Trotter Deems & King LLCTrotter Deems & King LLC2024-02-28T04:35:33Zhttps://www.tdklegal.com/feed/atom/WordPress/wp-content/uploads/sites/1503293/2024/01/cropped-fav-32x32.pngOn Behalf of Trotter Deems & King LLChttps://www.tdklegal.com/?p=2543212024-02-28T04:35:33Z2024-02-28T04:35:33ZResponsibility and trustworthiness
Your executor has to handle your money, pay off any debts you have and give out your assets according to what you wanted. It is important to pick someone responsible and honest. You do not want someone causing strife or starting fights among your family and friends.
Clear communication and organization
A quality executor needs to have social and organizational skills. They have to talk to your family, the individuals and institutions you owe money to and others involved in the process. Plus, they need to keep track of everything and make sure all the legal paperwork gets done right and on time.
Knowledge of legal and financial matters
Dealing with an estate often involves complicated legal and financial issues. Your executor does not need to know everything about these topics, but they should have a grasp on the basics. If they are not sure about something, they should feel comfortable asking for help.
Impartiality and fairness
Your executor has to be fair to everyone. They cannot play favorites or act unfairly toward any beneficiaries. It is important to pick someone who can stay calm and fair, even if things get emotional.
Availability and commitment
Your executor should have enough time in their daily life to do the job right. That means they need to be available to deal with all the paperwork, go to court if needed and handle any other problems that come up.
The selection of an executor is a decision that you should not take lightly. So, make sure you pick someone responsible and take your time to think about the choice.]]>On Behalf of Trotter Deems & King LLChttps://www.tdklegal.com/?p=2542482023-12-07T20:29:05Z2023-12-07T20:29:05Z1. Clear and detailed documentation
The foundation of effective estate planning lies in clear and detailed documentation. Ensure that your will is comprehensive, leaving no room for ambiguity. Clearly outline your wishes regarding the distribution of assets, debts and personal belongings. Providing explicit instructions minimizes the likelihood of disputes among beneficiaries, streamlining the probate process.
2. Beneficiary designations
Designating beneficiaries for your accounts and insurance policies is a simple yet powerful strategy. By doing so, you ensure that these assets transfer directly to the specified individuals, bypassing probate. This expedites the distribution of financial resources to your loved ones, sparing them from the complexities associated with the probate court.
3. Establishing a revocable living trust
A revocable living trust is a versatile tool that allows you to transfer assets to a trust during your lifetime, with the flexibility to modify or revoke it as needed. By placing assets in a trust, they are not subject to probate, providing a private and efficient way of distributing your estate. This method can be particularly advantageous for individuals with a complex financial portfolio.
In 2021, Georgia Probate Courts had 53,205 initial probate filings. Proactive estate planning is a thoughtful gift to your loved ones, minimizing probate hassles and time in court during an emotionally challenging time.]]>On Behalf of Trotter Deems & King LLChttps://www.tdklegal.com/?p=2541962023-09-07T17:42:20Z2023-09-07T17:42:20ZEstablish clear ownership
Prospective buyers must verify the legal owner of the property prior to purchase, as doing so ensures the seller has the right to transfer ownership. Accordingly, a title exam can eliminate any future disputes or confusion regarding the true ownership of the property.
Uncover liens and encumbrances
Liens are claims against the property, typically in the form of unpaid taxes and mortgage debt. In the event a home buyer purchases a property with an existing lien, that lien becomes the new owner's responsibility, which can result in a huge financial payout. A title examination will uncover liens and other issues, giving buyers the opportunity to address them before finalizing the purchase.
Protect your investment
Investing in real estate is a significant financial commitment, and a title examination acts as a safeguard. For instance, it can protect your investment from unforeseen issues by making sure the property's title is clear and marketable.
Access property history
A title examination also provides valuable insights into a property's history. It can reveal information such as past ownership transfers, boundary disputes or legal restrictions. Understanding a property's history can help buyers make informed decisions about the transaction before it is finalized.
Facilitate the closing process
The real estate closing ties up all loose ends in the transaction and legally establishes the new owner. In this case, a clean title reduces the likelihood of delays, ensuring that the sale proceeds smoothly and on schedule. This can be especially important if you have a tight timeline for moving into your new property.
As reported by Census.gov, July of this year saw the sale of 714,000 residential properties. Many of those home buyers protected themselves by implementing a title exam, which offers immense peace of mind when it comes to investing in a new home.]]>On Behalf of Trotter Deems & King LLChttps://www.tdklegal.com/?p=2541952023-06-09T21:27:01Z2023-06-09T21:27:01ZReview beneficiary designations
One crucial task is reviewing and updating beneficiary designations on various accounts and policies. Many financial assets, such as retirement accounts, life insurance policies and investment accounts, require naming beneficiaries. Failure to update these designations after a divorce can result in unintended consequences, as your estate plan may still include your former spouse as a beneficiary. By revisiting and updating these designations, you can ensure that your assets distribute according to your current wishes and avoid potential conflicts or disputes.
Revisit your will and trust
Take the time to revisit your will and trust documents. A will outlines how your assets should distribute upon your death, including the appointment of guardians for minor children. Following a divorce, it is essential to review and modify your will to remove your former spouse as a beneficiary or executor and make any necessary changes to asset distribution. Similarly, if you have established a trust, it is crucial to update the trust provisions to reflect your changed circumstances and intentions.
Consider health care and power of attorney documents
Estate planning also involves addressing health care decisions and powers of attorney. During a divorce, it is common to reevaluate who should have the authority to make health care decisions on your behalf or manage your financial affairs in case of incapacity. Select individuals you trust to carry out these important responsibilities.
Protecting your children's interests
For individuals with minor children, you may need to revise guardianship provisions, naming alternative guardians who align with your current wishes and who you believe would provide the best care for your children. Failing to update these provisions could result in unintended consequences, as your former spouse may be automatically considered the guardian in the event of your death or incapacity.
Updating your estate plan helps ensure that your wishes are accurately reflected and your assets distribute as intended. Although the end of a marriage can be a challenging time, taking the necessary steps to update your estate plan provides peace of mind.]]>On Behalf of Trotter Deems & King LLChttps://www.tdklegal.com/?p=2541872023-03-04T15:20:27Z2023-03-04T15:20:27Z1. Starting or ending a marriage
When you commit to a marriage, it is very likely that you will want to adjust your will to account for your new spouse as a beneficiary of your estate. On the flip side, a divorce might necessitate the removal of your ex from the will entirely.
2. Welcoming a child to the family
Not only will you want to outline which assets should eventually pass on to your children, but you should also consider naming an alternate guardian soon after birth or adoption. If something tragic should befall you and your partner, your chosen guardian can ensure that your children continue to receive the right kind of love and care.
3. Deciding to retire
There are also certain estate planning considerations to make as you approach retirement. Specifically, you should add an advance care directive to your will if one is not already in place so that medical professionals can provide the treatment you want if you become unable to voice your own wishes.
It is a good habit to revisit your estate plan every few years to ensure your documents are up-to-date. At the very least, updating your will after a significant life event can ensure that it meets all your major needs.]]>On Behalf of Trotter Deems & King LLChttps://www.tdklegal.com/?p=2541842022-11-30T17:47:25Z2022-11-30T17:47:25Za Caring.com survey, the top reasons include procrastination, believing they do not have significant assets or it is just too expensive to create. Now that you have decided, there are some important matters to address.
Naming a guardian and having advance directives
Where do you start? The main aspects of an effective estate plan are protecting your assets and providing for your loved ones once you have died or become incapacitated. Here are some key points when creating an estate plan:
Naming guardian for your minor children: Give this great thought and come up with a list of potential candidates. Ideally, you want someone who has a loving home, shares many of your values, is trustworthy and has the energy and financial means to take on this role. Make sure to discuss this with them.
Naming beneficiaries for assets that are not subject to a will: Such assets include retirement accounts, including 401(k), 457 and 403(b) plans, and IRAs. In addition, life insurance policies are not subject to a will. Make sure the beneficiary lists for these investments are updated.
Implementing advance directives: This list may include powers of attorney and a living will. Powers of attorney are people you choose to make health and financial decisions for you if you become incapacitated. A living will declares the types of medical treatments you will accept in life-saving situations.
Creating a trust: Examples may include a revocable trust and a testamentary trust. With the former, you manage your estate while still living and can amend it. A testamentary trust is included in a will but is not established until you die.
You want to have an estate plan in place. Without one, there is bound to be some difficulty. It is good that you have taken steps to create one.
Update and revise
Remember that your estate plan needs regular attention. When major changes take place in your life, it is time to update your will or revise your trust. But it is great that you have created an estate plan. You are steps ahead of most Americans and will provide significant peace of mind for your loved ones.]]>On Behalf of Trotter Deems & King LLChttps://www.tdklegal.com/?p=459812022-02-18T13:40:11Z2019-08-09T18:10:32ZWe established this blog to share stories and information about topics relevant to our practice. Our intent is to regularly provide posts highlighting legal issues of local, state and national interest that we think you will find interesting. Check back later for updates.]]>