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"Guiding
Clients in Protecting Their Most Important Assets: Family, Property
& Business"
ESTATE
FAQS:
How do I decide whether I need a Will or a Living Trust?
Part of an initial meeting with BARLAY | WEBSTER will involving
determing your preferences. There are several factors to take
into consideration such as cost, privacy concerns, time, potential
litigation, ancillary administration, disability planning, protection
from creditors, medicaid planning, among others. After reviewing
all these factors, you can usually make the determination on which
estate planning vehicle to use.
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Who can be Trustee or Executor?
With
a Living Trust and during your lifetime, you are your own trustee.
You may wish to select a professional trustee to manage your assets
in trust, but a professional trustee, such as a bank, trust company
or title company is not required by law. After your death, a successor
trustee, usually your spouse, will conduct the affairs of the
trust.
With a will, careful consideration must be made in deciding on
an executor. They must be someone that you trust and is competent
to serve. Keep in mind that if you select a peer that they may
pass away before you do.
With either decision, BARLAY | WEBSTER strongly recommends identifying
alternative individuals to serve as executor or successor, in
case your first choice is unable or unwilling to serve. (top)
What is the difference between a Funded and Unfunded Trust?
Once
you have decided on a trust and having received your living trust
documents, your living trust will remain "unfunded"
until you transfer your assets into it.
Transferring your assets into your trust is quite simple. For
example, with a deed, you can transfer your real property from
your current ownership to your trust. In addition, you may contact
your bank or other institution where you hold assets to rename
(or retitle) your assets and accounts as belonging to your trust.
At BARLAY | WEBSTER to ensure that all of our trusts are
created, we always schedule a follow-up meeting with each client
to check on the funding status. If the client does not wish to
fund the trust, our staff may also be able to fund the trust.
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Can I ever change my mind?
Yes. Whether you have selected a Will or a Living Trust you will
be able to change your mind. With a Will, either a new Will can
be drafted or a Codicil (or amendment) to the Will can be made.
With a Living Trust, you have to remember that the Living Trust
is revocable at any time. (top)
What is a Pour-Over Will?
Since it is impractical to include everything you own in your
Will or Living Trust, account or name, the Pour-Over Will simply
directs your named Executor to "pour over" any asset
which you failed to include in your Will or Trust, into your Will
or Trust, for distribution under its terms. Regardless of whether
you choose to have a Will or a Living Trust, a Pour-Over Will
is highly recommended. (top)
What does a Power of Attorney accomplish?
In the event that you leave the country, become incapacitated
or incompetent, the Power of Attorney allows you to designate
an individual to act on your behalf in managing your affairs,
usually on a temporary basis. If you have a Living Trust and in
extreme cases, a Power of Attorney will enable your designeee
or agent to transfer for you, many of the remaining assets that,
because of being incapacitated, you couldn't transfer to your
trust yourself.
As part of
your Estate Plan, BARLAY | WEBSTER always includes these
Powers of Attorneys (considered Ancillary documentation), along
with either your Will or Living Trust.
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With a Living Trust must special income tax returns be filed?
In general, no special tax forms are required as long as the Settlor
or either Settlor is receiving all income from the trust.
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 The
Attorneys at Barlay
Law Group LLC assist
clients with Estate
Planning, Wills, Trusts, Powers of Attorney, Advance Directives,
Probate and Estate Administration, Residential
Real Estate,
Commercial Real Estate, and Business
Law in Conyers, Georgia as well as Covington, Mansfield, Newborn,
Oxford, Porterdale, Decatur, Lithonia, Avondale Estates, Pine
Lake, Chamblee, Doraville, Stone Mountain, Clarkston,
Social Circle, Loganville, Monroe, Walnut Grove, Jersey, Good
Hope, Between, McDonough,
Stockbridge, Hampton, Locust Grove, Lilburn, Norcross, Snellville
in Rockdale County, Newton County, DeKalb County, Walton County,
Henry County and Gwinnett County.
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