PROBATE & ESTATE ADMINISTRATION

Published on: October 26, 2008

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

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.

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Published on: October 20, 2008

JOINT PROPERTY — TRAP FOR THE ELDERLY

By Kasey Libby and Duncan Adams

Our Atlanta, Georgia estate law firm uses multiple vehicles when creating and an estate plan. One common estate planning tool involves joint ownership of an asset. Joint ownership of property means legal title is in two or more names. Generally this means upon the death of one legal owner, the property passes by operation of law to the other legal owner. Sometimes this type of ownership makes a lot of sense. For example, a husband and wife own their home in joint names. Upon the death of the first spouse, the home passes by operation of law to the surviving spouse.

There is no probate for most jointly owned property. There is no court involvement in the surviving joint owner assuming full legal title to the jointly owned property. Again, many times this is exactly what the decedent wants and the survivor has no probate concerns.

The lack of probate and the ease of property transfer are among the reasons a mother or father frequently add a child’s name to the mother’s or father’s bank account. But remember upon death the bank account, certificate of deposit or whatever property is held in joint names with a child transfers by operation of law to that child alone.

I’ve seen many surviving spouses name their children as equal beneficiaries in their will, but then put most if not all of their assets in joint names with just one child. Guess what happens on death? Despite the will directing that all the children share equally in the assets, there are no assets in the probate estate upon which the will operates to pass legal title. Instead, all the assets pass by operation of law solely to the child who is named as a joint owner.

Joint ownership can be a trap if you’re not careful and that is why the engagement of an estate planning attorney is essential to eliminate the many traps that you can fall into. In Atlanta, GA The Libby Law Firm crafts each estate plan with the individual in mind setting our goals for the minimum amount of probate and expense with the maximum amount of client satisfaction.
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Published on: September 10, 2008

GEORGIA PROBATE COURT: EXECUTOR AND ADMINISTRATOR FEES, SAVING THE ESTATE MONEY AND KEEPING THE PEACE AMONGST THE BENEFICIARIES AND HEIRS

By Kasey Libby and Duncan Adams

As executor or administrator of a GA estate, you are entitled to the statutory fees for Georgia executors and administrators. These statutory fees are based on a percentage of assets taken into the estate, a percentage of income on estate assets during the administration of the estate and a percentage of assets distributed from the estate upon finalization and discharge of your fiduciary duty under the Official Code of Georgia Annotated and payable to an executor or administrator. Please note that these statutory fees as used in the Official Code of Georgia Annotated use the term; “personal representative” to refer to both an executor and administrator you should consult an experienced Georgia Probate attorney to understand these amounts.

IT IS VERY PROMISING IF NOT PROBABLE, THAT HIRING A GEORGIA ESTATE PLANNING AND PROBATE ATTORNEY AND LAW FIRM, WILL ACTUALLY SAVE THE ESTATE MONEY AND PRESERVE AND EFFECTUATE HARMONY AMONG THE BENEFICIARIES AND HEIRS OF THE ESTATE. THIS IS ESPECIALLY TRUE WHEN YOU RETAIN GA PROBATE ATTORNEY AND LAW FIRM WITH SIGNIFICANT PROBATE AND ESTATE DISPUTE LITIGATION EXPERIENCE. THE LAWYERS AND LEGAL TEAMS OF THESE FIRMS KNOW HOW TO RECOGNIZE POTENTIAL PROBLEMS THAT COULD ARISE AND PREVENT THEM FROM COMING TO FRUITION. BY THE SAME TOKEN, THE SAME GA PROBATE AND ESTATE ADMINISTRATION LAW FIRM CAN ADDRESS, REACT AND RESOLVE ANY PROBLEMATIC SITUATIONS BEFORE THEY BECOME MATERIAL ISSUES IN THE “EXPEDITIOUS” ADMINISTRATION OF THE ESTATE.

I believe almost everyone acting as a personal representative is better off with the help of an experienced Georgia probate lawyer. Despite this reality, many people named as personal representatives start out thinking they can handle the job without help. As time goes on and the duties and tasks required of them become more complicated, many realize they need the help of a professional Atlanta wills, trusts and estate lawyer.
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