Accurately measuring your assets and ownerships in Georgia is a key part of the Estate Planning process. Our team at Nelson Elder Care Law can help you achieve this goal.
Our seasoned attorneys can help you catalogue your property and determine whether you have sole or joint ownership. We can also help you put together an effective Estate Plan that both protects your assets and makes it easier to distribute them to your Beneficiaries upon your passing.
Being able to draft Wills with specificity is essential to all Estate Planning. A Will that clearly identifies assets and speaks as to which parties will inherit property is less likely to face legal challenges during Probate. Even so, this goal is contingent upon your testator’s ability to locate assets as well as your ownership of that property.
Most property you have sole ownership over. A bank account that is solely in your name or physical property in your possession is likely only yours. However, it is possible that property may be owned in tandem with another or be subject to a lien.
Our Georgia attorneys can help you determine the true ownership of all property and assets. This includes searching for any registered liens on assets and identifying any parties that may share ownership of bank account, real estate, or business holding.
The laws in Georgia allow for a great deal of latitude when drafting an Estate Plan. With few exceptions, you are able to pass on property to any party you wish. However, there are a few rules that control how you must draft your Will and Probate processes. Having an accurate understanding of your assets and ownership when making an Estate Plan helps you remain in compliance with these laws.
One key concept lies in the initiation of Probate. According to the Official Code of Georgia Annotated § 53-5-2, a nominated executor in a Will has the first chance to petition a court to start the Probate process. A vital part of this petition involves submitting a complete inventory of the decedent’s assets. Having a Will that clearly details each of these assets assists an executor with this essential task.
It is also important that a Will be thorough concerning your assets to avoid the application of the state’s Intestacy rules. These apply when a Will is incomplete in the sense that it does not speak as to the entirety of a person’s property. If a court uses the Intestacy rules to distribute property, this could result in a forced sale of assets or conflict among family members. As a result, comprehensively identifying your assets and ownerships in Georgia helps to simplify and shorten the Probate process.
Every Estate Plan aims for a quick and smooth transfer of assets after your passing. However, this is impossible if your Estate Plan does not name each asset and make arrangements for their transfer to your heirs. Being able to determine your assets and who owns them is an essential first step in this process.
Nelson Elder Care Law is prepared to take the lead in locating assets, determining their true owners, and drafting Estate Planning documents that speak as to the full extent of your holdings. Reach out now to learn more about assets and ownerships in Georgia.
I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.
The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!
Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.
Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!
I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!