Learn Important Probate Essentials, including key things that go wrong in an estate, how to prevent them, and what to do if they happen.
Common assets that are not affected are ones held in joint tenancy, with right of survivorship, accounts with TOD or POD designations, and assets held in trust.
Under a Joint Tenancy each party owns an undivided interest in the asset. Both have the right to all of it and the right of survivorship. Upon death of one tenant, the asset is passed to the surviving tenant.
The Terms POD and TOD stand for pay on death and transfer on death, respectively. Under either scenario, the assets pass to the designated beneficiary without passing through probate.
Additionally, assets held in a living trust can bypass probate. If the deceased named a beneficiary, that asset will be passed directly to the beneficiary.
Knowing what is and is not eligible to bypass probate can be very confusing. We are here to help you during this difficult time in your life. Please contact us today for a free consultation.
Disclaimer: The information above is provided for general information only and should not be considered legal advice. Our probate lawyers provide legal advice to our clients after talking about the specific circumstances of the client’s situation. Our law firm cannot give you legal advice unless we understand your situation by talking with you. Please contact our law office to receive specific information about your situation.
After a loved one passes away, it is not uncommon to want to begin handling their affairs right away. Often, one of the first things the family will want to access the deceased’s bank accounts. Unfortunately, they quickly learn that the bank will not speak with them or give them any information, l...
What happens if it is discovered that the deceased had dementia when the Will was created? Does that mean that the Will is automatically invalid or that the Probate Court will not accept it? We will discuss these questions in this post. My name is Erik Broel & I am the founder & CEO of ...
When can the Estate cover attorney's fees? This is a common question with a somewhat complicated answer. We’ll cover the basics in this post. My name is Erik Broel & I am the founder & CEO of Georgia Probate Law Group. At our firm we help families who have lost a loved one navigate ...
© 2021 Georgia Probate Law Group by Broel Law, LLC. All rights reserved.