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Thompson Mungo Firm

Negative Side Of Not Updating Beneficiary Designations

Updating your beneficiary designation is crucial when a significant event happens, such as birth, adoption, marriage, divorce, and death. You must complete an update form with the right beneficiary if your designated beneficiary is no longer the best choice for a certain account. The consequences of not updating a beneficiary designation are vast and dangerous. The benefits could pass to someone you don't want to inherit.
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Thompson Mungo Firm

The Purpose Of Guardian Ad Litem In Probate

Guardian Ad Litem (GAL) is the person appointed by the court to defend and protect the rights and interests of the heir of a deceased person's estate in circumstances where these individuals cannot legally represent or speak for themselves in probate proceedings because their mental or physical being may be limited.
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Thompson Mungo Firm

Georgia Property Tax Homestead Exemption

Some of us have put our properties, like a home and land, in a trust as part of our estate plan. In transferring properties to a trust, whether a house or land, additional paperwork should be completed. For example, your living trust will only be properly funded if you take the necessary steps to ensure that the title to your home is properly and legally transferred to the trust. Funding is the process of transferring title to an asset from your name personally to the name of the trust. Once funding is accomplished, there are certain benefits that will need to be renewed such as homestead exemption.  It is important to re-apply for any exemptions or incidental benefits that may have been held prior to funding your property to the trust.
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Thompson Mungo Firm

Don't Forget Your Elderly Loved Ones

Our elderly loved ones are a significant part of our lives; they are a part of our legacy. They used to look out for us when they were at their strongest. They have given everything they can to support us and become the person we are today. We must be there for them now that they are in their old age. Our physical presence is the best and most meaningful gift we can give them.
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Thompson Mungo Firm

Who Controls The Asset Of A Deceased Loved One?

When a loved one passes away, dealing with the financial affairs of their estate can be overwhelming, daunting, and stressful. Many families try to name a family member as their preferred executor in their Will—but that can put that family member at risk if there is a conflict of interest during grieving. The law in Georgia is very clear about who controls the estate or the assets if a loved one dies in Georgia.
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Thompson Mungo Firm

Where should you probate the estate of a loved one who has passed away?

It can be complicated to figure out where to probate a loved one's estate, but it doesn't have to be. Ordinarily, probate should be established in the county where your loved one resides at the time of death. However, there are certain circumstances where it may be more appropriate to open an estate in a different state from the state of residence. If you're unsure where to probate the estate, we've put together the following scenarios to help you find the right place to open and probate the estate your deceased loved ones left you.
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Thompson Mungo Firm

IMPORTANCE OF UPDATING BENEFICIARY DESIGNATIONS

Beneficiary designations are typically chosen upon opening a bank account, retirement account, or life insurance policy but can sometimes be forgotten. After your passing, the account's assets will be transferred directly to the beneficiary you chose.
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Thompson Mungo Firm

Probate and Minor Settlement Update in Georgia

The elimination of procedures for court approval and conservatorship in settlements of less than $25,000 frees parents and guardians from the difficulties and burdens associated with the process. It saves a significant amount of time and money, as well as the hassle of paying multiple fees.
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