In the state of Georgia, when someone dies with only a will – or not even that basic protection – in place, their estate must go through a court process known as probate. Probate is the process where the state of Georgia steps in to ensure the deceased person’s debts are paid and their assets are distributed fairly. It can be a time-consuming, costly process. Thankfully, there are a few simple steps you can take now to avoid sending your family through the probate process upon your demise.
- Establish A Living Trust
When you set up a living trust, your property and assets are passed directly to the beneficiaries you name. Different from a simple will, a living trust is not subject to the probate court process, provided the trust is funded by you with your assets during your lifetime. - Name Specific Beneficiaries For Your Accounts
Taking time now to set up what is called transfer-on- death provisions for retirement accounts, bank accounts, insurance policies, and investment accounts is another strategic way to avoid probate court. You name a beneficiary now, and that person will receive the balance of these accounts after you pass away without the necessity of probate. - Establish Joint Ownership of Any Property In Your Name
Establishing joint ownership of your real estate holdings allows you to pass your property to others in its entirety. Doing so is a simple process of changing property deeds to a ‘tenancy by the entirety’ or a ‘joint tenancy’. An attorney can make this simple change to your deeds allowing your family to completely avoid the probate court for your real estate.
Call the Grissom Law, LLC today to help set up your estate plan. We’ll work with you to discuss these and other ways to allow you to decide what becomes of the property and assets you’ve worked hard for. Trust your estate planning to us. We’ll make sure your final wishes are met and your family avoids the burden and inconvenience of the probate course process.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.