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

Money Trap on Wills

When creating a will, it’s important to consider all of your assets. However, sometimes certain assets might not be explicitly mentioned or accounted for in the will. In Georgia, as in other states, there are specific laws that dictate how these unmentioned assets are handled after your passing.

Understanding Intestate Succession in Georgia:

For assets that are not included in a will, the state of Georgia uses intestate succession laws to determine their distribution. Intestate succession occurs when:

  1. An individual dies without a will.
  2. There is a will, but it does not account for all the decedent’s assets.

How Intestate Succession Works in Georgia:

The process for distributing unmentioned assets depends on the deceased’s family structure and the relationships defined under Georgia law. Here’s how assets might be distributed:

  • If the deceased is survived by a spouse but no children: The spouse inherits everything.
  • If survived by a spouse and children: The spouse shares the estate with the children, with the spouse’s portion not being less than a third.
  • If there are children but no surviving spouse: The children inherit everything, divided equally.
  • If there are no direct descendants: The estate may go to parents, siblings, or further extended family based on a predefined order of succession.

Special Considerations for Certain Types of Assets:

Not all assets automatically become part of your probate estate (the estate that is distributed according to your will or intestate succession). Some assets bypass the will and intestate laws altogether because of how they are titled or designated:

  • Jointly Owned Property: Real estate or other property owned in “joint tenancy with right of survivorship” automatically passes to the surviving owner(s) and is not affected by will or intestate laws.
  • Designated Beneficiaries: Assets like life insurance policies, retirement accounts, and some bank accounts may have designated beneficiaries and pass directly to those named individuals.
  • Trusts: Assets held in a trust are distributed according to the terms of the trust, not through the will or intestate succession.

The Importance of Comprehensive Estate Planning:

To avoid unintended consequences of intestate succession, it’s important to ensure all your assets are considered during the estate planning process. Here are a few tips:

  • Regularly Review Your Will: Life changes such as marriage, divorce, births, and deaths can affect your estate plan. Regular reviews help ensure all your assets are included and intentions are clear.
  • Consider a Trust: Establishing a trust can provide greater control over how your assets are distributed and can help avoid probate.
  • Professional Guidance: Consulting with an estate planning attorney can provide assurance that all aspects of your estate are covered.

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

Are all of your assets covered in your estate plan? Contact Hurban Law LLC. today to schedule a review of your estate plan with our experienced attorneys in Georgia. Ensure your legacy is preserved exactly as you wish.

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