Georgia does not have a small estate probate process; however, Georgia code, O.C.G.A. § 7-1-239, does include a provision that allows heirs to acquire financial assets from a financial institution without having to go through probate court when the deceased died intestate. In Georgia, an Affidavit of Small Estate allows collection of not more than $15,000.00 from financial institutions under certain circumstances. The Affidavit of Small Estate offers a more efficient and cost-effective way to handle these assets when there isn’t a formal will and when the financial assets are not more than $15,000.00.
The Affidavit of Small Estate
The Affidavit of Small Estate is a legal document that can be used to collect, transfer, and distribute financial assets of a deceased person’s estate when there is no Will and when the total deposit is not more than $15,000.00.
Several key considerations surrounding the Affidavit of Small Estate in Georgia include: (i) filing the affidavit 45 days after the decedent’s death, (ii) listing all debts and claims against the estate, and (iii) the affidavit should be signed by an heir as the claimant. This affidavit streamlines asset transfer to the rightful heirs, eliminating the need for probate court involvement. The Affidavit of Small Estate is only intended for use in obtaining deposits in financial institutions and does not include any provision for real estate or other assets. These details highlight the necessity of having a comprehensive understanding of the Affidavit of Small Estate, ensuring a smooth and legally compliant administration of the estate.
While the Small Estate Affidavit can make estate administration for estates with only financial assets of not more than $15,000.00 more straightforward, it’s essential to have the guidance of an experienced attorney. At Grissom Law, LLC, we are committed to assisting individuals and families in Georgia with their estate-related matters, including settlement of small estates utilizing Affidavits of Small Estate. Our experienced estate planning attorneys can provide the guidance and support you need to navigate the legal requirements, ensuring a smooth and efficient resolution. When facing the complex process of handling a small estate, contact Grissom Law, LLC to explore your options and secure the future of your loved one’s legacy.
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.