Atlanta Estate Planning Lawyer Blog

An executor or administrator is appointed by the GA probate court to perform the same administrative responsibilities when there is no Georgia will, the Georgia will fails to name an executor or no executor named in the GA will cannot or elects not to serve. Whether you are an executor or administrator, you must perform these important fiduciary duties imposed on you under GA probate law and in accordance with Title 53 of the Official Code of Georgia Annotated (O.C.G.A.), which governs “Wills, Trusts, and Administration of Estates.” Title 53 of Official Code of Georgia Annotated imposes significant and strict fiduciary duties and lofty legal obligations on the executor or administrator to the estate, beneficiaries, heirs, GA probate court and other “interested parties”.

These important legal obligations often have severe consequences if not performed in accordance with GA probate law and the fiduciary duties and executor or administrator has and the “personal representative” of the estate. By way of quick definition, GA probate law refers to both an executor and administrator the personal representative. In the alternative of performing all of the these extensive and burdensome fiduciary duties and administration obligations on their own, many executors or administrators retain an experienced GA probate law firm to guide them through their duties, obligations and to perform their fiduciary duties in accordance with GA probate law.

In the alternative, many GA probate and estate law firms step in and act as executor or administrator of the estate. One reason prudent Georgia executors or administrators retain an experienced GA law firm to assist them, guide them and prepare important legal documents for them, is that an executor or administrator who does not perform their fiduciary legal obligations can be held personally liable for their acts. This occurs more often than one might think. In my law practice as a GA probate attorney, I have seen all forms of serious accusations against executors or administrators and all forms of misdeeds done by executors or administrators. This holds true whether these mistakes any such were made because of poor performance, not performed at all or performed with unjust intent.

Continue reading " WHAT ARE YOUR ‘FIDUCIARY DUTIES’ AS EXECUTOR OR ADMINISTRATOR OF THE GEORGIA ESTATE? " »

Being an executor or administrator of a Georgia estate in probate court is no easy undertaking. In fact, as executor or administrator of a GA estate, you are stepping into a position ripe, ready and waiting for conflict and disharmony to develop among all the interested parties to the estate, or worse yet, parties that will use their influence to control others who do have an interest in the estate. To say the least, these matters are already emotional from the death of a loved one and now, as executor or administrator, you are in charge managing the often-greedy heirs or beneficiaries. At the very least, this can add substantial administrative and bureaucratic responsibilities to your life as well as significant anxiety and stress. Furthermore, these oftentimes come at a time when you may already be grieving and have your own affairs to manage. In almost all cases, this is further complicated by the significant administrative duties imposed by law on a GA executor or administrator and the fiduciary duties and liabilities that come with this position.

In most GA estates, both executors and administrators are frequently relatives or close friends of the deceased person (the decedent). This would seemingly be a plus; however, more often it turns out to be the starting place of many arguments, endless wrangling, power struggles and ultimately many GA Probate disputes, will contests and litigation proceedings. Many of these GA estate disputes and much of this GA probate litigation stems from the fact that many of the other members contesting the actions and alleged breach of the personal representative’s fiduciary duties are also frequently, family members, relatives, or close friends of the deceased person (the decedent). In fact, it is often the case that these family members, relatives and close friends stand to inherit assets of the Georgia estate or have some interest in the outcome of the distribution of assets.

Perhaps most importantly, acting as a personal representative gives you a fiduciary duty to the estate -- that is, you are legally responsible for ensuring that your financial decisions are made with complete information, according to the estate's best interests and as expeditiously considering the circumstances. This is the same fiduciary duty given to leaders of corporations, and like those leaders, you are legally liable for any lawsuit alleging that you have not met your fiduciary duties. This includes personal liability, which is beyond assets of the estate and not limited in any way, shape or form to the assets of the estate.

Continue reading " PREVENTION OF DISPUTES IN GEORGIA PROBATE COURT BY THE EXECUTOR OR ADMINISTRATOR – FORESIGHT, DETECTION, AND AVOIDANCE " »

Living trusts have become popular in Georgia in the last several years as an estate planning alternative to conventional wills. They are frequently touted as a way to avoid the Georgia probate courts, which are sometimes criticized as expensive and slow to resolve estates. While I believe the probate process doesn't have to be those things, I am also happy to set up living trusts when they make sense for my clients.

Unlike a will, a living trust isn't a legal document in which you simply write down your wishes. A trust is a legal structure like a corporation or a partnership. After you create it, you can transfer your assets -- your home, bank accounts and other property -- into the trust and then specify who is to receive them after you die. This legal trick allows you to take all of your assets out of your own name while keeping them under your control. Because probate only applies to property held in your own name, you can avoid a probate case in this way.

People who set up living trusts generally name themselves as the sole trustee in charge of the trust, or name their spouses as co-trustees, although they can name any adult. Trustees have the legal right to manage and control the trust's assets, so it's important to name trustworthy people. You can also name a person or institution as a successor trustee to manage the trust if you are incapacitated.

Continue reading " ESTATE PLANNING IN GEORGIA WITH A LIVING TRUST, WILL, POWERS OF ATTORNEY OR BOTH – WHICH OPTION IS BEST FOR YOU? " »