While married couples are most obviously in need of the services of an estate planning lawyer in Atlanta, unmarried couples may actually need it more. It’s a pretty well known fact that when a married spouse passes away, the other will likely inherit a considerable portion of the estate, simply by virtue of the legal marriage.
But, what about folks who are cohabitating but not legally married? The situation for them can become much more dire should one partner pass away without a solid estate plan in place. For example, even if the couple lives together in a home, if one partner dies, the other may have no legal right to the property—even if he or she helped pay for it! It is unfortunate, but estate planning lawyers in Atlanta have seen far too many situations where adult children have kicked their deceased parents’ partner out of a home so it could be sold for the proceeds.
In order to avoid this kind of drama, an Atlanta estate planning lawyer may recommend that assets be titled in both partner’s names, with both listed as joint tenants with rights of survivorship. There are potential tax implications to taking this step, so check with your attorney to weigh your options. It is also possible for the couple to set up a situation where a surviving partner is allowed to continue to reside in a home until his or her death, having the property then pass on to the original parter’s children.
As an illustration, pretend that Joe was married to Louise, and they had three kids together. Louise passed away, and sometime later, Joe fell in love and moved in with Kelly. Unfortunately, Joe’s now-adult children don’t approve of Joe’s relationship with Kelly. If the couple doesn’t create a legally-binding plan with an estate planning lawyer, Joe’s kids could kick Kelly out of the house upon Joe’s death.
We’ll take this a step further and say that even though they’re not supportive of Joe’s choice, he still loves his children and wants to make sure they eventually inherit the house to pay for their children’s education or whatever. But, he also wants to make sure that they cannot remove Kelly from the house out of spite or greed. Joe and Kelly could put together a plan of action with their Atlanta estate planning lawyer to stipulate that Kelly has the right to live in the house until death, and then it would become the property of Joe’s children.
This is just one scenario in which an unmarried couple would want to consider getting legal advice. Meeting with an Atlanta estate planning lawyer is a good way to find out if there are concerns that you aren’t even aware you should have based on the fact that you and your partner are not legally married.
As a Marietta estate planning attorney, I’m often asked, “what is exactly is a health care directive or living will?
Basically, an Advance Healthcare Directive in Georgia, sometimes commonly known as a Living Will, is a legal document that permits someone to make medical decisions on your behalf. This type of document is commonly associated with the decision of maintaining or removing life support for a critically ill loved one, but Health Care Directives and Living Wills cover far more than that.
Specifically, a Georgia Advance Directive for Health Care, or “Living Will,” allows someone to:
– Decide if you want your life to continue on life support or if you want to have them withhold treatment. (a/k/a “pulling the plug”)
– Pick a person to make health care decisions for you if you are unable to do so.
– Make decisions about pain relief options.
– Decide if you want your organs to be donated.
– To make any other decisions about your health care and treatment.
As you can see, a Health Care Directive or a Living Will is essential for someone looking to have their wishes carried out in the event they die or become incapacitated.
The person you select to make the decisions for you is called your Healthcare agent. The agent will be acting on your behalf so their role is very important. When you are selecting your agent, you should consider a few things:
-He or she must be over the age of 18.
-He or she must be reliable and readily available in case something happens to you.
-He or she must be emotionally able to make end of life decisions for you.
-You should consider adding two to three alternative agents in the event that the primary agent is unable or unwilling to make the critical decisions.
-If you appoint your spouse as your agent, and your marriage is dissolved or annulled, your agent’s authority is automatically revoked, unless you specify otherwise.
-If you are pregnant, your health care directive will not be honored.
While a health care directive can give someone the right to make all healthcare decisions for you, it is also possible to limit authority by clearly defining what their scope of power includes. For example, you may decide that your healthcare agent has the authority to decide what type of pain relief you are given, but limit their ability to decide whether to “pull the plug.” It is important to discuss this with an experienced Georgia estate planning attorney to make sure that you are very clear and specific in defining this scope.
Once a Georgia Advance Health Care Directive is signed, dated, and notarized or witnessed by two qualified persons, the Health Care Directive is valid forever, unless and until the individual revokes it. If the primary Agent refuses to follow the instructions dictated, the alternative Agents will be called upon to act on behalf of you, which is why it is important to name alternative Agents.
One final key point to consider when choosing your agent is that the person should actually want to have this responsibility. There are people who do not feel comfortable making such important decisions – even for their own spouse. Therefore, it is critical to have a conversation with whomever you are considering to ensure that they can and will able to make the decisions that you want them to make.
Setting up an Advance Directive for Health Care that truly protects your wishes in the event of your incapacity starts by meeting with a Marietta estate planning lawyer. Here at Georgia Estate Plan : Worrall Law LLC, we’ve made that process easier than ever by offering free Georgia Family Treasures Planning Sessions (normally $750) each month to readers of our blog. So call 770-425-6060 today to secure your spot.
You may not need an Atlanta GA estate planning lawyer to make a will (although that isn’t a wise decision), but what if you have no will at all? No one wants to think about their future demise, but death will be coming for all of us eventually. Without a will, what will become of your assets, your liabilities, and who will be the executor? Will any of your loved ones be left out in the cold?
Every state has its own specific set of laws, but by and large the basic rules are the same from state to state. A qualified Georgia estate planning lawyer is the best resource for uncovering what the laws are here. For someone to inherit intestate, or when there is no will, he or she must be a legal relative. Generally speaking a spouse (or civil partner in some states) inherits it all if there are no children. If there are children, the spouse may receive as little as 1/3 of the estate, and the rest is divided among the children.
The specifics concerning separated spouses, stepchildren, etc. can make things even more complicated, but there is one constant: no one can profit from a death they caused. If there are allegations or proof of abuse or murder, that person may be prohibited from inheriting at all. This makes sense; not only is abuse wrong, but the government wants to make sure that no one is rewarded for murder.
In cases where there are minor children and the other parent is still living, an estate planning lawyer will tell you that what is left behind usually goes solely to the spouse, with the understanding that he or she will use it for the benefit and welfare of him or herself and the children. If there are considerable assets, a will and trust lawyer in Atlanta can then help the surviving spouse to create living trusts for the children.
Sometimes, there is no surviving spouse or children. In these cases, distant relatives may be eligible to inherit some or all of the assets left behind. In no case, however, are friends and people not related to the deceased allowed to inherit. These people can only inherit based on the specifics of a will, and with no will, they have no claim.
Some assets aren’t passed along via a will, and so these items may also have clear beneficiaries listed on the specific documents.
- Life insurance policy proceeds
- Real estate, bank accounts, and other property held in joint tenancy or community property
- IRA funds, or other retirement plans that name a beneficiary
- Any funds held in a living trust
Perhaps the strangest thing that probate lawyers in Atlanta see is when there are no living family members and no will. When this happens, the assets are given to the state. If you want to make sure that your property is passed along to a friend or charity, be sure to make a will, because otherwise it goes to Uncle Sam.
Estate planning is very important, and your best bet is to hire an estate planning lawyer who has specific knowledge in this area of law. Each state has laws that change when and how people can inherit if you leave your estate intestate. So, do your loved ones a favor and leave a will. This way you can make sure that your estate is divided as you want it to be, without it going back to the government.
Marietta GA Estate Planning Lawyer suggests the Ultimate Gift of Love for your family : an up-to-date estate plan!
With budgets tight and uncertainty in the air, this Valentine’s Day is the perfect time to give your loved one a priceless gift that never grows old — financial security.
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.
Steve Worrall is the Family Estate Planning Lawyer for Georgia Estate Plan: Worrall Law LLC in Marietta and Atlanta. 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 firstname.lastname@example.org.
Image courtesy of cuteimage at FreeDigitalPhotos.net
Now that the champagne has been consumed and the party horns have been put away, it’s time to really begin the New Year. You may or may not be sticking to those resolutions you made on January 1st, but even if they are a vague memory at this point, I challenge you to add one more resolution to your list — review your estate plan.
Here’s a checklist to get you started:
- Look for your estate planning documents and see if they are still in the place where you left them. Check your fireproof safe, safety deposit box, or other location where you store the actual documents. In addition, make sure your electronic copies are where you last left them. You may have chosen to keep them on a CD or on your home computer, in any case, make sure they are still accessible. Additionally, make sure your heirs, executor, or trust administrator know where they are.
- Review your children’s long-term and short-term guardian nominations. Has anything happened either in your children’s lives or your guardian’s lives that may make you rethink things? Has the person (people) you’ve named as guardians moved, had a child, divorced, or remarried? If so, does this impact your decision? Have any changes happened that might make you rethink the people you named as short-term guardians?
- Did any of your children turn 18? If so, you need to make sure that they have the proper legal documents in place. They may not have many assets so they may not need a full-blown estate plan, but they will need a signed healthcare power of attorney and living trust in case something happens to them. Without these legal documents in place, you may not be able to speak for them.
- Update, review, or consider a pet trust. If you currently have a pet trust, has anything happened that would make you rethink it? Did something happen to your pet that may mean there are more medical expenses than you thought? Did you get a new pet this year that you want to be sure will be cared for if something happens to you?
- Think through 2014 and list any substantial assets you may have acquired. If you have new assets, make sure they are transferred into your trust. If they aren’t, those assets could end up in probate even though you thoughtfully created a trust to avoid this.
- Review and think about your asset distribution. Does your trust still reflect your wishes for how you would like to distribute your assets? Again, life events such as births, deaths, marriage and divorce may impact the decisions you made about this.
- Check your insurance policies. Does your life insurance still reflect an amount that would support your family if something happens to you? Has something happened in the past year that would require you raise that amount?
- Are you still happy with your decision regarding who should administer your estate? Is he or she still willing to accept this duty? Has anything happened in the last year that would make you wonder whether this person is still able to perform this function? If you are in doubt, you may consider discussing the person you chose and make changes if necessary.
- Update your family’s legacy. Each year you should update your written legacy whether it is in writing or recorded. Be sure to note family member milestones and accomplishments. This will most likely be the most valuable part of your estate plan so be sure to spend time on this.
As I tell my clients, your estate plan is a document that changes just as your life changes. While every change in your life doesn’t mean that you need to update your estate plan, it is important to think through the past year’s events and experiences to make sure that your estate plan will still take care of your family just has you planned.