Trusts lawyers in Atlanta have the important job of helping their clients create a legacy that is compliant with a number of different laws. For the most part, these laws will vary from state to state. Some differences are minor, while others can impact the trust significantly. Someone who already has established a trust in one state may very well want to at least review it with a trusts lawyer when relocating to another.
For example, if you have created a trust in Georgia but then move to Florida for retirement, it’s a good idea to meet with a trusts lawyer in your new city. Likewise, someone moving from somewhere else in the U.S. to metro Atlanta should contact a Georgia trust lawyer to review the documents and potentially amend them to meet the law here.
Most often, when a trust is administered, it is done so under the laws of the state where the person resides. This can get a little tricky if you have residences in two states—say, if you’re a “snowbird.” In those situations, it’s best to work with trusts lawyers in both states. The changes needed may be as small as a little wording, but they could also be more complicated.
There are some estate planning documents that should always be addressed with a trusts lawyer when moving to a new state. Powers of attorney are vital for determining who can represent you should you become incapacitated, and those are administered under state law. Powers of attorney drawn up by a trusts lawyer in Atlanta may be disregarded by the courts in another area.
A final consideration in the discussion of where to establish a trust is the tax implications. By working with a good trusts lawyer, you can uncover which state may hold the best benefits for you, your estate, and your heirs. It is possible to have trusts set up in more than one state, though the complexities of doing so are absolutely something that should be done with the guidance of a knowledgeable professional with plenty of experience in trusts administration.
To schedule an appointment for a complimentary Georgia Family Treasures Planning Session to help you review or create your estate plan, at one of our five metro Atlanta offices, we invite you to call 770-425-6060 to get started
If you’d like to give your loved ones and yourself the gift of peace of mind, please call Steve at 770-425-6060 or 770-421-0808 or email him at firstname.lastname@example.org.
A will is one of the most basic estate planning documents in Georgia, and a Marietta Estate Planning Lawyer will tell you that every adult should have one to make sure that there is no question about what will happen to your assets and your children if something happens to you. But there are some reasons having a trust in addition to a will is essential. Here are 6 reasons:
- You want to avoid probate or conservatorship.A fully funded trust will avoid the probate process, which will save your loved ones time and money. In order to carry out your instructions in your will, a probate will have to be filed in the Probate Court of the county where you lived before your death. Also, if you become incapacitated, your family will also have to file in the Probate Court for guardianship and/or conservatorship over you. A will does nothing for you in that case, because it only goes into operation at death. These steps may not be necessary if you have a created a trust.
- You want to provide for a person with special needs.If you have a child or another dependent who has special needs, a Special Needs Trust can protect the assets for a special needs person without jeopardizing their ability to qualify for government benefits. A will allows you to transfer assets to a special needs person, but may not fully protect those assets.
- You want privacy. Since a will has to go through probate in Georgia, it becomes a public record. A trust is completely private.
- You have a blended family.If you are part of a blended family, a trust can give you the flexibility you will want to make sure that your children from a prior marriage are provided for in the way you want.
- You have out-of-state property.If you own property in another state besides Georgia, you can more easily transfer ownership via a trust than a will. Transferring out-of-state property in a will usually means additional legal expenses because you could have probate in multiple states and that is an additional, and costly, hassle for the people you love.
- You want to provide asset protection for someone else.If you want to protect the assets you leave your loved ones from creditors (including bankruptcy and divorce) a trust is the best way to do it. It’s a gift you can give your loved ones that they could not easily (if at all) give themselves.
Our Marietta Estate Planning Lawyers can help you determine if a will or a trust is best for you and your family. Call us at 770-425-6060 to schedule a Georgia Family Treasures Planning and Discovery Session ($600 value) at No Charge.
A good Atlanta estate planning attorney is going to help you take a lot of things into consideration when putting together your plan. Various factors influence your estate planning after all: finances, children, age…But what about your gender? Is estate planning for women different from that for men?
Actually, there are some important things to keep in mind.
A Spouse’s Will Is Not Enough
Atlanta estate planning attorneys see again and again where a married couple believes that only one of them—usually a husband—needs to have a will. This can cause a lot of problems in the long run, however.
- Your family may not know your wishes, even if you think they do.
- In times of grief, people aren’t always at their best and could resort to fighting over the estate.
- If your spouse remarries, the new wife (and her children) could legally inherit your things.
These are just some of the scenarios estate planning attorneys see playing out when one partner is relying on the other’s will.
Women Need Powers of Attorney
Various types of powers of attorney are an important part of an estate plan, and this can be especially true for women. The average woman’s lifespan is longer than a man’s, which means that she may be on her own near the end of her life. With no spouse to make medical and financial decisions should she become incapacitated, it’s even more important to make sure appropriate appointees have been legally declared.
Updates are Needed When Marriage Status Changes
When one spouse has passed away, it is always a good idea to review the surviving spouse’s estate plan. There are likely some changes that need to be made based on changes in income and other living circumstances. A knowledgeable estate planning attorney in Atlanta will be able to help redefine the goals you and your spouse set in order to ensure you stay on track.
It’s also very important to meet with an estate planning lawyer after a divorce. The details of the divorce can strongly impact your financial future, and the attorney will work to make sure you know and have access to what is rightfully yours. Additionally, if you already have a will, you will want to change it to avoid the possibility of your ex being entitled to your estate or assets.
A Trust May Be a Good Choice
A mother wants to provide for her child in every way possible, and while trusts are something that are often associated with rich people, they are a great tool for just about anyone with heirs. Talk with an estate planning attorney about why and how to go about creating a trust to help fund your children or grandchildren’s future should you not be around to help them.
There are plenty of other considerations that apply specifically to estate planning for women, and the best way to get all the information you need is to get together with a qualified, experienced attorney in Atlanta. To schedule an appointment for a complimentary Georgia Family Treasures Planning Session at one of our metro Atlanta offices, we invite you to call 770-425-6060 to get started.
If you’d like to give your loved ones and yourself the gift of peace of mind, please call Steve at 770-425-6060 or email him at email@example.com.