a Family Wealth Inventory and Assessment and have a Georgia Family Treasures  Planning Session to determine whether your family is a good fit for our services.  Normally, that Georgia Family Treasures Planning Session is $750, but if you found us through this blog post on our website, we will waive that fee for you.

We only have a limited number of these free sessions we can offer each month, so if you want to have your session for no charge you should go ahead, call our Marietta estate planning lawyer's office at 404-665-3391 and get on our calendar now.

If you find yourself in charge of trust administration or are in the process of trying to choose an appropriate trustee for your own estate, here are some very important aspects of the job which should be at the top of your list of responsibilities.

1. The person in charge of trust administration must be able to be impartial.  This means that family feuds, sibling rivalries, and other real or imagined slights cannot be allowed to interfere with the fair and honest administration of the trust.

2. The trust assets should be insured, and if they are lost or destroyed due to the trustees’ negligence, he or she can be held liable.  It is also the trustee’s responsibility to file and pay taxes for the trust and take care of other trust-related expenses.

3. He or she is responsible for ensuring that the trust produces income.  This means the money can’t just sit in a checking account, rather it needs to be invested wisely so it generates income for the beneficiaries.  The trustee also distributes this income to the beneficiaries.

4. Speaking of investments, many states require the trustee to make prudent choices when it comes to those investments.  It is usually helpful to speak with an attorney or financial advisor in order to make wise decisions and to find out what specific regulations apply here in Atlanta.  In fact, it is the trustee’s responsibility to use his or her best judgment to choose an investment agent to handle the delegation of investments if the trustee isn’t qualified to choose them on his or her own.

5. The beneficiaries of the trust must be informed of the activity of the trust.  This includes informing them of the trust and the trustee’s role in the trust, supplying required documentation when requested, and providing all beneficiaries with an annual statement of the accounts.

6. The person in charge of trust administration must be able to avoid conflicts of interest and cannot make decisions which favor the trustee over other beneficiaries. 

Proper trust administration in Atlanta GA requires a combination of personal integrity, business savvy, and interpersonal skills.  When choosing a trustee or accepting the position, it is a good idea to speak with your Marietta trust lawyer to ensure that you fully understand the responsibilities that accompany the position.

May it be a great one!

We wish all our clients and friends a happy, safe and prosperous New Year 2011.
We are very thankful for our relationship during the past
and we look forward to continue serving you this coming year.

I had the opportunity to be on Better Mornings Atlanta (CBS Atlanta) around New Years Day a while back. The segment appears above. I was interviewed on the topic of “Adding Estate Planning to Your Resolutions for the New Year.”

If one of your New Year’s resolutions this year includes getting your financial and legal affairs in order should something unexpectedly happen to you, I have a gift I know you’ll enjoy.

To be specific, you can now download a free report I wrote entitled, “What You Don’t Know CAN Hurt Your Family: 5 Easy Ways to Make Sure Your Children, Wishes and Assets Stay Protected Should Something Happen to You”.

You can download a copy here.

In this report you’ll learn 5 easy ways to get your legal and financial affairs in order, just in time for the New Year.  You won’t even need the help of an attorney for some of these important steps; simply follow the instructions in this guide and cross each item off of your “to-do” list as you go.

You’ll also discover:

• How to legally name guardians for your minor children in a way that they hold up in a court of law
• The difference between a will and a trust, and which tool you really need to make sure your family, wishes and assets stay protected upon your passing.
• The details about a simple document you can make yourself that will give someone legal permission to act on your behalf if you were incapacitated in an accident but do not die (and without this document, no one will be able to help you under the current HIPPA laws!)
• How to amass your “entire family wealth” and leave a true legacy to your children (hint: you don’t have to be wealthy and it’s easier than you think!)
• And so much more!

To get your copy, simply click here.

Start off the new year right by having your family planning evaluated to ensure everything is up to date. Call our Marietta GA estate planning law firm to schedule a Georgia Family Treasures Planning Session. We will sit down with you, assess where you are now and where you need to be. There’s no obligation and it’s no pressure! Our Georgia Family Treasures Planning Session is normally $750, but for January I’ve made space for the next five people who mention this article to have a complete planning session with me at no charge. Call us today at 404-665-3391 and mention this article.

To your Family’s Wealth, Health and Happiness,

Steve Worrall

In order to ensure that your estate plans still fit your needs, you should review them at the beginning of every year.  There are certain life changes that can have a huge overall effect on your estate planning, so taking the time to accommodate those changes now will save a significant amount of difficulty later.  Have you experienced any of the following in the last year (or longer, if you haven’t updated your plans in a while)?  If so, you’ll want to set up a time to chat with your Atlanta wills and trusts attorney right away.

1. Did you experience a change in marital status?  If you were married, divorced, or widowed in the previous year, then you will need to update your estate plans to reflect this.  It may be necessary to change beneficiaries.  Most people who go through a divorce will want to change their wills, trusts, and other important documents to remove the former spouse’s name.  In the case of a new marriage, the new spouse will likely be added.  If you have been widowed, this may change how your inheritance will be dispersed.

2. Did you become a parent?  Whether you gave birth to a child, adopted, or became a step parent in the last year, it makes sense to change your estate plans to reflect this change.  Remember that you may want to change the beneficiaries listed on insurance policies and bank accounts, as well as to name guardians and possibly set up trusts to care for your child’s future should you be unable to do so personally.

3. Have you changed jobs or retired?  Your retirement plans and 401Ks may be affected by the change in employment status.  Your Atlanta estate planning attorney can offer you advice on whether to roll over an existing plan or to start a new one, as well as how to deal with dispersal if it is time for your to start drawing on your retirement or pension plan.

4. Have you sold or purchased property?  There are specific laws that pertain to the inheritance of property, as well as the taxes involved.  Adding or removing property from your existing estate plan can help to avoid unnecessary taxes and to protect your heirs’ interests in the property.

There are a number of changes which can impact your estate plan.  By working with a qualified Atlanta attorney, you can help to clarify what needs to be done to keep yourself on track and on target for your estate planning goals.

The types of items one chooses to keep in a safety deposit box can vary, but here are some common ones:

• Birth certificates
• Marriage certificates
• Social Security card
• Copy of your will
• Copies of degrees and professional licenses
• Copies of divorce or separation papers
• Military records
• Deeds, titles, and insurance for real estate
• Deeds, title, and insurance for vehicles
• Valuable assets you don’t need to access (jewelry, coins, guns, etc.)
• Stock certificates and bonds
• Business documents

The safe deposit box is intended to keep your important items somewhere secure, but there are some that you need to access more easily than through a trip to the bank.  When you talk with your estate planning attorney, he or she will help you understand when you should have copies of certain documents available to you at home, as well as in your safe deposit box.

Access to Your Safe Deposit Box

For obvious reasons, access to your safe deposit is strictly limited.  If you want to make it accessible to another person, you’ll have to have them accompany you to the bank so that the proper ID can be shown and they can sign a signature card.  This usually means that he or she now has access to your safe deposit box at any time. 

You may be able to limit the access by foregoing the trip to the bank and naming the person as an executor of your trust.  When the time comes, he or she can take the appropriate documentation to the bank and be granted access.  This may require a certified copy of your death certificate along with the individual’s own identification.

As you can imagine, there are some documents that need to be accessed immediately if you should become incapacitated or deceased.  It is typically of utmost importance for medical directives and guardianships of minor children to be produced, for example.  Because it can take a fair amount of time to obtain these things from a safe deposit box, an alternate plan needs to be in place. 

Your probate attorney in Atlanta will be able to offer insight into how best to make these documents accessible at the right times and by the appropriate people.  Keeping copies in your safe deposit box is still a good idea, however, to ensure that they are protected in case some sort of catastrophic event (like a house fire) were to damage other copies or originals.  You will also benefit from talking directly to the employees at your bank to fully understand their policies.

While it’s great to put a lot of thought into who you would want to raise your kids, indecision and ultimately inaction is a very dangerous place to be, especially with young children at home. It’s important to remember that SOMEONE will determine what happens to your kids….so it might as well be you!  The alternative is a judge who knows nothing about you, your family or what truly is in the best interest of your children.

So to avoid having a judge make life-changing decisions on your child’s behalf, I would like to share four easy steps that will help you finally take action and choose the right guardians for your kids:

1. Sit down and brainstorm all the people who could possibly raise your kids if you were killed or incapacitated in an accident. Don’t limit your choices to family either. Think outside the box and write down everyone who even remotely fits the bill.
   
   
2. Determine who you would NEVER want to raise your kids in your absence.  You’ll need to tell the court who you DON’T want raising your kids so they can protect your family should that named individual (s) contest your wishes and seek custody of your kids following your death or incapacity. (This can be kept private and only revealed if the need arises)
   
   
3. Weigh your values.  Make another column and write down what is important to you and/or your spouse.  Do you value education?  Religious or spiritual training? The ability to live in a certain community?  Being raised in a two-parent family?  Whatever your values may be, write them down, prioritize them and eventually rank the top three.
   
   
4. Match your top choices to your top values.  This will give you a clear picture of who you can trust to raise your children with the values you hold near and dear to your heart.

And of course, the last (and arguably the most important step) is to legally document your choice of guardians so there’s no question as to who you want to raise your kids if something happens to you!

To ensure you legally get the documentation you need for naming guardians for your kids—or if you’d further like to create a comprehensive estate plan that will ensure your children, assets and wishes are protected something the unexpected happen to you, please give me, your friendly neighborhood Marietta estate planning lawyer a call at 404-665-3391to schedule a no-charge Georgia Family Treasures Planning Session (normally $750 value) with the mention of this article.  These appointments are limited to 10 per month so call today!