FAQs

In Georgia, if you pass away without a will (intestate), your assets will be distributed according to the state’s intestacy laws. Here’s a brief overview of how this process works:

1. Surviving Spouse: If you are married, your spouse will inherit the entirety of your estate if you have no children. If you have children, your spouse will be forced to share the estate proceeds equally with the children, provided, however, that your spouse’s portion shall not be less than a one-third share;
2. Children: If there is no surviving spouse, your children will inherit your estate equally. If a child has predeceased you but has surviving descendants, those descendants will inherit the share their parent would have received.
3. Other Relatives: If you have no spouse or children, your estate will pass to your parents, siblings, or further relatives according to a specific order defined by state law.

While these laws provide a default framework for asset distribution, they may not reflect your wishes or the unique circumstances of your family.

1. Control Over Asset Distribution A will allows you to specify exactly how your assets will be distributed, ensuring that your wishes are honored. You can choose beneficiaries for specific assets, and make provisions for your loved ones according to your preferences.
2. Appointment of an Executor In your will, you can designate an executor to manage your estate. This person will be responsible for settling debts, distributing assets, and ensuring that your wishes are carried out efficiently. Without a will, the court will appoint an administrator, which may not align with your intentions.
3. Guardianship for Minor Children If you have minor children, a will allows you to appoint a guardian of your choice. This is a critical decision that can provide peace of mind, knowing that your children will be cared for by someone you trust.
4. Minimizing Family Disputes A clearly outlined will can help reduce conflicts among family members regarding asset distribution. By communicating your wishes in writing, you can help prevent misunderstandings and disputes after your passing.
5. Ease of the Probate Process While all estates go through probate, having a will can simplify this process. It provides clear instructions for the court, which can expedite the distribution of your assets and reduce potential delays.

Creating a will is an essential step in your estate planning process. It gives you control over your assets and ensures that your wishes are respected. At Garrett Murphy Law, we help those in Augusta, Georgia, Evans, Georgia, and the surrounding areas navigate the complexities of Georgia’s laws.

A revocable trust, often referred to as a living trust, is a legal arrangement where you (the grantor) transfer ownership of your assets into a trust while retaining control over those assets during your lifetime. You can modify, amend, or revoke the trust at any time, hence the term “revocable.” Upon your passing, the assets in the trust are distributed according to your instructions, bypassing the probate process.

One of the benefits of a Revocable Trust is probate avoidance. This can reduce costs and save time for your beneficiaries. Also, unlike Wills, which become public record during probate, Revocable Trusts generally remain private. This means that your financial matters and how your assets will be distributed are kept confidential.

During your lifetime, you can change the terms of your Revocable Trust or revoke it entirely as your circumstances or wishes evolve. This flexibility makes Revocable Trusts a popular choice for many individuals.

If you become incapacitated, the successor trustee you designate can manage the trust assets on your behalf. This ensures that your financial affairs are handled without the need for a court-appointed guardian.

You can transfer a variety of assets into a revocable trust, including:

• Real estate
• Bank accounts
• Investment accounts
• Business interests
• Personal property (e.g., vehicles, collectibles)

It’s important to ensure that all assets intended for the trust are properly titled in the name of the trust to avoid any complications. Our team at Garrett Murphy Law will work with your banking and investment advisors in the Augusta, Georgia and Evans, Georgia area to ensure your assets are properly titled.

While revocable trusts offer many advantages, they may not be the best solution for everyone. Here are some considerations:

• Initial Setup Costs: Establishing a revocable trust may involve higher upfront legal fees compared to drafting a simple will. However, the long-term benefits often outweigh these costs.
• No Tax Benefits: Revocable trusts do not provide tax advantages during your lifetime. The assets are still considered part of your estate for tax purposes.

A revocable trust can be an essential component of a comprehensive estate plan, offering flexibility, privacy, and a streamlined process for managing your assets. At Garrett Murphy Law, our experienced team is here to help you determine if a revocable trust is right for you and guide you through the creation process.

Probate is a legal process that involves the handling of a decedent’s estate, including the execution of their will and the distribution of their assets.

This is called “intestate.” When a person dies without a will in Georgia, the state’s laws of intestacy come into effect. The decedent’s intestate property passes to his or her heirs as prescribed by these laws. The person appointed to administer this process is called an “administrator”, and will typically file a petition with the local probate court where the decedent resided at the time of his or her death.

The amount of time it takes can vary greatly depending on several factors, including whether the person had a will at the time of their death and the willingness by the heirs to participate, among others. Larger estates can take more time. On average, an estate can be probated in 6 to 12 months, unless there are obstacles or litigation that cause delay.

The probate process can be complicated. In general, the steps for probate include:

• Petition the court to start the probate process
• Collect the estate’s assets
• Pay any valid debts
• Distribute the remaining assets

There are several choices. The simplest and most inexpensive entity is a sole proprietorship. At the other end of the spectrum is a corporation, with several other alternatives in between, such as:

• Sole proprietorship
• Corporation
• General partnership
• Joint venture
• Limited partnership
• S corporation
• Limited liability company (LLC)
• Closely held corporation
• Not-for-profit business

A major difference between the entities is whether or not the owners are personally responsible for the liabilities and debts of the business. There are also major differences in the tax benefits available to the owners.

Each new business owner’s process will vary depending on your situation and the type of entity chosen. However, the suggested steps for most types of entities include:

• Decide on the business structure or legal entity
• Chose a name for your business
• Prepare your business formation documents
• File with the Georgia Secretary of State
• Register your business with the local government
• Obtain a Federal Employer Identification Number (EIN) with the IRS
• Complete a Georgia State Tax Registration application to obtain a Georgia Sales Tax Number
• Open a bank account in the name of your business.

This typically involves exchanging insurance information, documenting the scene, and seeking medical attention if necessary. It’s also crucial to report the accident to the police.

In Georgia, the statute of limitations for motor vehicle collisions is typically two years from the date of the collision.

Damages can include medical expenses, lost wages, property damage, pain and suffering, and possibly punitive damages in cases of extreme negligence or misconduct.

It’s advisable to consult with an attorney before accepting any settlement offer from the insurance company. They can help evaluate whether the offer adequately compensates you.

The value of your case depends on several factors, including the above to prove fault and the extent of your damages. Georgia laws allows injured victims to hold the at-fault party legally responsible for out-of-pocket and intangible costs.