How to Prevent Beneficiaries from Having to Go Through Probate

If you have assets that you want to leave to your loved ones, you should talk with a Gwinnett County estate planning lawyer about ways you can prevent your loved ones from having to go through probate. Probate is a legal process in which the deceased’s will gets validated, and it is also the process in which the executor of the deceased’s estate will identify all of the deceased’s assets, pay any debts the deceased owed, and then, finally, distribute assets to the deceased’s beneficiaries according to the terms of their will. Probate can take quite a long time. The total length of the probate process will depend on the complexity of the estate, but on average, probate takes about a year or a little bit longer. What that means is that, for a Georgia estate, beneficiaries will not receive assets left through a will for many months, and potentially more than a year.

Yet through estate planning with an experienced lawyer, you can prevent your beneficiaries from having to go through probate for most, if not all, of your assets. Consider the following information, and then get in touch with our firm to find out more about how we can help you to leave your assets to loved ones in a way that avoids probate.

Create a Trust

One of the most common estate planning methods for avoiding probate is creating a trust through which assets can be distributed to beneficiaries without going through probate. Most types of assets can be placed in a trust and distributed to beneficiaries.

There are different types of trusts that you can create in Georgia, and the type of trust that is best for you and your beneficiaries will depend on details about your respective circumstances. If you solely want to leave assets to loved ones and to avoid probate, a revocable living trust can allow you to maintain control over the assets during your lifetime. If you want to provide for a disabled adult child, for example, you may need to create an irrevocable trust. Various types of irrevocable trusts exist in Georgia with distinct purposes, so it is important to discuss your needs (and your beneficiary’s needs) with your estate planning lawyer.

Designate Beneficiaries

If you want to leave bank account funds or real property to loved ones, and especially if these are your only major assets, you can do so without having to create a trust while still avoiding probate. You can designate payable-on-death beneficiaries for bank accounts, and you can designate a beneficiary in a transfer-on-death deed.

Contact a Norcross Estate Planning Attorney 

Do you want to find out more about estate planning tools in Georgia that can allow you to leave assets to loved ones while avoiding probate? By avoiding probate with specific estate planning methods, your beneficiaries can receive assets much more quickly than they would if those assets were distributed through a will. An experienced Norcross estate planning lawyer at Bowman Law Firm can speak with you today to learn more about the types of property you own and can assist you with methods for ensuring your loved ones receive those assets without having to wait months or longer for the probate process to conclude.

Sources:

georgiacourts.gov/probate-issues-special-needs-trusts/

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