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Thompson Mungo Firm

Implications of Unpaid Creditors' Claims in Probate

Explore the consequences of unpaid creditors' claims in probate, including legal actions, potential asset seizure, and delays in distribution to beneficiaries. Understand the personal liability of executors, the risk of court intervention, and the voiding of improper asset transfers. Discover how this can impact heirs and beneficiaries, leading to reduced inheritances and challenges in obtaining their share.
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Thompson Mungo Firm

How Does Georgia Prioritize Estate Settlements?

Navigating priorities can be tricky. This guide dives into O.C.G.A § 53-7-40, explaining who gets paid first: family, funeral costs, taxes, debts, and more. Understand your rights and responsibilities in clear, concise terms.
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Thompson Mungo Firm

Managing Social Media Accounts After Death

When it comes to popular social media platforms, each platform has its own policies and procedures for handling accounts after the user's death. Understanding these processes is crucial for effective digital estate planning.
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Thompson Mungo Firm

What Happens To Social Media Accounts When You Die?

In an increasingly digital world, social media has become an integral part of our lives, connecting us with friends, family, and the world around us. But have you ever considered what happens to your social media accounts when you pass away?
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Thompson Mungo Firm

DIGITAL ESTATE PLANNING: DIGITAL ASSETS

When it comes to digital assets, there is a wide range of items to consider. The following list provides an overview of common types of digital assets and relevant terms to consider in the event of death.
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Thompson Mungo Firm

The Cost of Not Probating an Estate: Protecting Your Financial Future

Probate is a vital legal process for ensuring the proper distribution of a deceased person's assets and settling their final affairs. However, not probating an estate can lead to significant financial consequences. In this article, we delve into the risks associated with neglecting the probate process and emphasize the importance of taking the necessary steps to safeguard your financial future.
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Thompson Mungo Firm

How To Put Business Interests Into A Trust?

Each business type of structure offers different levels of asset protection and affects how much you pay in taxes. But owners can exert further control over their business—both while alive and after they pass away—by placing business interests in a trust.
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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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