Barry Benton, Attorney at Law

An Interview with Barry Benton

Why do you need an estate plan? What happens is you don’t plan ahead for the end of your life? What are some smart ways to give that will benefit you and your favorite charity? For the answers to these questions and others, read on.

An Interview with Nancy Gerard at GA-Cumberland Academy (Jan. 2004)

Why do you need an estate plan? What happens is you don’t plan ahead for the end of your life? What are some smart ways to give that will benefit you and your favorite charity?

Recently, we interviewed Barry Benton, attorney, estate planner, and passionate supporter of Georgia-Cumberland Academy. Barry guides people through the process of determining what will happen to their estate when they die. He recently shared his views and some important basic information about estate planning that we knew would be helpful to our alumni and friends. Barry and his wife Sandy live in the Calhoun community and are the parents of a GCA alumnus (David Benton, ‘98). Besides his busy legal practice, Barry serves on the Endowment Management Committee at GCA, flies his airplane, teaches a Sabbath School class, leads a Bible Study group, and is heavily involved in a Mission outreach program in Haiti.

Nancy: Barry, why is an estate plan important?

Barry: Without an estate plan or will, there is no orderly, smooth transfer of assets at the death of a person. Your will allows you to be in charge of what happens to your assets, who will raise your minor children, and the appointment of an executor, or personal representative to collect your assets and distribute them according to your will.

Nancy: What happens if you don’t have an estate plan when you die?

Barry: If you die without a will or estate plan, your assets will be distributed according to the State’s will, called "the rules of intestacy" which may not coincide with your desires. Usually this means a third of the assets to the spouse and two thirds to the children. In some states the division would be 50/50. You also would not be able to leave any money to charity. Not having an estate plan greatly complicates matters for family members who are left behind at your death.

Nancy: What is the percentage of couples or individuals who do not have an estate plan?

Barry: Surprisingly 60% of adults either have no plan or their plan is woefully inadequate. Baby boomers fit this figure as well. Many couples put together an estate plan when their children are minors, then fail to update them when the children are grown.

Nancy: Who benefits from an estate plan?

Barry: It is a win-win situation all the way around. You get your wishes carried out and the beneficiaries get what you have said they will get. Without a plan, you end up with upset, angry people.

Nancy: What are some things an individual or couple should be aware of when establishing an estate plan?

Barry: You need to know what you want to do with your estate, who will be your personal representative to carry out your wishes, and who will be the guardian(s) of your minor children. You also need to know title information: Who is the owner of your assets? Whose names are on the titles of your vehicles, boats, homes, etc. Bottom line, you need to know what you own and what you owe. It is also important to know who will have power of attorney, and who will be your agent for health care decisions and/or business decisions.

Nancy: If one of our constituents reads this interview and decides it is time to establish an estate plan or update their current plan, what would you recommend?

Barry: An easy (and free) way to set up an estate plan is to go through your local SDA conference trust office. Conferences offer free estate plans, including a Will, Power of Attorney, and Living Will and Health Care Surrogate Designation form to all its members. The other way to establish an estate plan is to contact an attorney.

Nancy: How can individuals and couples benefit their favorite charities through their estate plans?

Barry: There are many ways to benefit charities, such as GCA. Besides designating a portion of your assets to be distributed to the charity upon your death, there are other ways to benefit the charity and you, while you are still living. An example of this is the Charitable Gift Annuity, which will provide lifetime income to you, a large immediate tax deduction, avoidance of capital gains on the gifted amount, and partially sheltered tax-free income. Other examples of ways to give include the Charitable Remainder Unitrust, which is an effective inflation fighter and which has many of the same benefits of the Gift Annuity. For younger constituents or alumni, there might be some interest in delayed gift annuities, which provide for instant deductions but later payouts (at their choice) so that the amount gifted grows and the donors receive a larger payout sum when they retire. Any of these options would need to be discussed with an attorney or estate planner.

Nancy: Thanks, Barry, for all the helpful information you’ve shared with us about estate planning.

As you can see, planning ahead for the end of your life is a very important action we all need to take. Have you made plans? Are your plans up-to-date? Do you need some legal advice about how to manage your assets? We would encourage you to find the help you need to make sure your plans are adequate for the dispersal of your assets at the end of your life.

If you would like help with an estate plan, call the Alumni and Development Office at GCA, (706) 625-7166 and talk with Nancy Gerard. We can help connect you with a professional who will help you.