Beneficiary Designations in Marietta Estate Planning

A Beneficiary is any person or entity that stands to inherit property or benefits in an Estate Plan. As a general rule, any person can be a Beneficiary.

However, a variety of issues can arise during the Estate Planning process that can interfere with these parties’ ability to inherit. They may also impact whether the Estate will be vulnerable to taxation.

Consulting with our team at Nelson Elder Care Law can help you to understand the role that Beneficiary Designations play in Marietta Estate Planning. Our experienced attorneys can also assist you in forming Estate Planning documents that ensure that your intended Beneficiaries receive the full benefits of being your heirs.

Who Can be a Beneficiary in Marietta

Part of the appeal of creating your Estate Plan is that you are able to nominate any party to receive benefits in the future. This applies to Wills where heirs receive property after your death and Trusts that can mandate the Distribution of property at any time in the future.

As long as a party is an adult, the transfer of assets should occur without complication. However, the situation becomes more difficult if a Beneficiary is a child. For example, if a child is named to be the sole heir to your Will, the Probate court may order that the assets sit in a Trust until your child turns 18. Our local lawyers at Nelson Elder Care Law can explain any complications that may arise in your Beneficiary Designations as your craft your Estate Plan.

What if a Beneficiary is not a Person?

Many people make provisions in their Estate Plans to provide for the maintenance of property, the care of a pet, or the upkeep of a charity. However, it is important to understand the impact that local laws can have on these processes.

For example, the Official Code of Georgia Annotated § 53-4-62 says that if a testamentary gift to a charity fails for any reason, a court may exercise its powers in a way that aims for an equitable result. This is in contrast to testamentary gifts to individuals where a failing in a Will would trigger the Intestacy statute.

Another example includes the providing of charitable gifts through Trusts. Here, a charitable lead Trust can ensure that a charity receives the full benefit of the Estate Plan before other parties receive the remainder of the value of the Trust. In other situations, a charitable remainder Trust can allow a charity to receive the remaining value after other Beneficiaries receive their due. Talking with a Marietta attorney could provide you with more information about naming organizations as Beneficiaries in your Estate Plan.

Discuss Beneficiary Designations with a Marietta Attorney

It is important to understand how the law impacts Beneficiary Designations in Marietta Estate Planning. Reaching out to Nelson Elder Care Law could help to answer any questions you may have.

Our team can provide more information about the rules concerning the ability of Beneficiaries to inherit and foresee any potential complications so you can take steps to minimize their impact on your Estate Plan. Call us today.

Hear From Our Clients

“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

- Bonnie

Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.

- Hope

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!

- Kerri

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.

- Charlotte

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.

- Pierce