Ways to Name a Beneficiary in Georgia

A key element of estate planning is naming beneficiaries who will inherit your property upon your death. What many Gwinnett County residents do not realize, however, is that there are many different ways to name beneficiaries. The way in which you name a beneficiary can ultimately determine how quickly that person becomes the owner of the property, as well as the potential steps that the person needs to take in order to become the owner of that property. What are the different ways in which you can name a beneficiary in Georgia? Consider the following options from our Norcross estate planning lawyers.

Make a Will

You can identify beneficiaries to inherit your assets by making a will. This is one of the most common ways that Georgia residents name beneficiaries and among the most common types of estate planning documents that people know about, but it is not necessarily the easiest way to leave assets to loved ones. In fact, given that all assets distributed through a will must go through the probate process, many of the options below — none of which involve probate — can make it quicker and easier for your loved ones to become the owners of certain assets upon your death.

Create a Trust

Creating a revocable living trust can allow you to name beneficiaries for your assets and for those beneficiaries to have those assets distributed to them relatively quickly after your death and without going through probate. A revocable living trust allows you to place nearly any of your assets into the trust, to maintain control over the trust during your lifetime (including the option to amend the terms of the trust or to cancel it altogether), and to identify beneficiaries to whom those assets will be distributed upon your death.

Designate a Payable-On-Death Beneficiary on Your Bank Accounts

Many bank accounts in Georgia allow owners to designate a payable-on-death beneficiary. What this means is that, upon your death, the bank account will immediately become the property of the named beneficiary.

Name a Beneficiary on Your Life Insurance

Life insurance policies, pensions, and similar assets also allow you to name beneficiaries who will receive payouts upon your death.

Create a Transfer-On-Death Deed

Recently, Georgia has also begun allowing real property owners to name beneficiaries in a transfer-on-death deed. Like the payable-on-death designations for bank accounts, this type of deed results in real property immediately being transferred to the designated beneficiary (or beneficiaries) upon your death.

Contact a Gwinnett County Estate Planning Lawyer Today for Assistance with Beneficiary Questions and Other Aspects of Your Estate Plan

Naming beneficiaries is an important part of estate planning. While you will be naming beneficiaries to receive your assets in your will, there are also numerous other ways in which you can name beneficiaries — which can often make things much easier than a will — as we discussed above. To find out more about beneficiaries and estate planning, you should get in touch with an experienced Gwinnett County estate planning attorney at Bowman Law Firm. We can speak with you today about options in your particular circumstances for naming beneficiaries for your assets, and we can also assist you with other components of your estate plan. Contact our firm to learn more.

Source:

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