Can My Family Avoid Having to Go Through Probate?
After a loved one dies, a process known as probate begins. The probate process is a legal process through which the deceased’s will is validated, and through which the executor of the estate will pay out remaining debts and taxes of the deceased, and ultimately will oversee the distribution of the deceased’s assets according to the terms of the will. Given that probate can take quite some time, it may be months before your loved ones actually inherit the assets you have left them. For a surviving spouse or a surviving dependent, it may be important to ensure that they have financial support from you continuously, without having to wait for the probate process to conclude. There are ways to leave certain assets in Georgia without having to go through probate.
In other words, certain assets will not need to be “probated” if you take steps ahead of time with assistance from a Norcross estate planning attorney. The following are some of the key ways you can leave assets to loved ones in a manner that will not require that these assets go through the probate process.
Establish a Trust
Establishing a trust is one of the most common ways to ensure that assets are transferred to a designated beneficiary while avoiding probate. There are many different types of trusts available in Georgia, so it will be important to discuss the most appropriate type of trust based on your needs.
Payable on Death Beneficiary Designation
You can designate a beneficiary on insurance policies, and bank accounts in Georgia allow you to designate a payable-on-death (POD) beneficiary. Any individual designated as a POD beneficiary will have the contents of your account automatically transferred to them upon your death. No probate will be necessary for these assets.
Transfer on Death Deed for Real Estate
Georgia is a state that allows a transfer-on-death (TOD) deed for real estate, and this has only been available since 2024. What this means is that you can create a TOD deed for your home or another piece of real estate, and it can transfer to the beneficiary of your choosing upon your death.
Joint Ownership of Certain Assets
Some assets can legally be owned jointly, such as by two spouses or by a parent and an adult child. When two parties own an asset jointly (such as a home or a vehicle, for example) and one of the parties dies, the other owner becomes the sole owner of the asset. Bank accounts can also be co-owned. There is no need for the asset to go through probate.
Contact Our Gwinnett County Estate Planning Lawyers Today for Assistance
Estate planning is a complex process, and most estate plans involve a range of documents and tools. To find out more about ways of helping your family to avoid probate after your death, especially concerning specific assets, you should get in touch with a lawyer as soon as you can. One of the Gwinnett County estate planning attorneys at Bowman Law Firm can talk with you today to learn more about your particular circumstances and to discuss various estate planning options and strategies with you. Contact us today to find out more about how we can help with your estate planning needs in Georgia.
Sources:
law.justia.com/codes/georgia/title-53/
law.justia.com/codes/georgia/title-44/chapter-17/section-44-17-2/
bankofamerica.com/deposits/beneficiaries-faqs/
