Fulton County Wills Attorney
Distributing Assets After the Death of a Loved One in Georgia
The loss of a loved one is a very difficult time for many families. The stress and confusion of distributing the assets and paying the debts of decedent's estate can be overwhelming. The attorneys at Vayman & Teitelbaum, P.C. work closely with family members to alleviate as much of the stress from this process as possible and help the family navigate the waters of the Georgia probate court and probate process.
Atlanta Probate Lawyers
The term probate has two meanings. First, probate is the process by which the court determines that a document is a valid will. Second, the term probate is also used to refer to the process by which estate assets are gathered, used to pay the debts and expenses of the estate, and distributed to beneficiaries as designated in the will.
An executor is the person named in a will to carry out the provisions in the will. If the will does not name an executor, the court may appoint a personal representative.
Not all property owned by the deceased individual must go through probate. The following items, for example, pass to beneficiaries outside of probate:
- Any real estate or other assets (like bank accounts) owned jointly with rights of survivorship automatically pass to the surviving owner.
- An insurance policy that names a living beneficiary.
- Retirement accounts such as 401Ks, IRA, or annuities paid to a named beneficiary also pass outside of the will.
Keep in mind, however, that even though certain property does not pass through probate, it may still be part of the taxable estate.
Estate Administration of Real Property by Alpharetta Lawyers
Real property that is owned outside of Georgia, such as farm land, investment property, or a vacation home, may require the estate to go through probate in Georgia in addition to the state where the real property is located. This costly and time consuming process can be avoided through the use of proper estate planning tools. However, once the owner of the property passes away, the property must go through probate if these actions are not taken prior to death.
For assistance with the administration of a loved one's estate and other probate services, send an e-mail to one of the probate lawyers at our Alpharetta-based law firm.
