Probate Puzzle: Unraveling Georgia’s Asset Exemptions
Probate can be a daunting process, especially when it comes to navigating complex legalities surrounding estate planning. In Georgia, understanding which assets are exempt from probate can streamline the process and provide peace of mind for both you and your loved ones. At Tetreault Law, we specialize in real estate and estate planning law, and we’re here to guide you through the intricacies of the probate process in Georgia.
What is probate?
Probate is the legal process of administering a deceased person’s (decedent) estate. It involves validating the decedent’s will (if there is one), identifying and inventorying their assets, paying off debts and taxes, and distributing the remaining assets to beneficiaries. However, not all assets are subject to probate in Georgia.
Exempt Assets in Georgia
- Jointly Owned Property: Property held jointly with rights of survivorship automatically passes to the surviving owner(s) outside of probate.
- Assets with Designated Beneficiaries: Assets such as life insurance policies, retirement accounts, and payable-on-death (POD) bank accounts with designated beneficiaries bypass probate and are distributed directly to the named beneficiaries.
- Trust Assets: Assets held in a trust typically avoid probate because they are owned by the trust rather than the decedent.
- Small Estates: In Georgia, estates valued at $25,000 or less may qualify for a simplified probate process, known as a “small estate affidavit,” which bypasses the formal probate process.
- Certain Personal Property: Georgia law allows for the simplified transfer of certain personal property, such as vehicles and household items, without the need for probate.
Why Work with Tetreault Law?
Navigating probate and estate planning can be overwhelming, but you don’t have to do it alone. At Tetreault Law, we can help you understand your options, draft legally binding documents, and ensure that your assets are protected and distributed according to your wishes.
Ready to take control of your estate planning? Contact Tetreault Law today to schedule a consultation.