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lindsey

Do you have your beneficiaries named properly on all of your retirement and insurance products?

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Blog Entry for May 22, 2017

One of the largest areas of conflict results from a person not properly identifying his beneficiaries on his insurance policies or retirement accounts. Please check your beneficiary designations annually to insure that the people who you wish to inherit a particular asset is properly identified on that asset as a beneficiary. If your beneficiary is your spouse, it is a relatively simple designation on the policies or accounts. However, if your children are your secondary beneficiaries, extra care must be taken to properly identify the children to assure they receive their inheritance at the appropriate age. Children under the age of 18 cannot directly inherit these assets. Rather, the assets must be placed into a custodial account until the children reach the age of majority.
Therefore, if on your insurance policies and your retirement accounts you simply listed “your children” as the beneficiaries after your spouse, you must make sure your children have reached the age at which you want them to have full use of the money. If the children are under the age of majority or you simply do not believe they are mature enough to spend the money even if they have reached the age of majority, designate a trust as the beneficiary for the benefit of the children. Typically this is done by including a SIMPLE trust in your will for the children. If you do this, then the Trustee holding the proceeds, whether it is an insurance company or your IRA or 401k Trustee, will pay the money to the children’s trust. It is the Trustee’s duty to establish the bank accounts and manage the money under your guidance until the children reach the age at which the money is to be paid out. Therefore, have a lawyer review your will and other estate planning documents. Then, once every five years thereafter, review your will to make sure that it is still current, and addresses your desires appropriately. We are happy to help you review your current planning documents to ensure they meet your goals. Call us at Hughes and Associates, P.C. to help with these goals.

Successful Outcome in the Supreme Court

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Successful Outcome in the Supreme Court
We are pleased to announce success in the Georgia Supreme Court for our client. Click this link http://www.gasupreme.us/wp-content/uploads/2017/05/s17a0450.pdf to view the opinion of the Supreme Court. In this case, our client will now receive the trial she so justly deserves. We were at the Georgia Supreme Court because the trial court determined that our client was entitled to a jury trial about whether a will that is being offered to the probate court is valid. Our client opposed the will and does not want it admitted to probate. We also were trying to redefine Georgia law about the revocation of a will because the trial court denied our request to find that the will being offered had been revoked. We along with the opposing party appealed the trial court’s decisions to the Georgia Supreme Court. The Georgia Supreme Court upheld the trial court’s decisions.

Our client lost her father when she was 16 years old. He suffered a severe injury at work when she was a baby. During the time that he was under a guardianship, his guardian assisted him in doing a will that left the bulk of his estate to the guardian instead of his only child, our client. We have already had one will declared void, and are working now to defeat the second will that the guardian had the father create. Our client alleges that her father was unduly influenced to create the will and therefore, it is invalid.

Should you have concerns about your estate planning or are involved in an estate that you believe to be improper, free to contact our firm at 770-469-8887 or www.hughespclaw.com so we can help you find an appropriate course of action.