For many, the term “Probate” can cause a sense of uncertainty when it comes to handling the affairs of a departed loved one. In Georgia, understanding probate and learning methods to avoid it can be important for a smoother estate transition to your heirs. During probate, the court supervises a number of different legal actions, all of which are aimed at finalizing your affairs and settling your estate.
When Probate Is Required & Who can Help you in Georgia?
Probate court hearing usually happens when you have no estate plan or when you pass away without a Will. A Probate Attorney is a Georgia State-Licensed Lawyer who can help you in court as many of your assets must first pass through the court process known as probate before those assets can be distributed to your heirs.
Assets That Do Not Require Probate In Georgia
Certain assets, such as those with beneficiary designations like 401(k)s, IRAs, and the proceeds from life insurance policies, will pass directly to the individuals or organizations you designated as your beneficiary, without the need for any additional planning.
- Retirement accounts, IRAs, 401(k)s, and pensions
- Life insurance or annuity proceeds
- Payable-on-death (POD) bank accounts
- Transfer-on-death (TOD) property, such as bonds, stocks, vehicles, and real estate
Outside of assets with beneficiary designations, other assets that do not go through probate include assets with a right of survivorship, such as property held in joint tenancy, tenancy by the entirety, and community property with the right of survivorship. These assets automatically pass to the surviving co-owner(s) when you die, without the need for probate.
Avoid Probate with a Revocable Living Trust in Georgia
Trusts are a popular estate planning tool for avoiding probate. Although there are a variety of different types of trust, the most commonly used trust for probate avoidance is a Revocable Living Trust, also called a “Living Trust.”
A Trust is basically a legal agreement between the “Grantor” (the person who puts assets into the trust) and the “Trustee” (the person who agrees to manage those assets) to hold title to assets for the benefit of the “Beneficiary.” With a Revocable Living trust, this agreement is typically made between you as the grantor and you as the trustee for the benefit of you as the beneficiary.
Get Help Today & Consult With An Estate Planning Attorney
While Probate is a standard legal process, understanding it and exploring alternatives can be empowering. Implementing proactive strategies, such as living trusts and beneficiary designations, can offer peace of mind and streamline the estate administration process. We will offer you the support and guidance you need at Hurban Law.
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