FAQs

Your estate consists of everything you own—your car, home, checking and savings accounts, investments, life insurance, furniture, and personal possessions. 

Since you can’t take it with you, you probably want a say in what happens to your estate when you die. The only way to ensure that your wishes are carried out and that your assets go to the people or organizations you care about is to write out your instructions. And it’s even better if you can make all of this happen with the least possible amount going to taxes, legal fees, and court costs.

That is estate planning. However good estate planning is much more than that. It should also include instructions for passing your values in addition to your valuables. Your estate plan can: 

• Include instructions for your care if you become disabled
• Name a guardian and an inheritance manager for your minor children
• Provide for family members with special needs without disrupting government benefits
• Provide for loved ones who might be irresponsible with money or who may need future protection from creditors or divorce
• Include life insurance to provide for your family at your death, disability income insurance to replace your income if you cannot work due to illness or injury, and long-term care insurance to help pay for your care in case of an extended illness or injury.
• Provide for the transfer of your business at your retirement, disability, or death.
• Minimize taxes, court costs, and unnecessary legal fees.

Estate planning is not a one-time event; it’s an ongoing process. Your plan should be reviewed and updated as your family and financial situations (and laws) change over your lifetime.

Many people think they’re not old enough or wealthy enough to need an estate plan. They’re wrong.

Everyone should have a plan for what will happen with their assets after they die or in the case of illness or injury. While it may seem like estate planning only matters if you’re older or wealthier, it’s impossible to know how long you’ll live or if you’ll become ill or disabled. And estate planning is just as important for families with modest means, because a good plan will prevent them from losing money.

No matter how old or wealthy you are, it’s smart to have a plan that protects your family no matter what the future brings.

An Estate Plan is one of the most thoughtful and loving things you can do for yourself and for those you love. Having a properly prepared plan ensures that your wishes are known and followed, protects your family, and offers you and your family peace of mind.

This is the person who is named in a will to administer the estate of a deceased person. The trustee administers the trust; the executor or personal representative administers the probate estate.

Every state has its own rules, but in Georgia and Florida, if you die without a will, the state will appoint someone to be the administrator of your estate. That person will make sure that all of your debts are paid, and then any remaining assets will be distributed among living family members according to rules set out by the state.  And if you have no living relatives, then your assets could become the property of the state.

If you want specific assets to go to specific people or to organizations or charities that you care about, the only way to ensure that your wishes will be honored is to have them spelled out in a will or trust. 

A decedent is a person who has died. 

Probate “estate administration” is a court supervised legal process that happens after someone dies. It  grants authority to the surviving spouse or other designated individual to access the deceased person’s assets, pay off any debts and taxes, and distribute the remainder to those named in the will.

If someone does not have a will, he or she is deemed to have intestate and the court will appoint an administrator to handle the estate. 

Generally, wills are required to be probated in the Probate Court of the county in which the deceased person resided at the time of death.  

The probate process depends on the county that the will or estate is going to be administered in. Some counties take longer than others, and COVID-19 has impacted the court processing times. Prior to COVID, county processing times could be 3-6 months, now courts are taking much longer. 

There are other factors that may also affect probate processing timelines, including whether or not: 

1. There are minor children involved
2. The heirs are located outside of the country
3. The heirs contest the will. In this case, the probate process can drag out for years, depending on the situation. That’s why it’s good to work with a reputable, experienced  attorney to keep your will up-to-date and clear or look into other options such as a trust. 

Barring any changes outlined by the will or other legal agreement, an executor in Georgia may be paid: 

• 2.5% of any money that is received by or paid out of the estate
• 10% of interest payments from any loans made from the estate
• 3% of the value of real or personal property transferred to heirs