How to Leave Your Assets to Loved Ones in Norcross

Part of any Georgia resident’s estate planning process typically involves considerations about who will inherit their property and by what means. For many Norcross residents, a will is the most important document through which to identify assets and the persons or parties to whom they should be distributed upon death. Depending on the type of assets, however, it may be easier to take other steps with your estate planning attorney’s help to ensure that your loved ones receive your property according to your wishes. In some cases, your surviving family members may be able to inherit your property without needing to go through the complex process of probate. Our Georgia estate planning attorneys can tell you more about the available options under Georgia law.

Make a Will and Name Parties to Inherit Your Property 

You can work with an estate planning lawyer in Georgia to make a will, and in that document you can identify any parties or entities to inherit specific assets you own. After you pass away, your will must go through the probate process, which is a process where the validity of your last will and testament will be established and your executor will handle the distribution of assets according to the terms of your will after all debts and taxes are appropriately paid from your estate.

Identify Beneficiaries on Insurance and Retirement Accounts 

Some types of assets allow you to name a beneficiary to whom the asset will go if and when you die. For example, you can name a beneficiary on your life insurance accounts, and on some types of retirement accounts. Through this method, the assets will not need to be probated.

Set Up a Transfer-On-Death (TOD) or Payable-On-Death (POD) Designation on Your Bank Accounts 

If you have bank accounts in Georgia, you can set up something known as a “transfer-on-death” or TOD, or “payable-on-death” or POD, designation on those accounts. What this involves is naming a party to whom your bank accounts will transfer upon your death. This process also does not involve the assets being probated.

Create a Newly Available Transfer-On-Death Deed for Real Estate 

Under a recent 2024 change in Georgia law, real estate can also now be transferred through a “transfer-on-death” or TOD deed. Some states call this a Lady Bird deed.  Through this TOD deed, you can name a party to whom any real property you own will transfer upon your death. TOD deeds for real estate also do not require the real estate assets to go through probate.

Establish a Trust 

Many types of trusts can be created under Georgia law. By creating a trust and placing assets in it, those assets can ultimately be distributed to beneficiaries of your choosing without the assets needing to be probated.

Contact a Norcross Estate Planning Lawyer 

If you have any questions or concerns about your options for leaving assets to loved ones, and options available to you that may allow your loved ones to avoid probate, you should seek legal advice. A Norcross estate planning attorney at Bowman Law Firm can discuss your financial circumstances today and can advise you on the best options for ensuring that your loved ones receive your assets in as streamlined a way as possible after you are gone. Contact us today for assistance with your will, beneficiary designations, trusts, and more.

Sources:

law.justia.com/codes/georgia/title-53/

law.justia.com/codes/georgia/title-44/chapter-17/section-44-17-1/