What is a probate estate?
Does every person who passes away have an estate, or do only those people who have a lot of property have an estate?
We’ll cover these questions and more in today’s article.
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 the complex and confusing legal process so they can make sure the estate is handled properly and their loved one’s memory is honored.
When we talk about the probate estate, we’re referring to all of the property and assets of a deceased person that will be a part of the probate process.
We typically call this property probate property.
What Is Probate Property?
Generally speaking, this means the property that the deceased owned at the time of death.
Some common examples of probate property:
- Bank accounts
- Real estate
- Household furnishings
- Other property
As a result, every person who passes away has an estate, regardless of how large or small that estate may be.
What Is Non Probate Property?
While most property the deceased owned will become a part of the probate estate, there are some types of property that won’t.
We refer to this type of property as non probate property because it is not governed by the probate process.
This property goes directly to another person.
Some common examples of non probate property:
- Jointly owned real estate
- Life insurance
- Retirement accounts that have a beneficiary designation
Everything discussed in this article is for general information and is not legal advice.
If you are in a situation where you need help navigating the Georgia probate process, I recommend you reach out to our office at (770) 920-6030 to set up a consultation.
If you’re not quite ready for a consultation, be sure to download our Georgia Probate Handbook so you know how the estate is supposed to be handled.