A personal representative is a fiduciary that acts on behalf of an estate until all estate affairs are settled and the estate is properly closed with the court's approval.
Each business type of structure offers different levels of asset protection and affects how much you pay in taxes. But owners can exert further control over their business—both while alive and after they pass away—by placing business interests in a trust.
Updating your beneficiary designation is crucial when a significant event happens, such as birth, adoption, marriage, divorce, and death. You must complete an update form with the right beneficiary if your designated beneficiary is no longer the best choice for a certain account. The consequences of not updating a beneficiary designation are vast and dangerous. The benefits could pass to someone you don't want to inherit.
Guardian Ad Litem (GAL) is the person appointed by the court to defend and protect the rights and interests of the heir of a deceased person's estate in circumstances where these individuals cannot legally represent or speak for themselves in probate proceedings because their mental or physical being may be limited.
Some of us have put our properties, like a home and land, in a trust as part of our estate plan. In transferring properties to a trust, whether a house or land, additional paperwork should be completed. For example, your living trust will only be properly funded if you take the necessary steps to ensure that the title to your home is properly and legally transferred to the trust. Funding is the process of transferring title to an asset from your name personally to the name of the trust. Once funding is accomplished, there are certain benefits that will need to be renewed such as homestead exemption. It is important to re-apply for any exemptions or incidental benefits that may have been held prior to funding your property to the trust.
Our elderly loved ones are a significant part of our lives; they are a part of our legacy. They used to look out for us when they were at their strongest. They have given everything they can to support us and become the person we are today. We must be there for them now that they are in their old age. Our physical presence is the best and most meaningful gift we can give them.
When a loved one passes away, dealing with the financial affairs of their estate can be overwhelming, daunting, and stressful. Many families try to name a family member as their preferred executor in their Will—but that can put that family member at risk if there is a conflict of interest during grieving.
The law in Georgia is very clear about who controls the estate or the assets if a loved one dies in Georgia.
It can be complicated to figure out where to probate a loved one's estate, but it doesn't have to be. Ordinarily, probate should be established in the county where your loved one resides at the time of death. However, there are certain circumstances where it may be more appropriate to open an estate in a different state from the state of residence. If you're unsure where to probate the estate, we've put together the following scenarios to help you find the right place to open and probate the estate your deceased loved ones left you.
Beneficiary designations are typically chosen upon opening a bank account, retirement account, or life insurance policy but can sometimes be forgotten. After your passing, the account's assets will be transferred directly to the beneficiary you chose.
The elimination of procedures for court approval and conservatorship in settlements of less than $25,000 frees parents and guardians from the difficulties and burdens associated with the process. It saves a significant amount of time and money, as well as the hassle of paying multiple fees.
