How To Avoid Probate Court When Inheriting Property in Georgia

Dealing with probate court after inheriting property in Georgia is often a lengthy and tiresome process, especially if you are ready to simply sell your inherited property and move on. Luckily, there are ways for you to avoid probate court, no matter if you are an heir to a newly inherited estate, or if you are looking to plan your own estate in a way that lets your heirs avoid probate. Either way, the key is planning ahead, knowing you options, and understanding what will work best for your situation. To get you started, here is a short but detailed guide for how to avoid probate court when inheriting property in Georgia.

Why Avoid Probate?

After dealing with the the loss of a loved one, a months-long legal process probably doesn’t seem very appealing. The process of verifying the will, appointing an administrator, and dividing the assets can be tedious, and though probate isn’t likely to cost the heir any money directly, things like court costs, appraisals, and attorney executor fees will come out of the funds of the inherited estate. This means that the funds of their eventual inheritance will be reduced by the process, though they won’t have to pay the court directly.

In short, it requires much less time and money to find a way to avoid probate court when inheriting property. Here are some of the best options.

Using A Trust

Setting up a trust is one of the most well-known ways to avoid probate, as that is a trust’s main purpose. A trust allows your assets to be distributed immediately to your heirs by a designated trustee without court approval. This is a much faster and more inexpensive process than probate court.

You can set up a trust with an attorney in order to be sure the trust is legitimate and complies with Georgia law. This attorney will help you draft the trust agreement, name the trustee (the person who is in change of carrying out the trust agreement and division of property upon your death), and determine how your assets should be divided. Following this, you fund the trust, which means that you will place your assets in the name of the trust, effectively removing them from your probate estate and eliminating the need for probate court.

If you have a revocable trust, it will be your responsibility to continue to review the terms of your trust agreement and to make adjustments if necessary, such as adding or removing assets or beneficiaries.

Joint Ownership

Owning a property with Joint Ownership means that you co-own the property with another party. This is a great way to avoid probate because of the Right of Survivorship, which stipulates that if one co-owner dies, their shares of the property will be immediately transferred to the surviving owner. This means that no probate court is necessary in order to transfer the assets. Additionally, no will is needed, and the Right of Survivorship can rarely face legal disputes.

It is best to set up Joint Ownership when first purchasing a property, but it can also be set up after the purchase of the property, though there may be fees involved.

Transfer on Death Deeds

Transfer on Death Deeds (TODD) are legal documents that can be created to name future property recipients, and they allow the beneficiaries to avoid probate when inheriting property. This document must be recorded in county of the property, and it is always best to consult a legal professional in order to confirm the deed’s legitimacy. Following the death of the property’s owner, the beneficiaries of the deed will have some steps to follow, though the process is still more streamlined than probate court.

First, the beneficiaries will have to file an affidavit that confirms the death of the previous owner and signifies their own acceptance of the property. This document will immediately transfer ownership according to the agreement of the TOD, allowing them to avoid probate court.

Gifting Inheritance

Property owners can gift their assets directly to family or other beneficiaries to avoid probate, which is an incredibly simple loophole: if you don’t own an asset when you pass away, then that asset won’t have to go through the probate process in order for ownership to be transferred. However, there are things to be aware of when gifting property, such as the federal gift tax or even Medicaid eligibility.

Simplified Procedure

If you find yourself about to enter the probate process, you can avoid probate with the right circumstances. If the deceased left no will, if no executor has been appointed, if all heirs (determined by familial relationship to the deceased) agree on a distribution plan, and any known creditors agree, you will be able to use simplified procedure. This will be much faster and much less hassle than the traditional probate process.

To use simplified procedure, you must submit a Petition for Order Declaring No Administration Necessary to the court. This document will contain the death certificate of the deceased, a list of the heirs, a statement concerning any creditors, a list of assets, and a notarized distribution plan signed by the heirs. While this petition may be a bit of work, it might still be preferable to the time and money required of the probate process.

Summary

If you are trying to avoid probate when inheriting property, there are plenty of ways to do so. Establishing trusts, Joint Ownership, TODDs, and gifting your property are always good options to ensure your assets are distributed appropriately with the least amount of hassle, and Simple Procedure offers an option if you find yourself in an unexpected situation as an heir.

Though it can be overwhelming to plan for the circumstances of inheriting property, you can always consult our other blog posts about inheriting property for more information, or you can reach out to legal professional who can guide you through your options.

---