AboutAlexander J. Hay Expertise I can answer questions on trusts, wills, and specifically the use of Offshore Trusts and Companies in combination with Domestic entities to help with estate planning, tax minimization and asset protection.
Experience I am a U.S. attorney with offices in the United States and Belize. I have experience helping to protect assets, reduce taxes, and improve investment performance by utilizing global investment techniques.
Education/Credentials Harvard University, A.B. degree; University of Houston Law Center, J.D. Degree; Fulbright Scholar
Expert: Alexander J. Hay Date: 6/25/2008 Subject: intestate estate
Question I recently had a client pass away intestate. The house is really the only asset in question. He left behind a widow and 2 sons, ages 7 and 6. I know ownership of the house will be split into 1/3rds. My question is if the widow decides to sell the house, Can she use/what can she use the portions set aside for the boys on? I am in GA. Thank you for your help.
Mack
Answer I am not really familiar with GA laws. But when push comes to shove, unless the property is extremely valuable it probably will not matter. What you need to be careful about is to avoid spending more money to obtain permission to sell the property than it is worth. Depending on GA law, guardianship of the estate (or something similar) may need to be established to guarantee that the funds that are set aside for the kids are properly spent for the kids. Sooooo... Usually that means only the lawyers get the money since every time you have to spend money you have to get a court order/approval.
This is why it is so tragic to have married couples with children have no wills. It might cost more to sell the property than it is worth due to the title problems. Talk to a friendly local attorney. Perhaps GA has some reasonable solution to these problems. Perhaps under GA law the mother as automatic legal guardian can sign on behalf of her children without getting courts involved?
