If you are ready to speak with an attorney about your estate plan, one of the first things you will need to understand is the difference between a will and a trust. While both are fundamental estate planning tools you can use to distribute your assets after your death, each can serve a number of other purposes as well, and each offers different kinds of benefits.
An important part of the estate planning process involves choosing an executor (or “personal representative”) who will be responsible for administering your final affairs. Among other tasks, an executor handles probate (to the extent necessary), works to satisfy your estate’s obligations to your creditor and distributes your remaining assets to your chosen beneficiaries. Due to the importance of the executor’s role, it is critical to choose someone you trust to fulfill these duties faithfully and in compliance with the law. But what if the person you trust most is also someone to whom you wish to leave a portion of your estate? Can you name someone as your executor and a beneficiary? Or does this create an impermissible conflict of interest?
Creating a last will and testament in Georgia is a necessity to ensure your property and assets go to loved ones in the event of your death, and to avoid potentially costly and time-consuming probate court proceedings. Regardless of the amount of money or property you own, a will can convey your final wishes and help avoid any disputes that could arise.
A common law marriage is one in which a couple deems themselves married without legal documentation, such as a marriage license, or without having a ceremony. Contrary to popular belief, common law marriage is not substantiated when a couple lives together for a set number of years, but, must abide by a set number of state-qualified qualifications in order to file as such.