What Happens to Assets that are not Included in a Will in Georgia?

Money Trap on Wills

Key Takeaways:

  • Assets not included in a will in Georgia typically pass through intestate succession laws.
  • Proper estate planning is essential to ensure all assets are accounted for in a will.
  • Understanding Georgia’s intestacy rules can help prevent unintended distribution of your assets.

When a will does not specify all assets, the distribution of these unmentioned assets is governed by Georgia’s intestate succession laws. Knowing how these laws work is crucial for ensuring your assets are distributed according to your wishes.

What happens to assets not included in a will in Georgia?

In Georgia, any assets not explicitly included in a will are distributed according to state intestacy laws. These laws define a default inheritance path typically favoring closest family members, which might not always align with the decedent’s intended wishes.

Detailed Analysis:

1. Intestate Succession Laws in Georgia:

  • Immediate Family First: Assets typically go to the spouse and children, with the spouse receiving at least a third of the estate and the children sharing the remainder.
  • Extended Family: If there are no immediate family members, assets may go to parents, siblings, or further distant relatives in a prescribed order.
  • State as Last Resort: If no relatives can be found, the state of Georgia may claim the assets.

2. Commonly Overlooked Assets:

  • Personal Property: Items like jewelry, art, and other personal effects often are not specifically listed in a will.
  • Digital Assets: Online accounts and digital content can be overlooked in estate planning.
  • Small Financial Accounts: Sometimes small bank accounts or stocks are forgotten and not included in the will.

3. The Importance of Comprehensive Estate Planning:

  • Avoiding Intestate Succession: By including all assets in your estate planning, you can ensure they are distributed according to your precise wishes.
  • Updating Regularly: Life changes such as acquiring new assets or changes in family dynamics necessitate updates to your will to include these assets.

4. Steps to Include All Assets:

  • Inventory Your Assets: Regularly update an inventory of all assets, including those you acquire over time.
  • Consult with an Estate Planner: Work with a professional to ensure no asset is left out of your estate plan.
  • Consider a Trust: Setting up a trust can also help manage assets not only upon death but during your lifetime.

Ensuring all your assets are included in your estate planning is essential for them to be distributed according to your wishes. Without such inclusion, your assets will be subject to Georgia’s intestate succession laws, which might not reflect your personal preferences. Regular reviews and updates of your estate plan with the assistance of a professional can help capture all assets and prevent unintended consequences.

Get Help Today with Hurban Law, LLC in Lawrenceville, GA

To ensure no asset is left unprotected and all are included according to your wishes, consult with Hurban Law today. Our experienced estate planning attorneys can help you craft a comprehensive plan that covers all your valuable assets.

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