Frequently Asked Questions

Lee Legacy Group, LLC is general consulting firm that provides services related to self-help estate planning, credit repair, and managing real estate portfolios. We are incorporated in Wyoming and our main regional office operates out of Alpharetta, GA.

Probate is a court-supervised legal process that oversees the distribution of a deceased person's estate, ensuring that debts are paid and assets are transferred to heirs according to the will (or state law if no will exists). Although it serves an essential function in confirming the estate’s administration, probate can be time-consuming and costly, especially for larger or contested estates.

Probate Costs

1. Court Fees and Legal Costs: Probate involves several expenses, including filing fees, attorney fees, and appraisal costs. These fees can be particularly burdensome if the estate is complex or has high-value assets requiring professional valuation.
2. Public Process: Probate proceedings are public records, which can lead to a lack of privacy for the family. Sensitive financial details may become publicly accessible, compromising the family’s privacy.
3. Time-Intensive: Probate can extend from several months to multiple years, especially when there are disputes, substantial debts, or interstate assets. This delay can prevent heirs from promptly receiving their inheritance.
4. Potential for Delays: Even uncontested cases can face court delays, adding to the already lengthy process.

For example:

• Costs in Georgia: For an uncontested estate, Georgia probate fees typically range between $1,500 and $4,500. Contested cases, especially those involving disputes or the need to remove an executor, can exceed $10,000 due to additional attorney fees, filing fees (typically $200-$250), appraisal fees for real estate and valuables, and required public notices
• Extended Timeline: Georgia probate often takes 8 to 18 months for uncontested cases. Disputes or complexities, like managing out-of-state assets or minor heirs, can extend this to several years, delaying access to funds for heirs.

Creating a living trust is an alternative solution, as it allows assets to transfer directly to heirs outside of probate. This approach reduces legal costs, protects privacy, and provides heirs with quicker access to assets. By bypassing probate, a living trust can alleviate much of the financial and emotional stress associated with the probate process.

A Living Trust is a legal document created during an individual’s lifetime that places their assets—like property, investments, and bank accounts—into a trust, which they control as the trustee. The main purpose of a living trust is to manage these assets during life and seamlessly transfer them to beneficiaries after death, often bypassing the probate process.

Key Features

1. Avoidance of Probate: Assets held in a living trust don’t go through probate, which can save time and legal costs.
2. Privacy: Unlike a will, which becomes public record after death, a living trust remains private.
3. Management During Incapacity: If the person becomes incapacitated, a successor trustee can manage the trust’s assets without court intervention.
4. Flexibility: The creator of a revocable living trust can alter or revoke it at any time, retaining control over their assets.

Living trusts are often part of a broader estate planning strategy, designed to simplify asset transfer and reduce legal expenses for heirs.

A Pour-Over Will is a specific type of will that ensures any assets not included in a person’s living trust during their lifetime are “poured over” into that trust upon their death. Essentially, it acts as a safety net, transferring remaining assets into the trust to ensure that they’re distributed according to the trust’s terms.

Key Points:

1. Completes Estate Planning: It captures any assets that were inadvertently left out of the trust, making sure they’re managed as intended.
2. Simplifies Asset Transfer: By directing assets into the trust, a pour-over will can help simplify the distribution process.
3. Mitigates Probate: A pour-over will works in conjunction with a living trust. When the time comes to settle an estate, the assets in the trust are distributed to beneficiaries as directed by the grantor. A pour-over will covers assets that the grantor had not put into their trust—whether by accident or on purpose—by the time of their death. In that way it acts as a sort of safety net. Pour-over wills must still go through probate, but absent explicit directions provided in a will, the remaining assets would otherwise be subject to laws of intestate succession that apply in the jurisdiction in which the individual died. 

In essence, a pour-over will complements a living trust, creating a complete estate plan to ensure all assets are managed and distributed according to the person’s wishes. Unlike assets already in a trust, assets transferred via a pour-over will still go through probate, although the goal is to minimize this. Keeping your trust up to date will help avoid the headaches of probate.

A Power of Attorney (POA) is a legal document that allows an individual (called the "principal") to grant another person (called the "agent" or "attorney-in-fact") the authority to make decisions and act on their behalf in specific matters. POAs are crucial for managing personal, financial, and healthcare decisions if the principal becomes unable to handle these responsibilities due to illness, incapacity, or absence.

Types:

1. General Power of Attorney: Provides broad authority, allowing the agent to handle a wide range of financial and legal matters, such as managing bank accounts, signing documents, and making business decisions. However, it becomes invalid if the principal becomes incapacitated.
2. Durable Power of Attorney: This type remains in effect even if the principal becomes incapacitated, making it essential for long-term planning. For example, a Durable POA for healthcare allows the agent to make medical decisions if the principal cannot communicate their wishes.
3. Limited or Special Power of Attorney: Grants the agent authority to handle specific tasks, like selling a house or managing a particular bank account, and typically ends when the task is completed or after a set period.
4. Springing Power of Attorney: Only becomes effective upon a specified event, such as the principal’s incapacitation, ensuring the agent can only act when necessary.

Importance:

• Medical Decisions: A healthcare POA ensures someone trusted can make healthcare decisions aligned with the principal's wishes.
• Financial Management: A financial POA lets the agent pay bills, manage assets, and oversee investments, which is critical if the principal is incapacitated.
• Avoiding Court Intervention: Without a POA, the court may need to appoint a guardian or conservator to manage the principal’s affairs, which can be time-consuming and expensive.

POAs are versatile and customizable, allowing principals to define the scope and duration of their agent’s authority. They’re essential tools for estate and incapacity planning, providing peace of mind that someone trusted will handle important matters if the need arises.

Advance Health Directives are legal documents that outline a person's healthcare preferences and designate who can make medical decisions for them if they’re unable to do so themselves. These directives empower individuals to retain control over their medical care, even in cases where they’re incapacitated, by ensuring that their wishes are known and respected.

Key Components:

1. Living Will: A document specifying which medical treatments or life-sustaining measures an individual wishes to receive or refuse, such as mechanical ventilation, tube feeding, and resuscitation efforts. A living will is often invoked if the person is terminally ill or in a permanent vegetative state.
2. Healthcare Power of Attorney: This allows an individual (the “principal”) to appoint someone (the “agent” or “healthcare proxy”) to make medical decisions on their behalf. Unlike a living will, which is limited to specific treatments, a healthcare power of attorney covers a broader range of medical decisions and remains in effect as long as the principal cannot communicate their wishes.
3. Do Not Resuscitate (DNR) Orders: A DNR order instructs medical professionals not to perform CPR if the individual’s heart stops or if they stop breathing. This directive can be included in an advance directive or issued separately, often at a hospital.

Importance of Advance Health Directives:

• Autonomy in Medical Care: Advance directives allow individuals to control their medical treatment, ensuring it aligns with their personal values and beliefs.
• Eases Family Burden: These documents relieve family members of the burden of making difficult decisions by clearly outlining the individual’s wishes.
• Avoids Legal and Medical Confusion: Advance directives reduce ambiguity for healthcare providers, enabling them to provide appropriate care without fear of legal repercussions.

Advance health directives are vital tools in estate and healthcare planning, ensuring that an individual's medical preferences are honored and preventing confusion during critical times.

Credit repair is an essential aspect of estate planning, ensuring that assets are unencumbered and fully protected within a living trust. By addressing credit issues in advance, individuals can reduce risks from creditors and strengthen the financial security of their estate.

Key Aspects:

1. Safeguarding Assets: Credit repair ensures assets are in good standing when they're transferred into a trust. Outstanding debts or credit issues might enable creditors to claim assets meant for beneficiaries, so resolving these concerns while you are living provides a smoother transition, protecting heirs from complications.
2. Improving Financial Stability: Better credit can enhance financial stability, which is beneficial when establishing a trust. Good credit allows for favorable loan terms and investment opportunities, which can increase the value and stability of your assets, creating a more predictable financial legacy for beneficiaries.
3. Enhancing Future Estate Flexibility: Good credit allows more flexibility in managing, financing, or adding to assets in the future. With an improved credit score, individuals can take strategic steps like leveraging real estate investments or managing loans, helping build a stronger financial position that aligns with both their current and future estate planning goals.

Taking proactive steps to improve credit provides peace of mind, enabling individuals to build a secure and well-protected legacy for their loved ones.