How do you keep your estate out of probate?

| Mar 22, 2021 | Probate, Wills

When you have an estate in Georgia, you want to make sure your assets have protection after your death. Learning about wills and probates is necessary to understand how the legal system works after you die.

Accounts you can protect with a living trust

It can be easy for your hard-earned money to be handed over to the state in the form of probate fees after you pass away. There are ways to keep your estate out of probate by setting up a living trust. Creating a living trust requires a grantor, a trustee and at least one beneficiary.

When you set up a living trust, you may want to include the same beneficiaries as on your retirement and bank accounts. Designate your ownership clearly, even if you’re not married. The accounts that should be given to your beneficiaries include your 401(k) plans, stocks and bonds, IRA accounts, life insurance policy and pension plans.

It may also be necessary to convert your accounts to payable-on-death. Use joint ownership on your property to ensure it immediately goes to the person that you share it with once you pass away.

Who can you contact for legal assistance?

Contact a legal professional to obtain assistance with wills and probates as you prepare to protect your assets. An attorney may provide guidance in creating each document to ensure that it’s legitimate and will be recognized by the state. You can also contact a lawyer if you want to learn about alternative estate planning techniques. The attorney may work to ensure that your wishes are carried out as expected and answer any of your questions throughout the process.