How to Talk to Your Aging Parents About Estate Planning (and Protect Your Inheritance)

This week is National Estate Planning Awareness Week and our theme says it all: Preserve your legacy, protect your family, plan for the future.

Each October, National Estate Planning Awareness Week reminds families that a plan made today is a gift to the people we love tomorrow. Many of our clients take that message to heart and put their own plans in place. But one of the most important estate planning conversations isn't about your plan at all. It's about your parents'.

Talking to aging parents about wills, trusts and end-of-life wishes can feel awkward. Yet it is one of the most valuable conversations a family can have. Here's why it matters, and how to start.

Preserve: Saving Your Parents' Estate Money

Without a plan, or with an outdated one, more of what your parents worked for can go to courts, fees, and taxes instead of family. An early conversation gives everyone time to fix that while your parents can still make their own decisions.

• Avoiding or simplifying probate. A properly funded revocable living trust can keep assets out of probate, which can be costly, slow and public.

• Avoiding guardianship or conservatorship. If a parent loses capacity without a durable power of attorney and health care directive in place, the family may need to go to court to get authority to act. That process adds legal fees, delays and ongoing court oversight.

• Tax planning. Thoughtful planning can reduce estate, gift and income tax exposure, including how retirement accounts and appreciated assets pass to the next generation.

• Long-term care planning. Planning ahead can help protect assets if a parent needs nursing home or in-home care.

• Fixing costly mistakes. Outdated beneficiary designations, accounts never retitled into a trust, or a will drafted decades ago can undo good intentions. A review catches these before they become expensive.

Protect: Saving Time, Expenses, and Relationships

When a parent passes away or becomes incapacitated without clear instructions, the burden falls on the children. Grief is hard enough without guessing what Mom or Dad would have wanted.

• Time. Locating accounts, passwords, deeds and insurance policies can take months. A plan, and an organized list of where things are, turns that into days.

• Expenses. Court proceedings, disputes and delays all cost the family. Many of those costs come out of the inheritance itself.

• Relationships. Unclear or unspoken wishes are one of the most common sources of sibling conflict. When parents name who will serve as trustee, executor and health care agent, and explain why, there is far less to argue about.

• Peace of mind. Knowing your parents' wishes for medical care and end-of-life decisions means no one has to make those choices alone or second-guess them later.

Consider bringing siblings into the conversation, or at least keeping them informed. Transparency now prevents surprises later.

Plan: Connecting Your Inheritance to Your Plan

If you've already created your own trust, congratulations! You've protected your family. But there's a gap many people miss: if your parents leave your inheritance to you outright, it may never reach your trust.

An outright inheritance lands in your name. From there it can be exposed to creditors, lawsuits or divorce, and it may have to go through probate again when you pass. Your carefully designed plan doesn't control assets that were never put into it.

The fix is simple, but it requires your parents' cooperation. Ask them to name your trust, rather than you individually, as the recipient of your share. This can be done by:

• Updating their will or trust so your share is distributed to the trustee of your trust

• Changing beneficiary designations on life insurance, annuities and payable-on-death or transfer-on-death accounts

• Reviewing retirement account beneficiaries with care, since naming a trust affects how and when distributions are taxed

Alternatively, your parents may choose to leave your share in a continuing trust for your benefit within their own plan. That can offer even stronger protection. Either way, the right approach depends on your family, your assets and your goals, which is why it helps to bring both plans to the table together.

How to Start the Conversation

The hardest part is the first sentence. A few approaches that work well:

1. Lead with your own plan. "I just finished my estate plan, and it made me think about how we'd handle things for you." This frames the talk as responsible, not presumptuous.

2. Use this week as an opening. National Estate Planning Awareness Week is a natural, low-pressure reason to bring it up.

3. Pick the right setting. Choose a calm, private moment, not a holiday dinner or a hospital visit.

4. Focus on their wishes, not their money. Ask what matters to them: who should make decisions, what kind of care they want, what legacy they hope to leave.

5. Listen more than you talk. Your parents may need several conversations to feel comfortable. That's normal.

6. Bring in a professional. An estate planning attorney can guide the discussion, answer questions neutrally and keep the focus on your parents' goals.

What to discuss: a quick checklist

• Will and/or revocable living trust, and when it was last updated

• Whether assets have actually been retitled into the trust

• Durable financial power of attorney

• Health care power of attorney and living will (advance directive)

• Beneficiary designations on retirement accounts, life insurance, and annuities

• How your share should pass: to you, to your trust, or in a continuing trust

• Long-term care plans and insurance

• Where important documents, accounts, and digital passwords are kept

• Funeral and burial wishes

Preserve Your Legacy, Protect Your Family, Plan for the Future

A single conversation with your parents can save their estate money, spare you and your siblings stress and conflict, and make sure the inheritance they leave you is protected by the plan you've already built.

This National Estate Planning Awareness Week, take the first step. Whether your parents need a new plan, a review of an old one, or help coordinating their plan with yours, our team at Bequest is here to help. To schedule a free consultation with a Bequest attorney you can submit an inquiry form on the main page of our website (https://www.bequest.law),  give us a call at 404.500.7531, or email hello@bequest.law.

The Paperwork Gap Most Georgia Parents Don't Know They Have

Here's a scenario most parents have thought about at least once, even if they never did anything about it: you're in the hospital for a few days deployed, or just traveling– who’s actually allowed to take care of your kids when you can’t? Imagine your mom or your sister has your kids, but when she tries to pick them up from school, or take them to the pediatrician, she's told she can't. Afterall, legally, she has no authority to act for them. 

That gap between "the person you trust is right there" and "the person you trust is legally allowed to act" is exactly what a Power of Attorney for the Care of a Minor Child is built to close. It's one of the most practical, and most overlooked, pieces of planning a Georgia family can do.

What Does a Power of Attorney for the Care of a Minor Child Actually Do

Under Georgia law, you can name a trusted adult — a grandparent, aunt or uncle, sibling, stepparent, or another approved caregiver — to step in and handle the everyday and not-so-everyday decisions your kids need someone to make when you’re not around. That includes:

• Enrolling your child in school, getting access to school records, picking up your child at the end of the day

• Consenting to medical, dental, and mental health care, and being able to see and manage treatment records

• Making the day-to-day calls — where they sleep, what activities they're in, travel, and general care

Some practical things to keep in mind: 

• The person you name has to be an adult Georgia resident

• If you name a non-relative (a nanny, a close friend, etc.), Georgia law requires a criminal background check first. If they are a relative, that check is optional.

• The document is good for up to a year (a bit longer in some military situations), 

• This document must be signed under oath, notarized, and filed with the probate court in your child's county within ten days 

• Most importantly, none of this transfers custody or touches your parental rights. You're still fully in charge, and you can revoke it whenever you want.

When Families Actually Reach for This

This tends to come up more often than people expect:

• A parent deploying, or traveling for work for weeks or months at a time

• Grandparents or nannies who are the ones doing most of the day-to-day care

• A parent facing surgery, a hospital stay, or an illness where they want someone else to have authority in the meantime

• Blended families where a stepparent needs to be recognized, not just present

• Just wanting your bigger estate plan to actually cover your kids' day-to-day world, not only what happens to your assets

Getting Ahead of It

The honest truth is that most families only think about this after something's already gone wrong, maybe after the school says no, or the doctor's office won't talk to grandma, or a hospital stay turns into a scramble to figure out who's "allowed" to help. It doesn't have to be that way. At Bequest, this is exactly the kind of planning we help families put in place. If you'd like to talk through what makes sense for your family,  set up a schedule a free consultation with a Bequest attorney by submitting an inquiry form on the main page of our website (https://www.bequest.law),  giving us a call at 404.500.7531, or emailing us at hello@bequest.law.

Beneficiary Designations vs. Your Will: Which One Actually Wins?

It is common to assume that your Will has the final word on who inherits what. It can be alarming to find out that it often is not. If you have a retirement account, a life insurance policy, or a payable-on-death bank account, the beneficiary form you filled out years ago, maybe when you first opened the account, can override even the most carefully drafted Will. When those two documents disagree, the results can be surprising, and not in a good way.

Here is what you need to know about how beneficiary designations and Wills interact, why they so often fall out of sync, and how to make sure your estate plan actually does what you intend.

What Takes Precedence: Beneficiary Designations Win

For certain types of assets, a beneficiary designation is not just a suggestion — it is binding between you and the financial institution that holds the account. Most typically, these assets include retirement accounts, life insurance policies, annuities, payable-on-death (POD) and transfer-on-death (TOD) bank and brokerage accounts, etc. 

When you name a beneficiary on one of these accounts, that designation generally controls who receives the asset when you pass away — regardless of what your Will says. The asset passes directly to the named beneficiary, without ever going through probate. Your Will simply never gets the chance to weigh in.

This could be a problem. A parent might update their Will to leave everything equally to three children, not realizing that a life insurance policy still names only the oldest child as beneficiary from a decision made decades earlier. The Will's instructions are irrelevant to that policy. The named beneficiary will get the full payout, leaving nothing from the policy to the other two children.

Why This Happens: Outdated Designations, Updated Wills

Conflicts between beneficiary designations and Wills rarely happen because someone intended it that way. They happen because beneficiary forms are easy to forget about,  understandably so.

Wills tend to get revisited during major life events: marriage, divorce, the birth of a child, the death of a spouse, moving to a new state. Beneficiary designations, on the other hand, are often set when one opens an account, and then never looked at again unless something prompts a review.

Common scenarios we see:

• A person divorces and updates their Will, but forgets their ex-spouse is still named as primary beneficiary on their life insurance policy or retirement account.

• Someone remarries and updates their Will to include a new spouse, while an old 401(k) still lists a beneficiary from a job held a decade ago.

• A parent adds a new child to their Will, but never adds them to existing beneficiary forms.

• An account gets rolled over or transferred to a new institution, and the beneficiary designation does not carry over correctly or gets reset to a default.

Making Them Align

The good news is that this is one of the more straightforward problems to fix in estate planning. It just requires attention, not a rewrite of your entire plan. A few practices we recommend to clients:

Inventory your non-probate assets. Make a list of every account or policy that allows a beneficiary designation: retirement accounts, life insurance, annuities, and any POD or TOD accounts. For each one, confirm who is currently listed as primary and contingent beneficiary.

Review designations every time you update your Will. When you revise your estate plan, treat your beneficiary forms as part of that same conversation, not a separate task for another day. 

Name contingent beneficiaries, not just primary ones. If your primary beneficiary predeceases you and no contingent beneficiary is named, or the contingent beneficiary does not align with your Will, the asset may end up in probate or to a now-unintended beneficiary. 

Warning: Be careful with minor beneficiaries. Naming a minor child directly as a beneficiary can create huge complications, since minors generally cannot receive assets outright. 

Keep a master list. We recommend clients maintain a simple document listing every account, its current beneficiary, and the date it was last reviewed. It takes an afternoon to put together and can prevent years of unintended consequences.

In Conclusion…

Your Will is an essential part of your estate plan, but it does not control everything. Beneficiary designations operate on their own track, and when they fall out of step with your Will, the designation usually wins. Great news: the fix is not complicated. It just requires periodically checking that both documents tell the same story.

If it's been a while since you've reviewed your beneficiary designations alongside your Will, it is never a bad time to take a look. To schedule a free consultation with a Bequest attorney you can submit an inquiry form on the main page of our website (https://www.bequest.law),  give us a call at 404.500.7531, or email hello@bequest.law. 

Did You Know Georgia's New Estate Planning Tool Just Got a Major Update? Transfer on Death (TOD) Deed — What's Changed as of July 1, 2026

Remember when we told you about Georgia's brand-new Transfer on Death (TOD) Deed back in 2024? Well, the legislature wasn't done with it. Georgia's lawmakers have gone back and given the TOD deed a significant work-up, and as of July 1, 2026, a new set of rules is officially in effect under Act 379 (formerly House Bill 413).

If you already have a TOD deed, or you've been considering one, this update is worth your attention. The process now has more moving parts, and getting them right matters more than ever.

What is a Transfer on Death Deed?

A Transfer on Death Deed lets a Georgia property owner name a beneficiary who will automatically inherit real estate when the owner passes away, without probate. To be valid, the deed has to be signed, witnessed, notarized, and recorded with the county while the owner is still alive.

A TOD deed does not give the beneficiary any rights to the property during the owner's lifetime. The owner keeps full control the whole time. You can sell the house, take out a mortgage, or change your mind entirely, all without asking your beneficiary's permission. 

First, let’s discuss what hasn’t changed.

Conveniences of a TOD Deed

Avoiding Probate: 

One of the most significant benefits of a TOD deed is the ability to avoid probate where real estate is the only estate asset. By using a TOD deed, the property transfers automatically to the beneficiary upon death (and complying with further requirements) without the delays associated with probate court. 

Limited Creditor Avoidance:

Similar to jointly held property, transfers via a TOD deed may pass to the beneficiary even if the estate has creditors. Without a TOD deed, creditors may force the sale of a house before it is transferred to the beneficiary in order to get paid. However, the property still passes subject to the mortgage and is not shielded by Medicaid recovery efforts. This means that even if all requirements are met and the property successfully passes outside of probate, it still may not be shielded from all obligations.

Now, let's walk through what's new.

Disclaimers & Dangers of TOD Deeds: Updated

While the TOD deed might appear to be a straightforward solution, there are several reasons why Bequest Law believes it could be a bad idea for many of our clients.

The Affidavit Requirement

Previously, the TOD affidavit was required to be filed with the court within 9 months of the property owner’s death or the property reverts back to the estate thereby triggering probate and undermining the goals of the estate plan.

The new TOD deed law has lifted the 9-month filing requirement but imposed additional steps on the beneficiary to claim the property. Now, the beneficiary must sign and record an affidavit including the following information: 

• Their relationship to the deceased including whether they were married to the Record Owner at his or her time of death;

• A legal description of the real estate, the deed book, and the page number of the recorded deed (as provided in the recorded copy of the TOD Deed); 

• The Record Owner’s death certificate attached as an Exhibit; and,

• If the Record Owner’s death occurred on or after July 1, 2026, a real estate transfer tax declaration form (PT-61) attached as an Exhibit. 

The Interim Period

Additionally, with the removal of the 9-month filing requirement, what happens between the Owner’s death and the property transfer? Although a TOD Deed is designed to avoid probate for the real estate itself, there is still a period between the property owner's death and the beneficiary's acceptance of the property. During that time, ongoing expenses such as property taxes, homeowners insurance, mortgage payments, utilities, HOA dues, and necessary maintenance continue to accrue.

If a probate estate is opened, Georgia's updated TOD deed law requires the personal representative to notify the designated beneficiary of the TOD deed and authorizes the personal representative to take reasonable steps to preserve the property during the administration of the estate, including paying necessary expenses with estate assets when appropriate. However, if no estate is opened, as is the goal with a TOD deed, there may be no personal representative to perform these functions. Thus, the question remains: who is responsible for these expenses? 

Revocability and Potential for Conflict:

The TOD deed is revocable at any time by the property owner. Previously, revoking a TOD deed required the same execution formalities as creating one. The updated law reduces the witness requirement for a revocation from two witnesses to one, making it easier for property owners to change their plans if circumstances change.

Importantly however, if the real property is owned by two people, i.e., a couple, either party can revoke or change the deed without the other's consent. This also means that if one spouse dies, the surviving spouse can entirely revoke the TOD deed. Therefore, for couples especially, this revocability component of the TOD deed has the potential to create significant uncertainty and legal battles over the true intentions of the deceased. 

Should You Consider a TOD Deed in Your Estate Plan?

While the Transfer on Death Deed in Georgia appears to offer a simple way to pass on real estate without probate, it rather carries significant risks that can complicate your estate, leading to unintended and costly consequences. Given these risks, a TOD deed may not be the best choice for your Georgia estate plan. Especially for those with complex family dynamics, significant assets, or concerns about timing and revocability, other estate planning tools such as revocable trusts or more comprehensive wills can provide better protection and clarity. 

Before opting for a TOD deed, it is crucial to understand the implications and to consult with your attorney to determine the best fit for your estate. To schedule a free consultation with a Bequest attorney you can submit an inquiry form on the main page of our website (https://www.bequest.law),  give us a call at 404.500.7531, or email hello@bequest.law. 

Summer Travel Checklist: Is Your Estate Plan Ready?

Summer is a season of vacations, family reunions, road trips, and international adventures. While you are busy booking flights and packing bags, there is one important item that often gets left off the checklist: making sure your estate plan is up to date.

No one expects an emergency while traveling, but having the right legal documents in place can provide peace of mind for you and your loved ones. Before you head out on your next trip, consider these key estate planning reminders.

More Than Just a Will

Many people assume that having a Will is enough. While a Will is an important foundation, it generally only takes effect after death and must go through probate.

A comprehensive estate plan may also include:

• A Revocable Living Trust

• A Financial Power of Attorney

• An Advance Directive for Health Care

• Beneficiary designations that coordinate with your plan

These documents help ensure that someone you trust is able to make financial or medical decisions if you are unable to do so while away from home.

Review Your Powers of Attorney

If you become incapacitated during your travels, who would be able to pay your bills, access your accounts, or communicate with your healthcare providers?

A current Financial Power of Attorney and Advance Directive can allow trusted individuals to act on your behalf, financially and medically, when needed. It is worth reviewing these documents periodically to confirm they still reflect your wishes and name the right people.

Check Your Beneficiary Designations

Retirement accounts, life insurance policies, and certain financial accounts often pass according to beneficiary designations rather than your Will or Trust.

Before traveling, take a few minutes to verify that your listed beneficiaries are current and consistent with your overall estate plan. Major life events such as marriage, divorce, births, or deaths may warrant updates.

Is Your Trust Is Properly Funded?

Creating a Trust is only the first step. Your assets need to be associated with your trust for it to function as intended. Take this time to review whether your assets have been attached to your Trust appropriately. An unfunded trust may not provide the benefits you expected.

Keep Important Information Accessible

Your listed agents and loved ones do not need copies of every estate planning document, but they should know:

• Where your original documents are stored.

• How to contact your attorney if needed.

• Who you have appointed as executor, trustee, or agent under a power of attorney.

• How to reach key financial or insurance contacts in an emergency.

Having this information readily available can save valuable time during an unexpected situation.

Update Your Plan After Major Life Changes

Estate planning isn't a one-time event. If you have recently experienced a significant change—such as getting married, divorced, welcoming a child or grandchild, purchasing property, starting a business, or moving to another state—your documents may need to be reviewed. Regular updates help ensure your plan continues to reflect your goals and current circumstances.

Travel With Peace of Mind

The purpose of estate planning is not to prepare for the worst. The purpose is to make life easier for the people you care about and ensure your wishes are respected if the unexpected happens.

Before your next vacation, add one final item to your summer travel checklist: review your estate plan. Spending a little time now can provide lasting confidence for you and your family, whether you are taking a weekend road trip or traveling halfway around the world.

What’s Next?

If any of these triggers resonate with you, our team is here to help. Before those summer travels kick off, contact Bequest to form your estate plan, review your existing estate plan, answer your questions, and/or recommend updates so you can travel with greater confidence this summer and beyond. 

College Prep To-Do: The College Care Package

CONGRATULATIONS graduates! 🎉 Graduation season is here, and families everywhere are preparing for dorm shopping, move-in dates, and the exciting transition to college life. As you help your student get ready for their next adventure away from home, there is one important item you may want to add to your summer checklist: a College Care Package.

At Bequest Estate Planning, our College Care Package includes two important legal documents for college-age students: a Financial Power of Attorney and an Advance Directive for Health Care. 

While turning 18 brings independence and freedom, many parents are surprised to learn that once their child becomes a legal adult, they no longer automatically have the legal authority to make medical or financial decisions on their behalf,  even in an emergency. That is where these documents can make all the difference.

What is a Financial Power of Attorney?

A Financial Power of Attorney is a legal document that allows your child to appoint someone they trust to handle financial matters if they are unable to do so themselves.

Here are a few examples of where a financial Power of Attorney may be needed:

• If your child becomes seriously ill or injured, you may need access to bank accounts, tuition information, or other important financial matters.

• If your student is studying abroad or traveling, a Power of Attorney can help you assist with unexpected issues without unnecessary delays.

• If important documents need to be signed while your child is unavailable or incapacitated, a trusted person can step in to help.

Without a Power of Attorney, even parents can run into legal roadblocks when trying to assist their child.

What is an Advance Directive for Health Care?

An Advance Directive for Health Care allows your child to name someone they trust to make medical decisions if they cannot make those decisions themselves. This document allows healthcare providers to communicate with designated family members. 

This is particularly important for college students: 

• Who may be living far away from home and without immediate family nearby. 

• Whose wishes should be followed to avoid potential conflicts or misunderstandings between family members during stressful and emotional times.

• Ensure your child’s wishes are known and respected

For students living away from home, having these documents in place helps provide peace of mind for both parents and students alike.

A Simple Step That Can Make a Big Difference

No one wants to imagine emergency situations during such an exciting season of life, but planning ahead is one of the best ways to protect your family. As you prepare your student for college, do not forget to include legal preparedness alongside the bedding, meal plans, and school supplies.

Before move-in day arrives, contact Bequest to learn more about our College Care Package and how we can help your family head into this next chapter with confidence.

2026 Update: An Eco-Friendly Alternative:Should You Consider a Green Burial?

Interest in environmentally conscious end-of-life options continues to grow, and many of our clients are asking how their final arrangements can reflect their values. Since we first explored green burial options in 2023, both availability and legal frameworks have evolved. In addition to traditional green burials, newer alternatives, like human composting, are expanding what it means to “return to the earth.”

Here is an updated look at your options.

What Is a Green Burial?

A green (or natural) burial is an environmentally friendly alternative to conventional burial practices. Instead of embalming chemicals, metal caskets, and concrete vaults, the body is:

• Wrapped in a biodegradable shroud or placed in a simple wooden box (often pine)

• Buried without embalming fluids or toxic chemicals

• Interred at a shallower depth to encourage natural decomposition

These methods reduce environmental impact and allow the body to return naturally to the ecosystem. Some families also choose to incorporate tree plantings or natural memorials in place of traditional headstones.

Cremated remains can also be handled in eco-conscious ways, such as burial in biodegradable urns or scattering in designated areas.

A Practice Rooted in Tradition

While green burial may feel like a modern movement, it is actually a return to long-standing traditions. Before the Civil War, most burials in the United States were natural. Embalming became widespread largely out of necessity—to transport fallen soldiers home.

Today, many states, including Georgia, no longer require embalming, making green burial more accessible than it has been in generations.

Green Burial Options in Georgia: Updated

Georgia continues to offer a small but meaningful number of dedicated green burial sites:

Honey Creek Woodlands (Conyers, GA)
Located on the grounds of the Monastery of the Holy Spirit, Honey Creek offers over 100 acres dedicated to conservation-focused burial. Both full-body and cremated remains burials are permitted, though ash scattering is not allowed. The site emphasizes land preservation, wildlife habitat, and natural beauty.

Milton Fields Natural Burial Ground (Milton, GA)
With approximately 17 acres, Milton Fields is designed to support thousands of natural burials. It allows both full-body and cremated remains burials, as well as the scattering of ashes offering families more flexibility in memorialization.

Whispering Hills Natural Green Cemetery and Memorial Nature Preserve (LaGrange, GA)
Opened in 2021, Whispering Hills blends burial practices with land conservation. It permits burial and ash scattering, though scattered remains must go through a soil-mixing process designed to promote plant growth. Families should plan ahead, as this process begins months in advance.

Additional Developments
Since 2023, interest in green burial has continued to rise nationwide. While Georgia still has relatively few dedicated sites, more hybrid cemeteries and funeral providers are beginning to offer green sections or services. It is worth checking locally, as options may continue to expand.

What About Human Composting?

One of the most significant developments since our original post is the legalization of human composting, also known as natural organic reduction, in Georgia.

This process transforms human remains into nutrient-rich soil through controlled, natural decomposition. The body is placed in a vessel with organic materials such as wood chips and straw, and over the course of several weeks, it breaks down into soil that can be returned to loved ones or used in conservation efforts.

What Georgia families should know:

• Human composting has been legal in Georgia since July 1, 2025

• It offers one of the lowest environmental impacts of any end-of-life option

• It can be a meaningful choice for those who want to “give back” to the earth in a tangible way

Important note:
While legal, this option is still developing locally. At present, there are no widely operating in-state facilities, which means arrangements may require coordination with providers in other states. This makes advance planning especially important.

Planning Ahead Matters

Whether you prefer a green burial, cremation, or emerging options like human composting, the most important step is making your wishes known and legally enforceable.

Including your preferences in your estate plan:

• Ensures your wishes are honored

• Reduces uncertainty and stress for your loved ones

• Allows you to align your legacy with your values

Clear instructions can also help your family navigate newer options, like human composting, that may involve additional logistics.

We’re Here to Help

If you are interested in eco-friendly burial options or want to update your estate plan to reflect your preferences, we can help guide you through the process. Planning ahead gives you peace of mind and gives your family clarity when it matters most.

From: The Women of Bequest

March is a time to celebrate the strength, insight, and impact of women, both throughout history and in the work we do every day. This month, our team is sharing a more personal glimpse into what drives us: why we chose estate planning, how our perspectives shape the way we serve our clients, and the women who have influenced our paths. We hope these reflections offer a meaningful look into who we are, both professionally and personally, and the heart behind the work we do.

Kristen: I chose estate planning because I love working one on one with individuals to help them plan for their families' futures. In my role, I have the honor of talking to our clients about very sensitive things - from their wishes for their kids and parents to their relationships with their spouses. I learn from every single client and feel truly privileged to carry my clients' experiences through into my own life as a mother, daughter, and wife. 
Honestly, my role model is my Bequest team. These ladies are strong, smart, independent, and generous. I am so grateful every single day to be surrounded by such incredible women.

Ansley: I chose estate planning because I enjoy the mix of practical problem-solving and meaningful conversations with clients about what matters most to them. The work isn’t just about documents, it’s about helping people think through their values, their families, and how they want to care for the people they love. In many ways, women are well suited for this area because it requires careful listening, patience, and an ability to navigate complex family dynamics with sensitivity. Much of my job involves making clients comfortable having conversations they may have been avoiding.

My mom, Susan, is my most influential female role model. She always led with integrity and showed me the importance of working hard while treating people with genuine respect.

Beckley: I chose estate planning because it allows me to support people in both the highest and lowest moments of their lives by helping them think ahead, protect what they’ve built, and care for the people they love. I value being able to take what often feels like a heavy, complex burden and turn it into something clear and manageable, so clients leave our conversations feeling comforted. I am especially drawn to the strategic side of this work. There’s always a thoughtful, tailored solution to be found, and I enjoy the creativity in problem-solving that comes with building a plan that truly fits. Estate planning is also special because it is proactive! We are able to help people put the right pieces in place before something goes wrong. As women, we bring a well-rounded perspective to this field. We pair analytical thinking with our strong communication which gives us an ability to navigate both the technical and relational aspects of planning with intention.

My role models consist of our Bequest community, including both the women on this team and the women supporting each of us behind the scenes. It takes strong, successful, intelligent, and supportive women to create incredible women. These women are worth celebrating every month!

Marie: I chose estate planning because I believe in Kristen and the mission and vision behind Bequest. We're changing how estate planning is done by meeting people where they are and helping them find real peace of mind. We are specially equipped as women to work in our roles because we bring warmth, empathy, and inclusiveness to every interaction - whether someone walks through our doors or calls our office. We strive to ensure every person feels heard, understood, and valued.

My role model is Kristen :) She does it all - she is a wonderful boss, mom, attorney, business owner, and friend to all.

Eunice: I chose estate planning because it allows me to help people navigate some of life’s most important decisions with clarity and care. As women, we’re often uniquely equipped for this work; we lead with empathy, listen closely, and understand the emotional weight behind these conversations. That perspective helps us guide clients in a way that feels both supportive and empowering.

My role models are the incredible women and friends I work with and interact with every day. Their support, strength, and thoughtfulness continually push me to be better.

Clean Slate: Estate Planning After Divorce

Divorce is one of life's major transitions, and while you're probably focused on dividing assets and adjusting to a new normal, there's another critical task that often gets overlooked: updating your estate plan.

We have seen it happen too many times—someone goes through a difficult divorce, gets everything settled, and then years later we discover their ex-spouse is still listed as the beneficiary on their life insurance policy or as the executor of their Will. Let us make sure that does not happen to you.

Beneficiary Designations: The Most Common Oversight

Here is something that surprises most people: your Will does not control everything. In fact, some of your most valuable assets—like retirement accounts, life insurance policies, and investment accounts—pass directly to whomever you have named as the beneficiary, regardless of what your Will says.

After a divorce, you will want to review and update beneficiaries on:

• Life insurance policies

• Retirement accounts (401(k)s, IRAs, etc.)

• Investment and brokerage accounts

• Bank accounts with payable-on-death (POD) designations

• Any annuities or pension benefits

Georgia may automatically revoke your ex-spouse as a beneficiary on certain accounts after divorce, but do not rely on this protection alone. It is much cleaner to affirmatively update these designations yourself. Plus, you probably want to choose who should receive these assets rather than leaving it to default rules.

Rewriting Your Estate Planning Documents

If your ex-spouse is named anywhere in your Will, Trust, Power of Attorney, or Health Care Directive, those documents need to be completely redone. This is not just about removing their name—it is about rethinking your entire plan.

Consider these questions:

Your Will and Trust: Was your ex-spouse named as executor or trustee? Who should serve in that role now? What about alternate beneficiaries—did you name your ex's family members, like their siblings or parents, to inherit if something happened to both of you? Those provisions may need to be reconsidered.

Powers of attorney: You probably no longer want your ex-spouse acting on your behalf with regard to your finances if you become incapacitated. Choose someone you trust completely.

Health care directives: Same principle applies—you may not want your ex-spouse making medical decisions for you. Update your health care directive to reflect your current wishes and relationships.

Planning for Your Children

If you have kids, this is where estate planning after divorce gets more nuanced. Your ex-spouse is still your children's parent, but that does not mean you cannot structure things thoughtfully.

Trusts for minor children: If you pass away while your children are minors, you might want assets held in trust for them rather than going directly to your ex-spouse. A trust allows you to:

• Name a trustee you trust (who may or may not be your ex-spouse) to manage the money

• Set guidelines for how funds should be used (education, healthcare, etc.)

• Determine when children receive full control of their inheritance

• Ensure the money is actually used for your children's benefit

Guardian vs. trustee: Remember, the person who raises your children (the guardian) does not have to be the same person who manages their money (the trustee). You might be comfortable with your ex-spouse raising the kids but prefer a trusted family member or friend to oversee the financial side.

Fixing Title Issues

Divorce decrees specify who gets what, but the legal work does not always get done to actually transfer those assets. This can create a mess for your estate later.

Real estate: If the divorce decree says you get the house, make sure the deed is actually updated to remove your ex-spouse's name. Similarly, if your ex was awarded property, ensure your name is removed from those deeds. Having your name on property you do not own (or vice versa) can create probate complications and potential liability issues.

Business assets: If you and your ex-spouse owned a business together, the divorce should have clarified who owns what. Make sure:

• Corporate documents (operating agreements, bylaws, stock certificates) reflect the current ownership

• Buy-sell agreements are updated or created

• Succession plans in your estate plan account for your business ownership

Bank accounts: Joint accounts should be closed or converted to individual accounts. If you are keeping an account that was previously joint, get documentation showing your ex-spouse has been removed. And remember to update your beneficiary designations while you are at it.

In Conclusion

Estate planning may not be at the top of your post-divorce priority list, but it is one of the most important steps you can take to protect your future. You have worked hard to establish your independence and protect your interests—do not let outdated estate planning documents undermine all of that.

Year-End Estate Planning: Making the Most of What's Left of 2025

I'll be honest with you: this year hasn't gone quite the way I planned. Between unexpected challenges and the general chaos that seems to define life in 2025, I found myself in early October wondering where the year had gone. 

But here's what I've realized as we head into the fourth quarter—there's still time. I have revisited my goals and vision for this year and have realized that if I buckle down and focus on what really matters, I can reach the vast majority of my January objectives. It's not too late for any of us to make 2025 count, and sometimes that realization is exactly the spark we need to finish strong. With that in mind, here are a handful of things for you to think about over the next month.

Year-End Planning You Can Control

As I’ve written before, there are many issues with the July tax bill, but as we turn toward year-end, it is nice to have clarity on the estate tax exemption limits. The rush for year-end tax planning that we were all bracing for? We can take a collective breath—that pressure is off. That said, there are still some smart moves you can make before December 31st rolls around. 

Review Your Beneficiary Designations During Open Enrollment. Your beneficiary designations on retirement accounts, life insurance policies, and other accounts supersede your will and trust. Open enrollment is the perfect reminder to check that all your designations reflect your current wishes. Make sure you've named both primary and contingent beneficiaries, verify that you've updated designations after major life events (marriage, divorce, births, deaths), and confirm your choices still make sense with your overall estate plan.

529 Education Savings Contributions. You can contribute up to $19,000 per beneficiary ($38,000 if married filing jointly) in 2025 without triggering gift tax consequences. Even better, there's a special "superfunding" provision that allows you to contribute up to five years' worth of contributions at once—that's $95,000 per beneficiary ($190,000 for couples)—though you'll need to file a gift tax return and elect to spread it over five years. If education funding is part of your plan, December 31st is your deadline. While you are making these contributions, consider checking your 529 to make sure you have moved it into your trust or that you have named a successor owner to assume your role if you die or become incapacitated.

Plan Your Charitable Giving Strategy. The new tax law increases the standard deduction, which can reduce the tax benefit of charitable giving. Consider bunching multiple years of charitable contributions into one year to exceed the standard deduction threshold, exploring a donor-advised fund with your financial advisor that allows you to take an immediate tax deduction while distributing gifts over time, or if you're over 70½, making qualified charitable distributions directly from your IRA (up to $105,000 in 2025) which can satisfy your required minimum distribution without increasing your taxable income.

Make Annual Exclusion Gifts. You can gift up to $19,000 per person ($38,000 if you're married and split gifts with your spouse) in 2025 without filing a gift tax return or using any of your lifetime estate tax exemption. This limit resets every January 1st, so if you want to reduce your taxable estate or help family members with down payments, tuition, or other needs, December is your deadline. You can make these gifts to as many people as you want—children, grandchildren, other family members, or even friends.

Review Your Estate Planning Documents. If it's been more than three to five years since you last reviewed your wills, trusts, powers of attorney, and health care directives, the new year is the perfect prompt to schedule a review. Life changes—births, deaths, marriages, divorces, relocations to new states, changes in financial circumstances, or changes in relationships with named executors or trustees—can make documents outdated quickly. 

The Conversations That Matter Most

Once you've got your own financial house in order, I want to encourage you to tackle something that's often harder than any paperwork: the family conversations. And if you're part of the sandwich generation—caring for aging parents while still supporting adult children—I see you. These conversations can feel overwhelming when you're pulled in multiple directions, but they're also some of the most important investments you can make in your family's future.

Talking with Your Aging Parents. Use the holidays as a natural opportunity to broach these topics with your parents. Ask if they have updated estate planning documents and know where the originals are located. My best advice is not to take their word on it: look at the documents yourself or ask our office to review them. Dig into the details of their finances. 

I know how awkward these conversations are. I often tell clients that parents tend to fall into the spreadsheet at Thanksgiving group or the total blackbox group. If your parents are in the blackbox group, consider appealing to them on a personal level by letting them know how much easier they will make your life if you can have an open conversation. If that doesn’t work, try telling them how much money it will ultimately save them to share details now. 

Talking with Your Adult Children. If you have adult children, the holidays are also a good time to share your own plans with them and encourage them to start their own estate planning—even young families need basic wills, health care directives, and guardianship designations for minor children. Modeling this openness shows them that these conversations don't have to be morbid or taboo; they're simply responsible planning. And if your child is more of an adult in number than in behavior, consider our College Care Plan to allow you to take control if needed.

As we head into the final stretch of the year, let's commit to supporting each other in achieving our goals—whether that's financial planning, family communication, or simply being more intentional about what we want our legacies to look like. Here's to finishing what we started.

Be sure to talk to your financial advisor about each of these. We at Bequest love partnering with excellent advisors but do not give financial advice ourselves. If you need a great advisor, just ask!

Key Terms and Documents in Estate Planning

Understanding the terminology used in estate planning is essential for making informed decisions about your future. At Bequest Law, we have compiled clear definitions of the most important estate planning terms and documents to help you navigate the process with confidence.

Essential Estate Planning Documents

1. Last Will and Testament

A Last Will and Testament is a legal document that outlines how you want your assets distributed after your death. It allows you to:

• Name beneficiaries to receive your property

• Designate guardians for minor children

• Appoint an executor to manage your estate

• Establish testamentary trusts

• Provide specific instructions for certain assets

Without a valid will, state law determines who receives your assets, which may not align with your wishes, through a process called Probate. 

2. Power of Attorney and Financial Power of Attorney

Power of Attorney (POA) is a legal document that authorizes someone (called your "agent" or "attorney-in-fact") to make financial decisions and take actions on your behalf. This powerful document can be customized to grant broad or limited authority, depending on your needs.

Your Financial Power of Attorney specifically grants your appointed agent the authority to manage your financial affairs. This may include:

• Paying your bills and taxes

• Managing bank accounts and investments

• Buying, selling, or managing real estate

• Handling insurance claims

• Operating your business

A durable financial power of attorney remains effective even if you become incapacitated, ensuring continuous management of your finances during a health crisis.

3. Advance Directive for Health Care and Medical Power of Attorney

An Advance Directive for Health Care is a document that outlines your preferences for medical treatment if you are unable to communicate those wishes yourself. In Georgia, this document combines what was previously known as a living will and healthcare power of attorney.

The Medical Power of Attorney portion designates a healthcare agent to make medical decisions on your behalf when you cannot. This person should understand your values and preferences regarding medical care.

The advance directive allows you to specify your wishes regarding:

• Life-sustaining treatments

• Pain management

• Organ donation

• End-of-life care preferences

Having this document in place prevents family conflicts and ensures your medical wishes are respected.

4. Revocable Trust

A Revocable Trust (also called a "living trust") is a legal arrangement where you (the "grantor") transfer assets to a trustee to manage for the benefit of your chosen beneficiaries. With a revocable trust:

• You typically serve as the initial trustee

• You retain the right to modify or dissolve the trust during your lifetime

• Assets in the trust avoid probate upon your death

• Trust administration remains private, unlike probate

• Upon incapacity, your successor trustee can manage trust assets without court intervention

Revocable trusts provide flexibility and control while establishing a framework for managing assets during incapacity and after death.

5. Certification of Trust

A Certification of Trust is a shortened version of your trust document that verifies the trust's existence and the trustee's authority without revealing all the private details of the trust. This document:

• Identifies the trust and its creation date

• Names the current trustee(s)

• Outlines the trustee's powers

• Contains the relevant trust provisions

• Is signed by the trustee(s) and often notarized

Financial institutions, real estate title companies, and other third parties accept this document in lieu of your complete trust agreement, maintaining the privacy of your trust provisions.

6. Pour-Over Will

A Pour-Over Will works in conjunction with a revocable trust to ensure any assets not transferred to your trust during your lifetime will "pour over" into your trust upon death. This document:

• Names an executor

• Contains instructions to transfer remaining assets to your trust

• Names guardians for minor children

• Serves as a safety net for overlooked assets

While assets passing through a pour-over will still require probate, they will ultimately be distributed according to your trust provisions.

Key Estate Planning Roles and Terms

1. Executor

An Executor (sometimes called a "personal representative") is the person named in your will to administer your estate after your death. The executor's responsibilities include:

• Filing your will with the probate court

• Gathering and inventorying your assets

• Paying debts, expenses, and taxes

• Distributing remaining assets according to your will

• Closing your estate

Choosing a trustworthy, detail-oriented executor is crucial for ensuring your wishes are carried out efficiently.

2. Trustee

A Trustee is the person or institution responsible for managing trust assets according to the terms outlined in your trust document. Trustees have a fiduciary duty to:

• Manage trust assets prudently

• Follow the instructions in the trust document

• Act in the best interests of the beneficiaries

• Keep accurate records

• Provide required information to beneficiaries

For revocable trusts, you typically serve as the initial trustee, with a successor trustee taking over upon your incapacity or death.

3. Beneficiary

A Beneficiary is a person or organization designated to receive assets or benefits from your estate plan. Beneficiaries can be named in various documents:

• In your will to receive probate assets

• In your trust to receive trust assets

• On financial accounts with transfer-on-death designations

• On life insurance policies and retirement accounts

You can name primary beneficiaries as well as contingent beneficiaries who inherit if your primary beneficiaries predecease you.

4. Guardian

A Guardian is a person appointed to care for your minor children if you and the other parent are unable to do so. There are two types of guardianship:

• Guardian of the person: Responsible for the child's daily care, education, health, and welfare

• Guardian of the property: Manages the child's assets until they reach adulthood

Naming guardians in your will ensures your children will be raised by people who share your values and parenting philosophy.

5. Per Stirpes

Per Stirpes is a legal term describing how assets are distributed if a beneficiary predeceases you. With a per stirpes distribution:

• If your beneficiary survives you, they receive their share

• If your beneficiary predeceases you, their share passes to their descendants in equal portions

• This creates a "branch" approach to distribution, preserving each family line's inheritance

For example, if you leave your estate to your three children per stirpes and one child predeceases you with two children of their own, those two grandchildren would split their parent's one-third share equally.

Testamentary Trust

A Testamentary Trust is a trust created through your will that only takes effect after your death. Unlike a living trust, a testamentary trust does not avoid probate. These trusts are commonly used to:

• Manage assets for minor children until they reach a specific age

• Provide for beneficiaries with special needs

• Control the timing and conditions of inheritance

• Protect assets from a beneficiary's creditors or divorce

The terms of a testamentary trust are outlined in your will, and the trust is funded with assets that pass through probate.

Understanding the Estate Planning Process

These terms and documents form the foundation of a comprehensive estate plan. At Bequest Law, we guide our clients through each step of the estate planning process, helping you select and customize the documents that best address your unique needs and goals.

Our experienced attorneys take the time to explain these concepts in plain language, ensuring you fully understand how each document works to protect you and your loved ones. Contact us today to begin creating your personalized estate plan.

At Bequest Law, we specialize in straightforward estate planning and probate services in Atlanta. Our commitment to transparent pricing ensures you know exactly what to expect, while our compassionate approach makes tough conversations easier. We help families create customized estate plans that provide long-term security and peace of mind. Plan for the future with confidence—because protecting your legacy starts today!

The Bequest Law Estate Planning Process

At Bequest Law, we believe that creating an estate plan should be a straightforward, transparent process that gives you peace of mind about your family's future. As Atlanta's trusted estate planning attorneys, we have developed a comprehensive estate planning process that makes securing your legacy simple and stress-free.

Understanding Our Estate Planning Journey

Many clients come to us wondering what to expect during the estate planning process. We have designed our approach to be thorough yet efficient, typically completing your entire estate plan within just two weeks from our initial consultation. Here is how our estate planning journey works:

Step 1: The Complimentary Consultation

Your estate planning process begins with a free 15-minute call with one of our experienced attorneys. During this initial conversation, we will:

• Broadly discuss your estate planning goals

• Identify potential needs specific to your situation

• Answer preliminary questions about the estate planning process

• Provide a general overview of what solutions might work best for you

This no-obligation consultation helps us understand your unique circumstances and allows you to determine if Bequest Law is the right fit for your estate planning needs.

Step 2: Scheduling Your Planning Session

Once you decide that Bequest is a good fit, we will schedule a comprehensive 1-2 hour planning session with our attorneys. This meeting typically takes place via Zoom for your convenience, allowing you to participate from the comfort of your home.

Before this session, we send you a secure link to complete any new client information. This preparation ensures we make the most of our time together and addresses all aspects of your estate planning needs.

Step 3: Your Comprehensive Planning Session

In the planning meeting we dive deep into your specific estate planning requirements. Specifically, our attorneys will:

• Review your assets and family situation in detail

• Discuss your wishes regarding inheritance and guardianship

• Explain various estate planning tools and their benefits

• Address all your questions and concerns

• Guide you through important decisions

• Ensure you are comfortable with all your choices

Our goal is to make sure you fully understand each aspect of your estate plan and feel confident about the decisions you are making.

Step 4: Document Drafting Phase

Following our planning session, our legal team sends the first half of the invoice and then gets to work drafting your personalized estate planning documents. Our established timeline ensures efficiency:

• If applicable, we will correspond with your financial advisor to make sure we can carry out your plan seamlessly.

• A full week before your signing date, we will email you electronic drafts of all your documents for your review and accept any edits or clarification you may have.

• Then, we will prep your documents for signing.

This review period is essential, giving you time to carefully consider each document and ensure it accurately reflects your wishes.

Step 5: The Signing Appointment

The final step in our estate planning process is the in-person signing meeting. During this meeting we:

• Walk you through each document in detail

• Oversee the proper execution of all legal paperwork

• Ensure all signatures and witnessing requirements are met (notary + witnesses provided)

• Collect the remaining balance of your invoice

• Answer any final questions you may have

Step 6: Document Delivery

After your signing appointment, we:

• Scan all your documents to create electronic copies

• Package your original documents securely

• Mail the complete estate planning package to your home

• Provide electronic copies for your digital records

• Follow up with your financial advisor so they may follow through with retiring any accounts and/or adding beneficiary designation that mirror your estate plan

Why Our Estate Planning Process Works

Our goal in estate planning is to create a straightforward estate planning process for our clients. To do so, we have incorporated a system that is efficient, transparent, personalized, convenient, and comprehensive. From start to finish, your estate plan is typically completed within just two weeks, and our virtual consultations and electronic document reviews save you time and travel along the way. Our clear process aims to eliminate surprises in order to keep you informed at every stage while ensuring your estate plan is custom-tailored to your specific needs and wishes and works together seamlessly.

Ready to Begin Your Estate Planning Journey?

Starting your estate plan is easier than you might think. Our comprehensive estate planning process has helped countless families throughout Atlanta and beyond secure their legacies and protect their loved ones.

Don't leave your family's future to chance. Contact Bequest Law today to schedule your complimentary consultation and take the first step in your estate planning journey.

At Bequest Law, we specialize in straightforward estate planning and probate services in Atlanta. Our commitment to transparent pricing ensures you know exactly what to expect, while our compassionate approach makes tough conversations easier. We help families create customized estate plans that provide long-term security and peace of mind. Plan for the future with confidence—because protecting your legacy starts today!

Trump’s Tax Bill is Now Law: What Changed in the Final Version

President Trump signed the "One Big Beautiful Bill Act" into law on Friday, capping off a whirlwind legislative process that saw the House pass it 218-214 and the Senate approve it 51-50, with Vice President JD Vance casting the tie-breaking vote. After weeks of uncertainty about which provisions would survive the House-Senate negotiations, Bequest’s clients now know exactly what they can expect.

How Our Guidance Evolved: From Uncertainty to Reality

When we analyzed the competing House and Senate versions, several key provisions were up in the air. Here's how the final bill resolved those debates:

Estate Tax: Certainty Delivered: As we predicted, both versions agreed on this, and the final bill permanently increases the exemption to $15 million per person and $30 million for married couples starting in January 2026. The current levels ($13,990,000 for an individual, $27,980,000 for married couples) will hold through the end of the year.

SALT Relief: House Version Won (Mostly): The final bill adopts the House's $40,000 SALT cap through 2029, with annual 1% increases starting in 2026 ($40,400) and a phase-out for high earners. The deduction begins phasing down at a 30% rate for taxpayers with modified adjusted gross income over $500,000, but can never go below the old $10,000 cap.

Tips and Overtime: Senate's Measured Approach Prevailed: The final bill includes the Senate's capped approach—$25,000 for tips, $12,500 for overtime ($25,000 for married couples)—rather than the House's unlimited deductions. Both phase out at $150,000/$300,000 income levels and run through 2028.

Child Tax Credit: Senate Number Stuck: The final bill settles on the Senate's $2,200 per child (versus the House's $2,500), indexed for inflation starting in 2025.

Senior Deduction Enhanced: The final bill keeps the Senate's more generous $6,000 deduction for taxpayers 65 and older, available through 2028. However, this benefit phases out significantly as income increases and importantly, does not change the taxation of Social Security benefits.

The deduction begins phasing out at $75,000 for single filers and $150,000 for married couples, reducing by 6% for each dollar above these thresholds. This means:

• Single filers lose the entire deduction at $175,000 income

• Married couples lose it entirely at $250,000 income

• At $125,000 income, a single filer gets only $3,000 instead of the full $6,000

Critically, this deduction is completely separate from Social Security taxation. It doesn't lower your adjusted gross income, won't help you avoid Medicare IRMAA surcharges, and won't reduce state taxes. Social Security benefits remain taxable under the same rules as before; the deduction is simply an additional benefit for seniors, not relief from Social Security taxes.

Car Loan Interest Deduction: This provision, which wasn't in our earlier analysis, allows deductions up to $10,000 for interest on loans for US-assembled vehicles through 2028. It phases out at $100,000 income for singles, $200,000 for couples.

Clean Energy: The final bill terminates most clean energy credits, but with more measured timelines than the House originally proposed. Most individual credits (electric vehicles, residential solar) end by late 2025 or 2026, while business credits like the clean electricity production credit phase out for wind and solar by 2027. Nuclear, hydropower, and geothermal maintain support longer.

The Economic Reality Check

According to the Tax Foundation's analysis, the bill will increase long-run GDP by 1.2%, create nearly 940,000 jobs, and raise pre-tax wages by 0.4%. However, it comes with a significant cost: $3.8 trillion in additional deficits over the next decade (including interest costs), pushing the debt-to-GDP ratio from 117% to 127% by 2034.

The economic benefits are front-loaded, with GDP growing 0.2% in 2025, peaking at 1.5% in 2028, then stabilizing at 1.2% long-term as temporary provisions expire.

Timeline and Implementation

Most provisions take effect January 1, 2025 (retroactively), with the estate tax changes beginning in 2026. Temporary provisions like the tips, overtime, and senior deductions run through 2028, while the enhanced SALT deduction phases back to $10,000 starting in 2030.

Bottom Line

The dust has settled on this major tax legislation, but good planning never goes out of style. If you haven't reviewed your estate plan recently, now is the perfect time to ensure it reflects both the new tax realities and your family's current needs. We're here to help you navigate these changes—call Bequest Estate Planning today to discuss updating your trust, will, power of attorney, and health care directive.

Keeping Bequest Clients Updated: The Senate Finance Committee Version of Trump’s Tax Bill

The Senate Finance Committee dropped its highly anticipated version of the "One Big Beautiful Bill" this week, setting up what promises to be intense negotiations between the House and Senate versions. While both chambers share the same broad goals—making the 2017 Trump tax cuts permanent and rolling back Biden-era policies—the differences between their approaches could make a real difference for your family's finances.

Major Differences Between House and Senate Versions

When we analyzed the House version last week, we noted uncertainty around several key provisions. Now with the Senate version on the table, some of our guidance has evolved:

Estate Tax Certainty Remains: The good news we shared last week holds—both versions agree on the permanent $15 million exemption, so high-net-worth families can plan with confidence.

SALT Relief May Be Less Generous: Last week, we highlighted the House's increase to a $40,000 SALT cap for couples earning under $500,000. The Senate version completely ignores this change, reverting to the current $10,000 cap. While senators are calling this a "placeholder," the political reality suggests the final number may land somewhere between these positions—if anywhere at all.

Tips and Overtime Benefits: The Senate took a different approach to Trump's "no tax on tips" and overtime promises. While the House version allowed unlimited deductions (effectively eliminating taxes on tips and overtime for earners under $160,000), the Senate caps these benefits:

• Tips: Up to $25,000 deduction (phases out for incomes over $150,000 individual/$300,000 married)

• Overtime: Up to $12,500 deduction for individuals ($25,000 married), same phase-out thresholds

• Both provisions run only through 2028.

Senior Deduction: Senate More Generous: The Senate increased the new deduction for seniors 65 and older to $6,000 (versus the House's $4,000), though it phases out at the same income levels ($75,000 for singles, $150,000 for couples). This makes the Senate version more attractive for our older clients.

Child Tax Credit: Modest Reduction: The Senate settled on $2,200 per child versus the House's $2,500. While both represent increases from current law, families with multiple children will notice the $300 per child difference.

Additional Changes for Families with Children: Beyond the child tax credit changes, families should note:

• Enhanced child and dependent care credit (50% of qualifying expenses vs. current 35%)

• Expanded 529 plan uses for K-12 and credentialing expenses

• New Trump savings accounts for children born 2025-2028 with $1,000 government contribution

Climate Change: The Senate takes a more measured approach to rolling back green energy credits, giving projects more time to qualify and providing more flexibility for geothermal, nuclear, and hydropower. However, it maintains restrictions on foreign entity involvement and remains a step back from Biden-era climate initiatives. 

The Road Ahead: Narrow Majorities, Tight Timeline

With Republicans holding slim majorities in both chambers and a self-imposed July 4th deadline, the path forward is anything but certain. Senate Majority Leader John Thune can only lose three GOP senators, while House Speaker Mike Johnson must navigate competing regional interests.

The updated Congressional Budget Office score showing the House bill would add $2.8 trillion to the deficit over a decade adds another wrinkle. Some fiscal hawks are already expressing concerns, and the Senate's additional provisions will likely increase that price tag.

Key Pressure Points

• SALT Caucus: House Republicans from high-tax states remain adamant about the $40,000 cap

• Deficit Hawks: Senators like Rand Paul have already opposed the increased debt limit provisions

• Rural Interests: Changes to Medicaid provider taxes are drawing opposition from senators concerned about rural hospitals

Bottom Line

While key provisions of this bill remain in flux, the core fundamentals of good estate planning haven't changed—and won't change regardless of what Congress ultimately decides. Whether the SALT cap ends up at $10,000, $40,000, or somewhere in between, you still need updated wills, properly structured trusts, and beneficiaries that reflect your current wishes.

At Bequest, our planning approach remains consistent because we focus on strategies that work across different tax environments. The estate tax certainty is welcome news, but even without it, the families we serve need protection from probate, incapacity, and family disputes—issues that no tax bill can solve.

Kristen's Tax Update: Trump's "Big Beautiful Bill": What Bequest Clients Need to Know

At Bequest Estate Planning, we typically focus on helping families protect their legacies through wills, trusts, and other planning strategies. While many of our clients don't face federal estate tax issues—thanks to the current $13.99 million per individual ($27.98 million per married couple) exemption—we know many of you are curious about what's happening with tax policy in Washington.

President Trump's "One Big Beautiful Bill Act" (yes, that's the actual name) passed the House in May 2025 and is under debate in the Senate. While this massive tax package touches everything from business deductions to Social Security benefits, there are several provisions that could impact the families we serve. Let's break down what you need to know.

The Estate Tax: Good News for Wealthy Families

Here's the headline for high-net-worth families: the bill would permanently increase the federal estate tax exemption to $15 million per person starting in 2026. For married couples, that means a combined $30 million exemption, up from the current $27.98 million.

To put this in perspective, under current law, the exemption was set to drop dramatically to around $7 million per person in 2026. This bill would not only prevent that cliff but actually increase the protection. While this doesn't affect many families we work with, it's certainly welcome news for those with substantial assets who were worried about the upcoming changes.

Tax Changes That Could Affect Everyone

Even if you're not worried about estate taxes, several provisions in this bill could impact your overall financial picture:

The Good News

• No tax on tips and overtime: If you or family members work in service industries, qualified tips and overtime pay would be tax-free from 2025-2028

• Bigger standard deduction for seniors: An additional $4,000 deduction for taxpayers over 65 (though this phases out at a 4% rate starting at $75,000 for single filers and $150,000 for married couples)

• Auto loan interest deduction: Interest on car loans for US-made vehicles would be deductible, up to $10,000

• Enhanced Child Tax Credit: The credit increases from $2,000 to $2,500 per child through 2028

The State and Local Tax (SALT) Situation

This is where things get interesting for many of our clients. The bill would raise the SALT deduction cap from $10,000 to $40,000 for married couples earning up to $500,000 (the deduction phases down at a 30% rate above this threshold, returning to the $10,000 cap at higher income levels). However, it also closes some workarounds that certain business owners have been using to get around the SALT cap.

If your property tax bill has grown over the last couple of years and you have been feeling the pinch from the SALT cap, this could provide some relief—assuming your income falls within the limits.

What's Likely to Change in the Senate?

Let's be realistic: the Senate rarely passes House bills unchanged, and this one is no exception. Several provisions are already generating debate:

The Price Tag: With a $3.8 trillion price tag over ten years, fiscal hawks in the Senate are likely to demand either more spending cuts or scaled-back tax benefits to reduce the deficit impact.

Energy Tax Credits: The House bill makes deep cuts to green energy tax credits from the Inflation Reduction Act, including eliminating some wind and solar credits just 60 days after enactment. Senate moderates from both parties may push back on this aggressive timeline.

International Tax Provisions: The bill includes retaliatory measures against countries with "unfair foreign taxes" (like digital services taxes), which could escalate into trade disputes. Some senators are signaling this section needs work.

What the Experts Are Saying

Tax policy analysts have mixed views on the bill's economic impact. The Tax Foundation estimates it would increase long-run GDP by 0.8% and create nearly 1 million jobs—modest but positive growth. However, they note the bill "leaves economic growth on the table" by sunsetting some of the most pro-growth provisions like bonus depreciation.

The concern among many economists is the deficit impact. Even accounting for economic growth, the bill would add $1.7 trillion to the deficit over ten years. As one analysis noted, this higher debt burden means that while the economy grows, American incomes don't grow as much because more money flows to foreign debt holders through interest payments. Bottom line: the cost of borrowing for most Americans will stay high or grow as a result of this bill.

So who benefits? While middle-income families see the biggest benefits initially (thanks to extended TCJA provisions), by 2034, higher-income taxpayers benefit most from the permanent changes. The lowest earners actually see a slight decrease in after-tax income by 2034, primarily due to tighter rules around tax credits. 

What About Your Estate Planning?

While tax policy grabs headlines, remember that good estate planning goes far beyond tax savings. The fundamentals remain the same:

• Have a will: Even with higher exemptions, you still need to designate guardians for minor children and ensure your assets go where you want them to go

• Consider trusts: These aren't just for the ultra-wealthy—they can provide privacy, asset protection, and help avoid probate

• Keep beneficiaries updated: Life changes, and so should your planning

• Plan for incapacity: Powers of attorney and advance directives for health care are crucial regardless of tax policy

The Reality Check

Here's the thing about tax legislation: it's complicated, and it changes. This bill still needs to pass the Senate, where modifications are likely. Even if it becomes law exactly as written, future Congresses can—and often do—change tax rules again.

That's why we always tell clients at Bequest Estate Planning to focus on what they can control: having solid estate planning documents in place, keeping them updated, and making sure their families are protected regardless of what happens in Washington.

Looking Ahead

The Senate has set a target date of July 4th for final passage. We'll be watching closely and will update you on any developments that could affect your planning.

In the meantime, if it's been more than a few years since you've reviewed your estate plan, or if you've had major life changes (marriage, divorce, new children, significant changes in assets), now is a good time to schedule a review. Tax policy will come and go, but having a solid plan in place provides peace of mind regardless of what happens in Washington.

Planning in Uncertainty (a Note from Kristen)

Taking Control: Key Estate Planning Steps in Uncertain Times

I don't know about you, but for me, 2025 has been quite the rollercoaster so far! As someone who values order and predictability, the constant tariff-driven news cycle can feel overwhelming. Combined with saying goodbye to our family dog, Huckleberry, I've found myself particularly focused on securing what I can in this unpredictable world.

The silver lining? While external circumstances may swing wildly beyond our reach, your estate plan remains completely within your control. This simple truth consistently brings me and our clients genuine peace of mind. Here are several meaningful actions you can take now:

1. Check your beneficiary designations. Life insurance, retirement accounts, HSAs, and financial accounts with named beneficiaries pass outside your will or trust. These little details make a big difference, so please ensure they reflect your wishes!

2. Establish legacy contacts for Google and Apple. Some major platforms now offer helpful tools to designate someone to manage your digital accounts posthumously. Here is a link that explains how for Google, here is a link that explains how for Apple.  

3. Communicate document locations to your fiduciaries. Even the most comprehensive estate plan falls short if your trustee or executor can't locate your original documents. A quick conversation now saves tremendous stress later.

4. Plan for your pups (and other pets). Many of us at Bequest are passionate pet lovers. Make sure your estate plan covers what would happen to your fur babies if you can no longer care for them.

5. Fully fund your revocable trust. Assets not properly transferred into your trust may still require probate, undermining a key benefit of your thoughtful trust planning. I suggest reviewing all titled assets to confirm proper titling. Feeling overwhelmed? Let our dedicated paralegal team handle the legwork for you! Here's a link for a complimentary call to chat through your questions with me.

6. Reassess your plan periodically. Life circumstances change for all of us. If your family or financial situation has evolved, email hello@bequest.law for an appointment to discuss updating your trust, will, power of attorney, or health care directive.

At Bequest Estate Planning, we're genuinely committed to helping you maintain a sense of control by ensuring your estate plan remains current and effective. We're just a phone call (404-500-7531) or email (hello@bequest.law) away whenever you need us!

Our LLC Planning Process: Protecting Your Assets and Building Your Business

In today's complex legal and risk landscape, properly structuring your business or investment holdings is essential for asset protection. At Bequest Estate Planning, we help our clients establish their Limited Liability Companies (LLCs) in order to add liability protection to their comprehensive estate plan.

Why Choose an LLC Structure?

The LLC has become one of the most popular business structures for good reasons. For example: 

• Personal Liability Protection: LLCs create legal separation between your personal assets and business liabilities. 

• Tax Flexibility: A single member LLC is considered a pass through entity, meaning it does need its own tax filing and can be reported on the members 1041. Other LLCs can choose how they want to be taxed (as a sole proprietorship, partnership, S-Corporation, etc). Once formed, a CPA can help decide the most tax advantageous structure. 

When Do You Need an LLC?

An LLC provides a powerful combination of legal protection and flexibility that makes it ideal for many situations such as the following:

• Real Estate Investments: If you own rental properties or real estate investments, an LLC can shield your personal assets from liability associated with those properties.

• Small Business Owners: Entrepreneurs benefit from the liability protection and tax flexibility that LLCs provide without the complex requirements of corporations.

• Estate Planning Components: As part of a broader estate plan, LLCs can help facilitate smoother asset transfers and potentially provide tax advantages.

Our LLC Planning Process

At Bequest Estate Planning, we have developed a streamlined process to establish your LLC efficiently and effectively. Here is some insight to how we handle LLC formation:

Step One: The Initial Consultation

We begin with a thorough discussion of your goals, assets, and specific needs to determine if an LLC is the right structure for your situation. 

Step Two: LLC Formation

Once we have established that an LLC is appropriate, we handle the complete formation process, including preparing and filing Articles of Organization with the Secretary of State and obtaining your LLC's Certificate of Organization.

Step Three: Drafting Your Operating Agreement

Once the Secretary of State approves the LLC filing, we draft a comprehensive Operating Agreement tailored to your specific needs. 

Step Four: Securing Your EIN

We then obtain an Employer Identification Number (EIN) from the IRS for your LLC, which is necessary for tax reporting, opening bank accounts, and other business transactions.

Step Five: Property Transfer

Finally, for those clients using an LLC for real estate holdings, we prepare the deed to transfer property into the LLC and record the deed with the appropriate county office. This step is essential to complete the liability shield. 

Transparent Pricing

Bequest Estate Planning believes in transparent, straightforward pricing. Our LLC planning services are offered at a flat rate of $850. This includes all of the following services: 

• Formation of your LLC (which includes initial filing cost with the Secretary of State)

• Drafting a customized Operating Agreement

• Obtaining an EIN

• Transferring property into the LLC (which includes the cost of recording one deed in the state of Georgia)

• Handling/tracking the signing process (either in person in our office or remotely if you live out of state)

• Recording of the deed (if applicable)

Ready to Protect Your Assets with an LLC?

If you are interested in exploring how an LLC might benefit your business or estate planning strategy, we invite you to schedule a consultation with one of our attorneys using the link below. Our experienced attorneys will help you understand if an LLC is right for your situation and guide you through every step of the process with expertise and personalized attention.

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The most important step in estate planning is starting the conversation. Secure your family’s future today by reaching out to us. Contact Bequest Estate Planning by: Emailing hello@bequest.law, Calling 404.500.7531 or Scheduling a consultation HERE.

Let’s create a custom estate plan that gives you peace of mind and protects what matters most. Don’t wait—start planning today!

Combatting Deed Fraud

In today's digital age, property fraud has unfortunately become more prevalent, with criminals finding sophisticated ways to target homeowners. A recent development in Georgia legislation aims to provide property owners with an additional layer of security against such threats.

Georgia's New Property Protection Bill

Georgia lawmakers have recently proposed a bill that would require notifications when deeds are filed by non-owners. This important legislative move comes in response to growing concerns about property deed fraud, where criminals illegally transfer ownership of properties without the rightful owners' knowledge.

The proposed legislation would establish an alert system that notifies property owners whenever a deed transaction related to their property is recorded. This simple yet effective measure could significantly reduce the risk of homeowners becoming victims of property fraud, giving them the opportunity to take immediate action if unauthorized changes are made to their property records.

How This Legislation Affects Property Owners

At Bequest Estate Planning, we believe in not just helping you plan for the future, but also in providing ongoing protection for your most valuable assets. In light of this new legislation, property owners should be aware of the following important considerations:

Understanding Deed Fraud Protection

The proposed legislation would create an important notification system for property owners. Once this bill is enacted, you would be able to sign up for these alerts, which will notify you if your deed is transferred, providing an early warning system against potential fraud.

This proactive measure would be crucial in quickly identifying unauthorized activity related to your property, allowing owners to respond promptly and prevent potential losses. This legislation represents an important step forward in protecting property rights in Georgia.

Homestead Exemption Re-Application Reminders

For those of our clients who transferred their deeds in 2024, we want to remind you about the importance of re-applying for your homestead exemption. This tax benefit can provide significant savings, but it needs to be re-established after property transfers.

Many counties have specific requirements and deadlines for reapplying for homestead exemptions after deed transfers. Therefore, during our signing meetings, we provide comprehensive information sheets tailored to your specific county's requirements for this. These sheets contain all the necessary information and deadlines for reapplying for your homestead exemption.

Why This Matters

Property deed fraud can have devastating consequences, including:

• Loss of property ownership

• Expensive and time-consuming legal battles

• Damage to your credit rating

• Emotional stress and uncertainty

By staying vigilant and utilizing available protection measures, you can significantly reduce these risks and ensure your property remains securely in your name.

In Conlusion…

Property deed fraud can have devastating consequences, including loss of property ownership, expensive legal battles, damage to credit ratings, and significant emotional stress. Legislation like this proposed bill represents an important step toward providing property owners with tools to protect their assets.

Staying informed about such developments is just one aspect of comprehensive estate planning. Understanding how to protect your property today while planning for its future is essential for preserving your legacy.

Bequest Estate Planning is committed to providing comprehensive estate planning services that not only prepare you for the future but also protect what you have already built.

Estate Planning Considerations for LGBTQ+ Couples: Protecting Your Future Together

The 2015 Supreme Court decision in Obergefell v. Hodges marked a watershed moment for marriage equality, however, LGBTQ+ couples still face unique challenges when it comes to estate planning. Bequest Estate Planning, we understand these challenges and are committed to helping you create a comprehensive estate plan that protects your family's future.

Why Estate Planning Is Crucial for LGBTQ+ Couples

While the Supreme Court’s decisions in Windsor and Obergefell established marriage equality, these precedents could potentially be reversed. This makes comprehensive estate planning even more critical for LGBTQ+ couples. Several key areas require consideration and review:

Essential Components of Your Estate Plan

Whether you choose a trust-based plan or will-based plan, a well-drafted document provides significant benefits for LGBTQ+ couples. Key considerations include:

Choosing Your Fiducary (i.e. Trustee/Executor)

• Select one and then 2-3 successors. 

• Look for individuals who are: Financially savvy, Detail-oriented, Trustworthy, and Respectful of your relationship and wishes.

Distribution Planning

• Ensure your plan refers to your spouse by their individual name, not just their status as spouse. 

• Include specific wishes for asset distribution that do not rely solely on spousal recognition. 

• Specify exact dollar amounts or percentages for inheritances.

• Plan for contingent beneficiaries beyond immediate family.

• Include provisions for charitable giving if desired.

• Include provisions for personal property distribution.

• Consider non-traditional beneficiary arrangements.

Parental Rights Protection

For LGBTQ+ parents, the legal landscape remains complex. When one partner is a biological parent and the other is not, current law does not automatically recognize the non-biological parent as a legal guardian. This gap can be addressed through proper estate planning, including:

• Adoption proceedings for the non-biological parent.

• Explicit guardianship designations in wills.

• Trust provisions that ensure both parents' wishes for their children are honored.

Healthcare and Financial Decision-Making

Unfortunately, same-sex couples sometimes face challenges when attempting to make medical or financial decisions for an incapacitated partner. Reviewing and updating your Financial Power of Attorney (POA) and Advance Directive for Healthcare (ADHC) is essential to make sure your spouse has decision making power. Specifically: 

• Check to make sure your Power of Attorney (POA) and Advance Directive for Healthcare (ADHC) documents are updated with your spouse named as your agent and backups if they are unable to serve. 

• Once drafted, consider filing these documents with local hospitals for immediate access during emergencies.

Property and Account Ownership

Many couples are surprised to learn how their assets are actually titled. We'll help you, review and optimize the titling of your real estate, evaluate joint account arrangements, thereby ensure property ownership aligns with your estate planning goals. 

Next Steps

It is easy to feel overwhelmed by the potential changes, but our experienced team can make sure you have peace of mind. We will guide you through each choice during our consultation and ultimately help you: 

• Understand all available options.

• Consider various scenarios.

• Make informed decisions about your estate plan.

• Gather necessary information for documents.

• Ensure your plan reflects your unique family situation.

The most important step is starting the conversation. Contact us today by emailing hello@bequest.law, calling 404.500.7531, or clicking this link to schedule a consultation and begin protecting your family's future through comprehensive estate planning.

7 Estate Planning Myths Debunked

Estate planning is complex, and often misunderstood. Regardless of its size, there are several useful tools you can use to protect your estate.

Let’s debunk seven common myths and clarify how proper planning can protect your estate and its assets for future generations.

What is estate planning?

Estate planning is the process of arranging how your assets will be distributed and managed after your death or incapacitation.

Myth #1: Estate planning is only about avoiding estate taxes

The biggest concern I hear from our estate planning clients is “I don’t want my family to pay taxes when I die.” Sure. This concern is justified. If you do have an estate tax problem, your beneficiaries will pay a 40% tax on anything over the federal estate tax threshold.

However, each your unique situation requires further scrutiny. You might be worrying about an issue that just isn’t present.

What is an estate tax threshold?

Beneficiaries pay estate taxes on any amount over a specific threshold.

As of 2024, a single person can give $13.6M* over their lifetime without estate tax implications. Married couples can give close to $27M.

*Note: These thresholds are set to expire at the end of 2025. While the exact amount is unknown, experts estimate the new thresholds will be around $7M for a single person and $14M for married couples.

The Reality

Most Americans don’t have to worry about their beneficiaries paying estate taxes, because most American estates fall below these federal exemption thresholds. More common concerns are income taxes on inherited retirement accounts and capital gains on transferred assets. Not avoiding estate taxes.

The only tax that most people will deal with in terms of inheritance is income tax on a retirement account. For example, you pay income tax on distributions from an IRA or 401k, right? So when the owner of a retirement account dies and someone inherits the unused funds, the beneficiary of that account has to pay income tax on it.

The second most common concern are capital gains taxes on transferred assets. We discuss this, and the step-up in basis rule in Myth 3.

Key Takeaways:

• Most estates fall below federal estate tax exemption thresholds, therefore estate planning focuses more on income taxes and/or capital gains on inherited assets—not estate taxes.

• The most common tax for inherited assets is income tax on a retirement account.

• If your estate is nearing or exceeding the estimated $7 million threshold (2026), speak with an attorney now to help you consider available options.

Myth #2: Assets automatically go to the state if no plan is in place.

A common misconception about estate planning is how easy it is for your assets to transfer to the state upon your death. Especially without a valid will.

The Reality

It’s exceedingly rare for assets to escheat to the state; they generally pass to heirs under intestacy laws if no will or trust exists. However, it is highly recommended that you have an estate plan in place prior to your death, regardless of the size of your estate.

Tools like a trust can help your executor and beneficiaries receive trusted elements of your estate without going through probate court.

Key Takeaways

• It is rare for assets to pass to the state, even if a valid will is not in place.

• It is still highly recommended you have a will and an estate plan in place prior to your death

Myth #3: Prematurely transferring real estate to heirs simplifies inheritance

While transferring real estate during one’s lifetime might seem like a way to simplify inheritance or avoid probate, it can unintentionally lead to a larger tax burden for beneficiaries. Instead, allowing the property to pass through the estate (or a properly structured trust) ensures heirs can take full advantage of the step-up in basis rule.

The Reality

When an individual inherits an asset, its cost basis (the value used to calculate capital gains taxes) is adjusted to the current market value at the time of the original owner's death.

If property is transferred to heirs during the original owner’s lifetime, the step-up in basis does not apply. Instead, the heirs inherit the original cost basis of the asset.

For example, if a property was purchased for $100,000 and its market value at the time of the owner’s death is $500,000, the heir’s cost basis becomes $500,000. If the heir sells the property at $500,000, there are no capital gains taxes due because there is no gain above the stepped-up basis.

However, if the property is gifted to the heirs before the owner’s death, the cost basis remains $100,000. If the heirs sell the property at $500,000, they must pay capital gains taxes on the $400,000 increase in value. This premature transfer erases the potential tax savings from the step-up in basis, creating a higher tax liability for the heirs.

Key Takeaways

• Transferring real estate during one’s lifetime eliminates the step-up in basis, potentially creating significant capital gains taxes for the heirs when the property is sold.

• Allowing the property to pass through the estate (or a properly structured trust) ensures heirs can take full advantage of the step-up in basis rule, and therefore pay less capital gains tax if they sell the property.

Myth #4: Having a will means your family won’t need to go through probate

Probate court supervises the process of validating a will, settling debts, and distributing a deceased person's estate to beneficiaries.

The Reality

A will must still be probated to transfer assets to beneficiaries. Only assets held in a trust or designated Payable-on-Death (POD) or Transfer-on-Death (TOD) accounts can bypass probate avoid the court process.

These designations allow assets like bank accounts, investment accounts, or real estate to pass directly to named beneficiaries without court involvement.

Key Takeaways

• A will does not eliminate the need for probate; it simply guides the court on how to distribute assets.

• To avoid probate, consider transferring assets into a trust or using designations like payable-on-death (POD) or transfer-on-death (TOD) accounts.

• Proper estate planning, including trusts and other probate-avoidance tools, can save your family time, stress, and expenses after your passing.

Myth #5: Trusts eliminate the need for a will

Trusts are often marketed as the comprehensive estate planning tool to efficiently distribute assets. Yes—trusts are powerful tools for managing and distributing assets after death. However, this myth creates the impression that a trust alone is sufficient to cover all aspects of an estate.

The Reality

The safest approach to estate planning is having both. A trust allows a trustee to manage and distribute their assets after death. A will is still necessary as a failsafe to handle any assets not included in the trust or unexpected payments after death.

People may assume that once a trust is established, all their assets are automatically included in it, not realizing that any assets left outside the trust or acquired after the trust’s creation still need to be addressed by a will.

You can also create trust structures without putting any money or assets in. You can always create the trust structures first, and then move assets in later. This strategy is ideal because it gives you time to set up the structure now, so that when and if the time comes, you can begin moving money in.

Key Takeaways

• Trusts are powerful estate planning tools; however, a trust alone isn’t sufficient to manage and distribute all aspects of an estate.

• A will is still necessary as a failsafe to handle any assets not included in the trust or unexpected payments after death.

• You can create trust structures without putting any assets into them.

Myth #6: Trusts are self-executing and don’t require ongoing management

It’s a common misconception that once a trust is created, it automatically manages itself without any further effort or oversight.

The Reality

A trust only works as intended if it is actively funded with assets during the grantor’s lifetime. Trusts need periodic reviews to accommodate new assets, changing financial circumstances, or updates in estate planning laws. Without proper management, unfunded or outdated trusts may leave assets vulnerable to probate or unintended distribution.

Key Takeaways

• Trusts must be properly funded during the grantor’s lifetime to function effectively.

• Regular updates ensure trusts stay aligned with your financial goals and legal requirements.

• Poorly managed trusts risk leaving important assets unprotected or subject to probate.

Myth #7: Storing estate documents in a safe deposit box is a good idea

While safe deposit boxes may seem secure place to store estate planning documents, they can create significant delays for executors trying to access essential estate documents and assets after your passing.

The Reality

Safe deposit boxes can only be accessed by authorized individuals, and if the executor isn’t listed, they may need court approval to retrieve its contents. This process can cause delays in estate administration and add unnecessary stress for your loved ones. Storing documents in accessible, secure locations ensures smooth estate management.

Key Takeaways

• Executors without access to a safe deposit box may face delays and added expenses.

• Store estate documents in a fireproof safe or with a trusted attorney for easy access.

• Grant prior access to executors or trustees to prevent administrative bottlenecks.

Understanding these common estate planning myths can save you time, money, and stress. If you’re unsure about your plan or want to maximize current exemptions, schedule a consultation with our experienced estate planning team today.

This article is written by our friend and former client, Bud Simpson.