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.
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.
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:
- Investment accounts note a “transfer on death” TOD beneficiary.
- Bank accounts with a “transfer on death” TOD beneficiary.
- Retirement accounts
- Life insurance that names a beneficiary other than the deceased’s estate.
- Boats and cars registered in transfer on death form.
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:
- Community property refers to the property owner held by married couples, and it comes with the right of survivorship. However, you need to be careful since all the states do not recognize the forms in the same way. You can take advice from a Georgia probate lawyer.
- Tenancy by the Entirety is ownership available only to legally recognized couples. It is pretty similar to the joint tenancy having a right of survivorship. If you deal with any doubts, a Georgia probate firm can help you.
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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:
- Revocable trusts are created in the lifetime of the individual. This trust can be changed, altered, revoked or modified.
- On the other hand, you will not get the opportunity to change, alter or modify an irrevocable trust. Their trusts are a good option for transferring more significant assets and dealing with tax savings properties.
- The charitable trust gets created during the lifetime of the grantor. It is a financial planning tool.
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.