Intestacy – What is it?

As a follow up to the story about the widow suing her children, this would be a good time to explain exactly what intestacy is, and how you may be affected by it.

A person who dies without a will is said to have died “intestate.” In such a situation, the court decides what is to happen to the person’s money and property. In Georgia an administrator may be appointed by the probate court to take possession of the estate, pay all debts, and then distribute the remaining property to the heirs.

Now, it is very important that you do not confuse “heirs” with “beneficiaries.” Heirs are those living individuals who are determined by law to have the right to take the property of the person who died. Beneficiaries are those persons who have been named in a will who will receive property because the person wanted them to.

Under Georgia law, if you die without a will, the law designates the following people as your heirs:

1. If married with no children, then to your spouse
2. If married and with children, then equal shares to your spouse and to your children, though the spouse cannot receive less than a 1/3 share
3. If unmarried but with children, then to the children
4. If unmarried and no children, then to the following living relatives (in order of those still living)

• Parents
• Siblings
• Nieces or nephews
• Grandparents
• Uncles and aunts
• First cousins

This breakdown simply covers where your property will go after you die – we will save the issue of taxes, fees and attorney/court costs for another discussion.

Needless to say, the court’s idea of how to distribute your hard-earned money and property may not be the same way you would like to see it happen. You have worked so hard for what you have during your lifetime  – please take the time out of your busy life and plan your estate. You will give yourself peace of mind that, not only will your assets be distributed to the persons you want, but you will also save your family and friends a lot of possible frustration and headache, not to mention money and time.

The Dog Days of Summer

“The dog days of summer.” Ever wondered what that actually meant? Well, come to find out, the “dog days” are from July 3 to August 11. They are named after Sirius, the Dog Star, in the constellation Canis Major, which shines most brightly during this period of time. The ancient Greeks and Romans believed the star was responsible for the heat and blamed it for droughts, sickness and other “discomforts.”

Who knew?

Widow sues her own children after millionaire husband dies without a will

Ok, so this has nothing to do with life or death here in Georgia. BUT, it does offer a prime example of why you should never die without a will. Read on:

According to a news story from the UK, the widow of a millionaire businessman is suing her own children (ages 1 and 3) over her husband’s fortune. He died without a will, leaving an estate worth £2,231,201. Under the intestacy laws in the United Kingdom, his wife is entitled to £125,000 and the rest of the assets will go to the children. There also seems to be another family member involved who may be trying to gain from the will financially, and it may be that the widow/mother is suing her children to protect their assets from this other person.

It is unlikely that the husband/father ever intended for his estate to cause such a litigation mess. Unfortunately, with just a little planning, all of it could have been prevented.

Regardless of how much money or property you have, a will is much too easy not to prepare. This one simple document can prevent conflicts you may not even be aware of between family members. And instead of assuming how your money and property will be divided between your family, you will know for certain. Now that is peace of mind!

First Lesson: What is an Estate Plan?

Estate planning is a process. It involves 2 things:
1. People (you, your family and friends, and sometimes charities)
2. Your Assets (all of your property)

No matter how much money you have or what kind of assets you own, estate planning is important for everyone. It allows you, while you are still living, to ensure that all of your property will go to the people you want, in the way you want and when you want. It enables you to save as much as possible on taxes, court costs and attorneys’ fees, and it permits your loved ones to mourn your loss without being burdened with unnecessary legal red tape and financial confusion.

If you are a parent of a minor child, estate planning is especially important. It enables you to choose the person who will serve as guardian to your child if something were to happen to you. Generally, if only one parent dies, the other parent will maintain custody of the child. But, if you are a single parent or if both parents die at the same time, if you have not designated a person to take care of your child, the court will and the court may not chose the same person you would have chosen.

The most common documents in an estate plan include the following:

• Will
• Trust
• Power of Attorney for Finances
• Advanced Directive for Health Care (also known as a Living Will)

We will discuss each of these in the days coming.

My first blog post!

Hello world! Welcome to Life & Death in Georgia!

The reason for this blog is twofold:

1. An educated client is the BEST client. It is important for me that my clients (and potential clients) have peace of mind when it comes to their estate planning goals and needs. The more they understand about the process, the easier it is for me to provide the best legal service I can.

2. Its not all about death and taxes – you have to enjoy life at the same time (and before its over). So even though the main purpose of this blog is to be educational, it will also be entertaining as I share some of the interesting (and sometimes humorous) day-to-day happenings of life in Georgia.

So enjoy, and if you happen to find yourself needing an estate planning attorney – I’m your girl!