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.
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.
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.
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.
We understand that it feels hard to get around to estate planning; it sounds about as fun as getting a root canal. However, we also understand that we all want to make sure that our loved ones are protected and receive our hard-earned assets ?
While the term fiduciary is a legal term with a rich history, it very generally means someone who is legally obligated to act in another person?s best interests. Trustees, executors, and agents are all examples of fiduciaries.
Estate planning is the process of developing a strategy for the care and management of your estate if you become incapacitated or upon your death. One commonly known purpose of estate planning is to minimize taxes and costs, including taxes imposed on gifts, estates, generation skipping transfer and probate court costs.
