What is an estate?
A person’s estate includes all property he or she owns or controls. Such property may be owned in a variety of ways, including in a person’s individual name, in joint ownership, in a trust or partnership, or in another manner. A person’s estate also includes money generated upon his or her death, such as life insurance proceeds. A person’s estate specifically includes, but is not limited to, the following:
Do I need estate planning?
You should consult with an estate planner if any of the following describes you:
Should I have powers of attorney?
Am I permitted to make a Will?
What is Business Succession Planning?
Creating a business succession plan is like creating an estate plan for your business. It creates an orderly transfer of your ownership interest in your business, taking many factors into consideration like how much your business interest is worth, how will partners pay for one another’s business interests, treatment of key employees, and much more.
Why Should I Create a Business Succession Plan?
Failing to create a business succession plan may leave you in business with your partner’s spouse or children upon your partner’s death and may necessitate the costly and lengthy involvement of court proceedings to figure out the business.
What is Probate?
Probate is a Court proceeding for determining the validity of and interpreting a will or, in the absence of a will, determining the rightful heirs of the decedent. Many states have adopted a standardized set of laws called the Uniform Probate Code, and have established special Courts and procedures specifically for estate administration. Probate is the procedure established by the state government to make sure that the right people receive what they are supposed to out of the estate. Certain states, including Georgia, have simple and inexpensive probate procedures for properly-drawn wills. See “Do I Need a Revocable Trust?” in the Resource Center Library for more information.
What is a Family Limited Partnership?
See powerpoint presentation on this subject in Resource Center Library in Business Formation and Governance section.
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