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A Comprehensive Guide on What Is Not There in a Georgia probate

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What Is Not Included in Georgia probate?

A Comprehensive Guide

After the death of an individual, every person tends to leave behind some of their assets that do not undergo the process of probate. Hence, if you choose to conduct a Georgia probate process, everything will not be included in the list. This is good news since the properties that do not go through probate can be quickly passed on to others. In this article, we will learn about all those elements that are not incorporated in Georgia probate.

Assets Having Lower Value

It is an extremely common situation. Under such circumstances, Georgia probate is not needed since the value of the investment or the bank account is below the threshold of a financial institution. However, you will have to deal with particularly involved administration since each of these institutions come with their own forms and requirements. The person who will claim their funds will be required to prove their entitlement by producing a copy of the will and confirming their schedules as beneficiaries or executors.

Pensions

When it comes to pension, a probate grant is not needed to release certain lump sum advantages. However, it is extremely important to make sure that updated instructions are delivered to the pension organizations during an individual’s lifetime.

Designated Beneficiary

The designated beneficiary is the individual who is selected for inheriting an asset such as the money from a life insurance policy or bank account. After your death, your properties having a designated beneficiary will be instantly passed on to the named person. The beneficiary will have to fill out a short form. The asset with a named beneficiary include:

Jointly Owned Property

The jointly owned property comes with the right of survivorship which helps you avoid the legal solutions associated with the probate procedure. There are several ways to own property jointly. That includes:

 

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Georgia Probate Court

Trusts

Trusts are designed to enable your friends and family you care about to take the possessions from you without undergoing expensive and lengthy Georgia probate procedures. There are several types of trusts that include:

 

The Bottom Line

These are some of the conditions where you no longer need to go through hectic Georgia probate proceedings. You can get in touch our Probate Law Firm to represent you with your legal procedures.

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