A “probate” estate, as opposed to a “non-probate” estate, consists of all property governed by the decedent’s last will and testament. Generally, these probate assets consist of real estate, personal property and financial accounts titled in the decedent’s name solely or jointly, with no beneficiary designated in the instrument itself to take the property after death. Also included in a probate estate are funds payable to the estate after death and property over which the decedent had a power of appointment at the time of death.
In contrast to “probate” assets, “non-probate” assets are not controlled by a will and pass by operation of law at the time of death to the joint owner, named beneficiary, or remainderman. Non-probate assets may include, but are not limited to the following:
- Jointly owned assets with survivorship rights, such as joint bank accounts, stocks or real estate;
- Retirement accounts payable by beneficiary designation;
- Life insurance policies payable to a designated beneficiary;
- Property held in trust during your life; and
- Property in which you hold a “life estate.”
Property ownership and beneficiary designations must be carefully coordinated with one’s will to minimize income and estate taxes and assure that the proper persons receive their inheritances.
PLEASE CONTACT OUR LAW FIRM FOR A CONFIDENTIAL FREE PHONE CONSULTATION ON YOUR PROBATE MATTER In Atlanta at 770-717-5100 or nationwide toll free at 866-972-5287
Atlanta area attorney, Charles Scholle helps executors and family members through the probate and estate administration process. He has the sensitivity and responsiveness in his client relationships to provide the support needed after a loved-one passes away. In his preeminent Georgia law practice, Charles Scholle handles wrongful death, personal injury and estate and probate matters.
If you were named as executor or if you may serve as fiduciary in the estate of a loved one who has died in Gwinnett County or metro-Atlanta, and you would like to learn more about your options, Charles Scholle can help.
To discuss your case at a free, confidential phone consultation, please contact the firm online, Email, or call 866-972-5287 nationwide and 770-717-5100 in Atlanta.
Based in Gwinnett County, Scholle Law represents clients throughout Metro Atlanta and the State of Georgia.