Ways of Leaving Assets to Your Loved Ones

Knowing that your financial assets and cherished possessions will safely pass to your loved ones when you die is a great source of peace of mind for nearly all Georgia residents. In order to ensure that your property will be distributed according to your wishes, it is essential to have an estate plan in place. All estate plans look a little bit different, and there are various options available for leaving your assets to beneficiaries based on the nature of the property and details about the beneficiary. Our Gwinnett County estate planning lawyers can tell you more about some of the most common ways of leaving assets to loved ones through estate planning, and we can speak with you today about the particular options based on your property and estate.

Making a Will

One of the most common ways of leaving assets to family, friends, and entities is by making a will. There are specific requirements for making a will in Georgia so that it is valid and enforceable upon the death of the testator (the testator is the person who makes the will), and an estate planning lawyer can ensure that all requirements are met. Yet it is also important to know that all property to be distributed through a will must first go through a process known as probate, which involves identifying all property and validating the will. Probate can be a lengthy process, so you may want to consider other options for leaving assets that can be distributed more quickly to your beneficiaries.

Creating a Trust (or Multiple Trusts) 

Often Georgia residents will create one or more trusts to leave assets to beneficiaries. There are various types of trusts in Georgia, and they serve different purposes. It is important to discuss with a lawyer whether one or more specific kinds of trusts may be appropriate based on your property and intended beneficiaries. One of the major benefits of all trusts is that assets held in them do not need to go through probate before being distributed to beneficiaries.

Bank Payable-On-Death Beneficiary Designations

If you have assets held in bank accounts (including many different types of accounts), you can name a payable-on-death beneficiary, to whom the bank assets will be transferred upon your death. The assets will not need to go through probate.

Transfer-On-Death Deeds for Real Estate 

Unlike many other states, Georgia also allows residents to transfer real property through a transfer-on-death deed. You can create one of these deeds so that any real property (such as your home or a vacation property) can be transferred directly to the beneficiary upon your death. The assets will not need to go through probate.

Contact a Norcross Estate Planning Attorney Today

Making sure that your assets will be distributed to your family members, friends, and charities of your choosing is something that nearly everyone in Gwinnett County wants to be sure of, and the way to do this is through estate planning. If you do not have an estate plan in place, then Georgia’s intestate succession laws will apply, which means that the state will determine how your assets are distributed. You can give yourself peace of mind by working with an experienced Norcross estate planning lawyer at Bowman Law Firm on your estate plan, and using one or more of the tools and methods we have discussed above. If you have any questions, or if you are ready to begin working on your estate plan, do not hesitate to reach out to us to learn more about how we can assist you. Contact Bowman Law Firm today for help with all of your estate planning needs in Gwinnett County.

Sources:

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

law.justia.com/codes/georgia/title-44/chapter-17/section-44-17-2/