What Does not Fall Under Probate: A Quick View
Probate is the process of distributing the estate of a person who has recently passed away. However, the longevity of the probate process depends on several other factors. Personal representatives and beneficiaries might suffer from a dilemma while figuring out whether probate is necessary or not. Check out this article to clear your doubts with ease.
Learn What Does Not Fall Under Probate?
Not everything owned by the deceased person will go through the process of probate. Assets that usually do not undergo the procedure include:
- Jointly owned assets
- Trust assets
- Beneficiary designations
Keep reading this article to learn about them in an elaborate way.
Jointly Owned Assets
Learn What Does Not Fall Under Probate?
Not everything owned by the deceased person will go through the process of probate. Assets that usually do not undergo the procedure include:
- Jointly owned assets
- Trust assets
- Beneficiary designations
Keep reading this article to learn about them in an elaborate way.
Jointly owned assets are the one that gets passed on to the surviving owner, and that person does not need to undergo the probate process. This kind of ownership refers to the joint ownership with the right of survivorship. However, one of the owners passes away without adding another individual, or if both the persons die simultaneously, their heirs need to go through the probation process. Under such circumstances, Georgia probate court lawyers can help the person with legal proceedings in the court.
You need to stay aware and look into the matter so that the transfer to the assets takes place immediately after the death of the first person. Even if you have mentioned in your will that you want someone else to receive the share, it is not possible. The asset will be received by the surviving person, and they will get the opportunity to use them in their way. On the other hand, there is another type of joint ownership, that is tenants-in-common.
With this type of ownership, your share will be received by that person whom you have mentioned in the will. It will no longer go to the other owner; if your will doesn’t say that in the first place. Like this, you will get the scope to control your decision; however, the asset will have to undergo a probate process.
Beneficiary Designations
There are some assets such as IRAs, insurance policies, certain bank accounts and retirement plans that will allow you to name a beneficiary. After your death, your assets will automatically get passed on to the person whom you have mentioned as your heirs. They will not have to apply for probate anymore. However, there are certain exceptional cases that are discussed below:
- If the beneficiary you have mentioned dies before or during the same time as you, the legal proceedings will involve probate. It will help the successors to receive their share. Georgia probate firms can provide their legal and exert guidance under such cases.
- If the beneficiary is incapacitated, the probate court will grab control over the assets through a conservatorship or guardianship.
- If you mention ‘my estate’ in your list, the Georgia probate attorney, along with the court, will have to figure out who ‘my estate’ is. The assets will thus go through a probate process.
- If you mention the name of a minor person as your beneficiary, the court will establish guardianship. They generally do not pay a minor. The court will look for some other legal solutions under such scenarios.
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Trust Assets
Assets in trust tend to avoid probate. On the other hand, if there is trust in your will, you will not get the scope to get rid of probate.
The Bottom Line
These are some of the cases where the process of probate is not incorporated. You can get in touch with our Probate Law Firm and seek professional guidance.
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