Beneficiaries Archives - Page 2 of 4

September 2, 2020

Don’t Mess Up Your Estate Plan! Five Common Mistakes and How to Avoid Them

Summary: When you're creating your estate plan, even a minor mistake can lead to major future problems. We're looking at five common estate planning errors and how to avoid them: 1) failing to create an estate plan, 2) failing to protect yourself while you're alive, 3) failing to update your beneficiaries, 4) failing to maintain records, and 5) failing to communicate your wishes. Having a complete and up-to-date

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August 5, 2020

Preventing Estate Planning Disputes Among Siblings

Summary: Even the most well-intentioned person can create rifts among their children, if their estate plan is not carefully crafted or their intentions communicated. To prevent sibling animosity, a parent should 1) select the right executor for their estate, 2) create an inventory of assets that will be distributed, and 3) have an honest and transparent conversation with their family. The purpose of an estate plan is to

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July 1, 2020

Why Proper Estate Planning Is So Important

Summary: An estate plan is a legal tool that enables you to protect yourself, your family, and your assets. While it may seem awkward or stressful to begin working on your estate plan, remember: this is your opportunity to take care of your loved ones and protect your life’s work. Why Proper Estate Planning Is So Important An estate plan is a legal tool that enables you to

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February 18, 2020

Getting Married? Protect your new spouse with an estate plan

With thousands of couples heading down this aisle this month, it’s no wonder that February is National Wedding Month! If you and your sweetheart are planning to say “I do” soon, you may also want to consider updating your estate plan. While estate planning may not be the first thing you think of when you think about love, it is a real, tangible way to show your devotion

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January 22, 2020

Revocable Living Trusts: Improving Quality of Life Through Peace of Mind

Summary: While there are many advantages to a revocable living trust, one of the primary benefits is the ease of transition between the original trustee and the successor trustee. A trust is an estate planning tool that allows a person or organization known as a trustee to hold and manage assets for a designated beneficiary. While there are many different types of trusts, a revocable living trust is

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September 5, 2019

Do Irrevocable Trusts Avoid Probate? | Dangers of Irrevocable Trusts

One of the questions we commonly hear at Siedentopf Law relates to trusts and probate. Our clients want to know “if I create an irrevocable trust, will it avoid the probate process?” The answer is YES. Dangers of Irrevocable Trusts There are three main types of trusts: a testamentary trust, a revocable trust, and an irrevocable trust. An irrevocable trust is a trust with terms and provisions that

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August 22, 2019

Will Contests: Who Can Challenge A Will?

Who can challenge the validity of a will? Under Georgia law, this includes any interested parties who can show the probate court that they might benefit from or be financially harmed by a previous or current version of the will. Contesting a Will in Georgia When it comes to probating a will, most pass through the probate process without any complications. But, can probate be challenged? There are

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August 5, 2019

Trusts for Beneficiaries with Financial Issues

Summary: Trusts are a common way of addressing the problem of needy beneficiaries -- those who are unable to manage their own finances. Trusts are one of the most widely known estate planning tools. The basic process of creating a trust is relatively straightforward: a person (grantor) signs the appropriate documents placing personal property into a trust and assigning a trustee to hold that property on behalf of

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July 5, 2019

Avoiding Common Executor Mistakes

It may seem like estate executors have an endless list of tasks and responsibilities; however, Siedentopf Law has some advice on avoiding the most common executor mistakes. Have you recently learned that a friend or family member wants you to serve as their estate executor, or that you have been named an executor in someone’s will? On one hand, serving as an executor can feel like an honor; it

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June 27, 2019

Estate Planning Tips For Blended Families

Summary: While it may not always be easy navigating multiple family members and complicated relationships, careful estate planning can help ease potential legal and financial issues in the future. Blended families are more common in the U.S., with approximately one in six children living in a household with a step-parent, step-sibling, or half-sibling (Source: Pew Research). While it may not always be easy navigating multiple family members and

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