Anyone who’s lost a loved one knows that the person’s death is a drop in the ocean of the grieving process. During this time, it can be overwhelming to also deal with the practical side of the loss, which is handling personal belongings and property after they pass away. What’s more, the passing of a loved one sometimes introduces new concepts of estate planning and probate, and the terms might be confusing.
Estate planning refers to the set of documents that allow you to choose what should happen to your money, belongings, and body if you are injured, ill, or pass away. These documents vary depending on your needs and the goals you hope to achieve when they are carried out.
Probate is a court-supervised process to either prove a will or administer an estate without a will (called an intestate estate). The probate process gets your estate, or in essence, your property, house, savings, and any other property or belongings you own at the time of your passing, to your heirs. During the probate process, the court designates an Executor or Administrator (both also called Personal Representatives) to act on behalf of a decedent’s estate.
In short, estate planning is creating the plan, and probate takes people through the process.
How Long Does Probate Take in Georgia?
While probate follows a timeline, the process can vary depending on the size and complexity of the estate. The process may be delayed if an heir contests the will. However, instead of viewing this as a waiting period, it can be seen as a preparation time. Use this window to gather important financial documents, organize asset appraisals, and take care of any outstanding estate-related matters. By taking these proactive steps, the expected probate period of eight months to one year can be more productive and less overwhelming.
Is Probate Always Required in Georgia?
The short answer is no. In the state of Georgia, an estate may not go through the probate process if the heirs agree to the distribution of assets, there is no written will, and the creditors agree to the plan of distribution. But while probate isn’t always required, it is necessary by law if the assets belonged solely to the person who passed with no named beneficiary, or when the estate is named as the beneficiary.
Do All Estates Have to Go Through Probate in Georgia?
No, not all estates must go through the Georgia probate courts. Suppose the property was owned with joint tenancy (shared ownership). In that case, the property will automatically pass to the surviving owner, who is often a spouse or partner. Life insurance policies and other assets with a named beneficiary are also automatically transferred without the need for probate.
What is the Best Way to Avoid Probate?
The best way to avoid probate in Georgia is by creating a revocable living trust for the estate. A revocable living trust is a document that can be changed over time. To set up a revocable living trust, a person can place all assets (e.g., bank accounts, investments, real estate) into the trust and name a beneficiary who will receive those assets after the person dies.
Another option is joint tenancy with rights of survivorship, as stated above. This option is one of the most cost-effective estate planning tools available. Again, with this choice, all assets automatically pass to the other person without the need to go through probate.
Choosing an Estate Planning Lawyer is Key
If you’re concerned about avoiding a long, drawn-out probate process, one of the best things you can do to prepare for the future is to enlist the help of an estate planning lawyer who can guide you through the options to best fit your situation. While it may be uncomfortable to discuss unforeseen circumstances, it’s an essential step in potentially avoiding worse circumstances down the road. Reach out to book a consultation about starting your estate planning process today.