Estate planning can be overwhelming. There are a number of factors to consider when planning the transfer of everything you own at a time when you no longer are able to participate in the transfer. However, as an Atlanta estate planning attorney, I know that not having a proper estate plan in place can cause many problems after your death. It’s important that you prepare the proper documents, and that your family knows where to find them and what information is contained in them so that things can go as smoothly as possible in the event of an accident or illness. This idea can even be expanded beyond just estate planning documents to include documents which can help you or your family in the event of any kind of financial emergency. This “financial emergency kit” should contain not only your estate planning documents but also other important documents which may be needed in case of emergency. Some items to include in your financial emergency kit might be considered “no-brainers.” For example, the kit should include your house, life, disability and auto insurance documents. In the event of a house fire, family death, or incapacitating automobile accident, you will need these… [Read More]
Georgia Probate Attorney: Estate Planning to Avoid Potential Probate Disputes
As an Atlanta estate planning and probate attorney, I have had many clients who found themselves tangled up in familial discord because of the lack of proper estate planning done by their parents or other family members. The probate process can be difficult and stressful and can often result in feuds between family members if an estate is complicated or if the estate was not planned well. If you would like to know what happens in the probate process for an intestate estate (the estate of a person who died without a will), you can read my previous blog post on the matter. I discuss in this blog some ways to plan your estate and write your will so that your family can avoid lengthy probate proceedings as much as possible – and hopefully avoid conflict. One way to avoid ambiguity in your estate plan that may lead to familial conflict is to designate bank accounts which you intend to give to a specific family member as “payable on death” (POD) or “transferrable upon death” (TOD). A POD/TOD bank account pays out upon your death only to the specific person named as beneficiary on the account. This type of bank… [Read More]
Atlanta Estate Planning Attorney: Planning for Your Healthcare in Advance
As an Atlanta estate planning attorney, I have years of experience with assisting my clients in creating a plan for their health through documents like advance directives. Advance directives can give someone a say in their healthcare in the event that an accident or illness leaves them unable to communicate their wishes. Typical advance directives contain information regarding an individual’s health care agent and his or her preferences for matters including organ donation and end-of-life decisions. However, what should an advance directive look like if the individual’s illness is something long-term, something that progresses? The actions a person wants taken for their health in a later stage in their illness may not be the same actions they want taken in the early stages. For example, as this New York Times article states, people with dementia, which is a terminal disease, may still thrive and be happy in their lives despite issues with memory or daily activities. However, “the point at which dementia patients can no longer direct their own care isn’t predictable or obvious.” In such a case, an advance directive which does not take into consideration the progressing nature of the disease may not be the best fit for… [Read More]
Atlanta Probate Lawyer: The Challenges of Heirs Property
As an Atlanta probate attorney, I have a lot of experience with navigating issues which arise from a type of property called “heirs property.” Heirs property is “home or land that has been passed from generation to generation in such a way that multiple people own the same piece of property” (Georgia Heirs Property Law Center). This can happen either because a deceased person left the property to multiple people in their will, or because the deceased person died intestate, causing the property to be passed automatically to their heirs-at-law. The multiple owners of heirs property are “tenants in common,” which means they all have a share of rights to the use, possession, interest, rent, etc. of the property (Georgia Bar Journal). Heirs property is an issue which presents a plethora of challenges for the owners of such a property. One common and significant problem inherent with heirs property is “clouded title,” meaning that because of the undocumented nature of the succession of heirs property, it is often not clear on the property’s title who exactly owns the property and what rights they have with the property (Georgia Bar Journal). Therefore, it is typically necessary for all co-tenants of a… [Read More]
Atlanta Probate Attorney: The Trouble with Joint Accounts
In my Georgia probate practice, I have had several clients who were left in an uncomfortable predicament during probate due to the deceased’s use of a type of bank account called a joint account. Joint accounts are accounts with multiple owners, usually two. The money in the account is considered the property of the person who contributed the money to the account. However, each joint owner has unfettered access to the funds in the account, and does not need the knowledge or consent of the other owner to conduct transactions on the account. Upon the death of one joint owner, all the funds in the account become the property of the other joint owner. The funds do not pass through probate, meaning they are not considered part of the decedent’s estate to be distributed among the beneficiaries regardless of the instructions left in the deceased’s will, which is where the trouble with joint accounts typically begins. Other than among spouses, joint accounts are terrible planning tools. It is natural that, upon a person’s death, he or she will want to leave control and ownership of an account to a spouse, and you rarely see litigation against a spouse that was… [Read More]
Atlanta Probate Lawyer: Will Your Assets be Distributed to Your Intended Beneficiary?
As an Atlanta probate attorney, I have had many clients who were left confused and frustrated by the probate process because of the deceased’s misunderstanding about which of their assets would pass through probate and which were bound to other routes of distribution. This can be particularly confusing in the case of bank accounts, life insurance accounts and retirement accounts. There are many different kinds of accounts, with many different kinds of beneficiary arrangements, some of which supersede the arrangements laid out in a will. It is important to understand these different beneficiary arrangements when making your estate plan so that your assets can be distributed as intended. Some fiduciary institutions and insurance companies require a beneficiary designation. This specifies who will receive assets like retirement accounts or life insurance proceeds, which are not bound by wills or trusts. Some accounts will readily allow you to designate any beneficiary you choose, while other accounts require a few more hoops be jumped through if you would like to designate someone other than your spouse as beneficiary. Be sure to update your beneficiary information if anything changes in your personal life (i.e., if you get divorced or have children). Otherwise, your intended… [Read More]
Atlanta Probate Lawyer: Georgia’s New Uniform Power of Attorney Act
Recently, the Uniform Power of Attorney Act, or UPOAA, passed in Georgia. This act, which becomes effective beginning July 1, 2017, amends the previous law regarding powers of attorney (POAs). The passage of UPOAA in Georgia is a significant step toward protecting elderly or disabled people because it clears up confusing aspects of the previous statutory scheme governing POAs and provides for additional safeguards against elder abuse and financial exploitation by their agents. The Georgia Chapter of the Alzheimer’s Association called uniform power of attorney laws “crucial to people with an Alzheimer’s diagnosis.” UPOAA not only adds protections for principals- it provides common sense protections for agents and third parties, as well. POAs allow an agent to enter important financial transactions on behalf of a principal, such as buying and selling real estate, opening and closing accounts and paying bills. UPOAA adds protections to prevent an agent from abusing such powers. Prior to UPOAA passage, agents were subject to less harsh penalties and often were never held responsible for their misuse of their power. Sometimes, agents would be charged criminally, and may have been subject to a criminal restitution order, but prosecutors rarely pursued such cases because the amounts taken… [Read More]
Atlanta Probate Lawyer: S-Town as an Example of the Importance of Making a Will
As an Atlanta probate lawyer, I am very familiar with the consequences that can follow when a person dies intestate (i.e., without a will). The process of divvying up assets without a will to guide the process can become long, messy, and painful. A culturally relevant example of the unfortunate consequences of not preparing a will is the very popular podcast S-Town. S-Town follows the story of John B. McLemore, a resident of a small town in Alabama who owned acres upon acres of land, cared for his mother with dementia, and was rumored to have a large sum of money to his name in the form of gold bars. Following the death of McLemore by suicide, and the realization that McLemore had no will, his assets (and what was to become of his mother) were up in the air. During his life, he had verbally promised gold, money, property, etc. to friends. But without a will, these promises were not legally binding. S-Town explores the difficulties experienced by both the distant family members and McLemore’s friends in probating the estate without a will to guide the court. Although not every estate’s tale is quite so dramatic, it is important to have a… [Read More]
Atlanta Estate Lawyer: Divvying Up Your Parents’ Stuff
I’ve been practicing as an Atlanta estate lawyer for many years and represented clients in many estates where siblings cannot agree on the division of their parents’ personal property. The basis of the disagreements are many: “Mom said she always wanted me to have her wedding ring.” “Dad gave you more stuff than me when he was alive.” “I’m the executor, so I get to choose who gets what, and I want the grill.” Distribution of personal property other than money, stocks and similar assets (i.e., stuff) can quickly become a headache for the personal representative and beneficiaries, and can lead to threats of litigation and worse. Taking some simple steps following a parent’s death (and even before with the input of the parent) can help keep disruptions in the distribution process to a minimum and keep the relationships among siblings intact, which their parents’ undoubtedly would prefer over family broken up over material things. This CNN Money Article provides some tips about how to handle the “stuff.” One tip I would add to the article is for each sibling to realize they have gotten along in the world so far without the “one thing” they believe they must have, so ultimately… [Read More]
Atlanta Probate Attorney: Guess Who Gets Assets When There Is No Will
As an Atlanta probate lawyer, I am always representing clients who must administer an estate without a Will. In Georgia, when a person dies without a Will (i.e., dies intestate), the state legislature has decided how her estate will be divided. The legislature passed a statute that identifies the heirs-at-law of an intestate decedent and the amount each heir-at-law is entitled to. The following persons are entitled to a share of the intestate decedent’s estate in the following shares: If the decedent was married without children: entire estate to spouse. If the decedent was married with children: estate divided evenly among spouse and children*, except that spouse receives no less than 1/3. To illustrate, if the decedent was married and had one child, the spouse and child each would receive 1/2 of the estate, but if the decedent was married and had three children, the spouse would receive 1/3 of the estate, and the three children would split the remaining 2/3 of the estate. If the decedent had children but was not married (was either single, divorced, or widowed): estate divided equally among children. If the decedent was not married and had no children: estate divided among living parents. If… [Read More]
