Overview of Probate

Probate in Georgia is a court-supervised process. Probate involves the appointment of a personal representative to collect and value your property, pay your debts, and then distribute any remaining assets according to your wishes or based on state law rules if you died without a will. The process can take eight months to a year to complete, depending on the size of your estate. However, only assets that do not transfer automatically at death need to go through probate. If you pass away leaving only non-probate assets, probate may be avoided entirely.

Right of Survivorship

It is not uncommon for real estate and other assets to be owned by multiple persons. A popular type of shared ownership in Georgia is a joint tenancy. If you have an asset titled this way at the time of your death, your interest in the property simply goes to the remaining owners and is not otherwise transferable. This feature is referred to as a right of survivorship and does not produce any probate assets. Georgia also recognizes property owned among parties as tenants in common. In contrast to a joint tenancy, your percentage interest in a tenancy in common is freely transferable at death, such as through a will. This interest is considered a probate asset.

PODs

Like joint tenancies, payable-on-death accounts transfer property automatically at death and are considered non-probate assets. PODs allow you to name someone to receive money held in an account at a bank or financial institution after you die. These accounts are typically easy to create and need only one owner. Upon you death, the person entitled to receive, known as the beneficiary, simply presents your death certificate and proper identification to the institution holding the account.

Trusts

Trusts are also considered non-probate assets. A trust is a legal relationship where the creator of the trust transfers the title of property into the name of the trust. The creator also appoints someone, known as a trustee, to oversee the distribution of the assets to any named beneficiaries during his life or only after his death. Trusts can hold all different kinds of property including cash, vehicles and real estate. In creating the trust, you also have control over setting the terms that the trustee must follow. An example might be a trust set up to pay a fixed monthly support amount to your daughter until she graduates from college with any amounts remaining in the trust to be divided among all your children.