Fast Facts You Should Know About Atlanta Probate Court

As common as probate proceedings are in this day and age, a surprisingly large part of the population knows very little about what probate actually is and why it is needed. That can lead to unfortunate misconceptions about this vital part of the estate settlement process, and leave many people confused about how to go about managing their own estate planning efforts. Much of that confusion can be eliminated by learning a few fast facts about the Atlanta Probate Court process.

Wills Don’t Help Estates Avoid Probate

Some people have gotten the mistaken impression that they can avoid having their estates go through probate simply by making out a will. The fact is that your will won’t keep your estate from the probate process. That is determined by the ownerships status of your assets. For example:

• If you own assets with someone else using joint tenancy, then probate won’t be necessary for those assets when you die. Instead, they automatically pass to their joint owner.
• If you have a bank account or other accounts that are designed to transfer ownership on death, then probate is unnecessary as well.
• Since your life insurance policies have designated beneficiaries to whom payouts are directed, there is no need for probate to sort through those assets either.
• Any assets that you have in a living trust are free from probate, since the terms of the trust define how those assets are distributed.

On the other hand, if you have a home, car, bank account, and other assets that are solely owned by you without any other legal provision in place to provide for transfer of ownership, those assets will be subject to the probate process.

In Georgia, Heirs Can Sometimes Ask to Skip Probate

Like some other states, Georgia provides a mechanism by which heirs can request that the Atlanta probate court order that probate is not needed. To succeed in that request, the court has to make a determination that there is no will to settle, that there is agreement between all legal heirs about how the assets should be distributed, and that there are no outstanding debts or creditors who formally object to skipping probate.

Personal Representative Responsibilities

When you make out a will, you have to name an executor. In Georgia, that person is typically referred to as a personal representative. Personal representatives have a number of important duties to fulfill when a decedent passes away, as it is their responsibility to ensure that the deceased’s estate is properly settled in accordance with the law and the last wishes outlined in the Last Will and Testament. If no executor has been named, then the court appoints a personal representative – or administrator – to handle the job.

The role of the personal representative typically begins with his or her appointment by the court. For named executors, there has to be a formal request made to the court to receive such an appointment. When the court selects someone, it is typically the surviving spouse or closest relative. Administrators sometimes have to post bonds so that the court has some assurances that the estate will be managed responsibly and ethically. There is also an oath that must be administered before the court issues the required Letters Testamentary or Letters of Administration.

With those empowering Letters, the personal representative is given the legal authority to take all of the steps necessary to settle the estate. These include:

• Identifying assets, inventorying them, and safeguarding them from loss
• Determining the value of the assets in the estate
• Liquidate any parts of the estate necessary to properly meet the terms of the will
• Identify and make reasonable efforts to notify potential creditors so that they can make legitimate claims against the estate
• Pay any and all lawful debts owed by the decedent and his estate – including taxes
• Distribute assets in accordance with the deceased’s last wishes
• Prepare a final accounting of the estate settlement and deliver it to the court so that a judge can formally close the estate

What About the Estate Tax?

The estate tax is something that only needs to be dealt with in a very small number of instances, since most estates are exempt from its provisions. However, if the estate’s total value exceeds $5.45 million – the current 2016 exemption limit – then the personal representative is required to file a federal estate tax return. As you might imagine, fewer than one percent of all estates are ever subject to that tax.

Other Taxes and Debt

There can be other taxes and debt to worry about, though – and these too are the responsibility of the designated personal representative. Creditor notifications must be made within sixty days of the start of the probate process – which is marked by the appointment of the personal representative. Those creditors then have ninety days in which to make their claims – either formally or by sending bills delivered to the decedent’s address. The personal representative is also charged with filing the decedent’s last federal and state income tax returns. This must be filed on or before April 15^th in the year after the deceased passes away.

It is important to note that Georgia has specific payment priority standards for estates that are unable to pay all of their debts. Under Georgia law, any surviving spouse and the minor children of the deceased all get a full year’s worth of support before any other payments are made. The order of debt priority after that goes as follows: funeral costs, court and lawyer fees, medical debts, and taxes – followed by other debts.

Get the Help You Need

As you can see, much of the Atlanta probate court process is fairly straightforward and easy to understand. Other aspects of probate can require a little more guidance. That’s where an experienced Georgia estate planning attorney can help. At Fouts Law Group, LLC, our legal experts can help ensure that you more easily navigate the probate process or assist you in developing the estate plan you need to avoid probate altogether. To learn more about how we can help you with your estate planning needs, contact us online or give us a call at (678) 242-8344.

As common as probate proceedings are in this day and age, a surprisingly large part of the population knows very little about what probate actually is and why it is needed. That can lead to unfortunate misconceptions about this vital part of the estate settlement process, and leave many people confused about how to go about managing their own estate planning efforts. Much of that confusion can be eliminated by learning a few fast facts about the Atlanta Probate Court process.

Wills Don’t Help Estates Avoid Probate

Some people have gotten the mistaken impression that they can avoid having their estates go through probate simply by making out a will. The fact is that your will won’t keep your estate from the probate process. That is determined by the ownerships status of your assets. For example:

• If you own assets with someone else using joint tenancy, then probate won’t be necessary for those assets when you die. Instead, they automatically pass to their joint owner.
• If you have a bank account or other accounts that are designed to transfer ownership on death, then probate is unnecessary as well.
• Since your life insurance policies have designated beneficiaries to whom payouts are directed, there is no need for probate to sort through those assets either.
• Any assets that you have in a living trust are free from probate, since the terms of the trust define how those assets are distributed.

On the other hand, if you have a home, car, bank account, and other assets that are solely owned by you without any other legal provision in place to provide for transfer of ownership, those assets will be subject to the probate process.

In Georgia, Heirs Can Sometimes Ask to Skip Probate

Like some other states, Georgia provides a mechanism by which heirs can request that the Atlanta probate court order that probate is not needed. To succeed in that request, the court has to make a determination that there is no will to settle, that there is agreement between all legal heirs about how the assets should be distributed, and that there are no outstanding debts or creditors who formally object to skipping probate.

Personal Representative Responsibilities

When you make out a will, you have to name an executor. In Georgia, that person is typically referred to as a personal representative. Personal representatives have a number of important duties to fulfill when a decedent passes away, as it is their responsibility to ensure that the deceased’s estate is properly settled in accordance with the law and the last wishes outlined in the Last Will and Testament. If no executor has been named, then the court appoints a personal representative – or administrator – to handle the job.

The role of the personal representative typically begins with his or her appointment by the court. For named executors, there has to be a formal request made to the court to receive such an appointment. When the court selects someone, it is typically the surviving spouse or closest relative. Administrators sometimes have to post bonds so that the court has some assurances that the estate will be managed responsibly and ethically. There is also an oath that must be administered before the court issues the required Letters Testamentary or Letters of Administration.

With those empowering Letters, the personal representative is given the legal authority to take all of the steps necessary to settle the estate. These include:

• Identifying assets, inventorying them, and safeguarding them from loss
• Determining the value of the assets in the estate
• Liquidate any parts of the estate necessary to properly meet the terms of the will
• Identify and make reasonable efforts to notify potential creditors so that they can make legitimate claims against the estate
• Pay any and all lawful debts owed by the decedent and his estate – including taxes
• Distribute assets in accordance with the deceased’s last wishes
• Prepare a final accounting of the estate settlement and deliver it to the court so that a judge can formally close the estate

What About the Estate Tax?

The estate tax is something that only needs to be dealt with in a very small number of instances, since most estates are exempt from its provisions. However, if the estate’s total value exceeds $5.45 million – the current 2016 exemption limit – then the personal representative is required to file a federal estate tax return. As you might imagine, fewer than one percent of all estates are ever subject to that tax.

Other Taxes and Debt

There can be other taxes and debt to worry about, though – and these too are the responsibility of the designated personal representative. Creditor notifications must be made within sixty days of the start of the probate process – which is marked by the appointment of the personal representative. Those creditors then have ninety days in which to make their claims – either formally or by sending bills delivered to the decedent’s address. The personal representative is also charged with filing the decedent’s last federal and state income tax returns. This must be filed on or before April 15^th in the year after the deceased passes away.

It is important to note that Georgia has specific payment priority standards for estates that are unable to pay all of their debts. Under Georgia law, any surviving spouse and the minor children of the deceased all get a full year’s worth of support before any other payments are made. The order of debt priority after that goes as follows: funeral costs, court and lawyer fees, medical debts, and taxes – followed by other debts.

Get the Help You Need

As you can see, much of the Atlanta probate court process is fairly straightforward and easy to understand. Other aspects of probate can require a little more guidance. That’s where an experienced Georgia estate planning attorney can help. At Fouts Law Group, LLC, our legal experts can help ensure that you more easily navigate the probate process or assist you in developing the estate plan you need to avoid probate altogether. To learn more about how we can help you with your estate planning needs, contact us online or give us a call at (678) 242-8344.