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    THE ESTATE IS SPLIT HOW?!?

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    estateOne of the little known facts about Georgia Probate law that may surprise you is that if you have kids, your spouse does not automatically inherit your entire estate. In fact, your spouse and children will split the estate equally, except that the spouse will never receive less than 1/3.

    Practically, this means that if there is one child, then that child and the spouse will split the estate 50/50. If there are two children, then the spouse and children will each receive 1/3. If there are more than two children, then the spouse will receive 1/3 and the children will split the remaining 2/3 equally. If a child died before the deceased, then that child’s descendants may inherit that child’s share of the estate.

    As you can imagine, splitting up the assets can really cause problems with an estate, especially if the liquid assets are not sufficient to pay the children’s share. That can lead to a forced sale or real estate or business assets. It is made even more complex when there is a minor child because a conservatorship may have to be created by the probate court.

    If you or a friend or family member is in this situation, please contact us. There are other ways we can protect the surviving spouse, ensure that he or she receives as much of the estate as possible, and make the probate as painless as possible.

    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.

    Related Topic:  What is an Interim Distribution?
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