What Assets Are Exempt From Probate In Georgia? 4 Important Types

Shawn Breyer
July 29, 2024

Probate can be a complicated and lengthy process.

Understanding what assets are exempt from probate in Georgia can:

save time
reduce the cost of probate
alleviate stress for the family

We did into:

what assets are exempt
why they are exempt
what you need to do with them

Keep scrolling to learn more.

Get Your Free Probate Petition

Probate can be confusing and stressful. Incorrectly filled-out probate petitions can cause delays, rejections, and added stress. We will fill out your petition for you (for FREE).

Fill out the form to have us fill out your petition for you (at no charge). We can only offer 5 free petitions per week, so act fast to secure your spot and avoid the hassle of probate.

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Why Are Some Assets Exempt From Probate?

Some assets are designed to avoid probate in Georgia.

This is so they transfer quickly and directly to the beneficiaries.

This provides financial support to them without:

the cost of probate
the delays of probate

What Assets Are Exempt From Probate In Georgia?

Let’s look at the types of assets that are exempt from probate.

(This is only if you set them up correctly.)

Fill out the form on this page to have our lawyers help you avoid probate.

Jointly Owned Property

Joint Tenancy with Right of Survivorship: Assets automatically pass to the surviving co-owner when one owner dies.
Tenancy by the Entirety: Exclusive to married couples, this ensures the surviving spouse automatically inherits the property.

To transfer ownership:

submit the death certificate to the county recorder’s office
fill out the forms they ask you to

Beneficiary Designations

Life Insurance Policies: Policies with named beneficiaries skip probate. Insurance pays the death benefit directly to the designated beneficiaries.
Retirement Accounts: Retirement accounts such as IRAs, 401(k)s, and pensions pass directly to named beneficiaries.
Transfer-on-Death (TOD) Accounts: Securities and brokerage accounts with TOD designations transfer directly to the named beneficiary.
Payable-on-Death (POD) Accounts: Bank accounts with POD designations allow the funds to pass directly to the named beneficiary upon the account holder’s death.

To transfer these assets:

call the company
notify them of the death
provide a death certificate and any required claim forms

Trusts

Living Trusts: Assets in a living trust are exempt from probate. The trust document specifies how the assets will be distributed upon the trustor’s death.
Testamentary Trusts: Although created by a will and subject to probate, assets transferred to a testamentary trust can be managed separately from the probate estate, providing some benefits similar to living trusts.

The trustee will transfer assets based on the trust’s instructions.

Small Estates

Simplified Probate Procedures: Georgia allows a simplified probate process for small estates. This speeds up the administration and reduces costs.

A probate lawyer can handle small estate probate for you.

Steps To Ensure Assets Are Exempt From Probate In Georgia

Properly Title Assets: Ensure correct titling, using terms like “joint tenants with right of survivorship” or “tenants by the entirety” for joint ownership.
Update Beneficiary Designations: Update beneficiary designations on life insurance, retirement accounts, and financial accounts.
Create and Fund a Trust: Establish a living trust and transfer assets into it to manage and pass them to beneficiaries without probate.
Use Transfer and Payable-on-Death Designations: Utilize TOD and POD designations on securities, brokerage, and bank accounts.

Benefits of Exempt Assets

Setting up asset exemptions cost time and money.

Here are the benefits of making your assets exempt from the probate process:

Protection from Creditors: Exempt assets transfer directly to beneficiaries, offering protection from creditor claims on the decedent’s debts.
Immediate Access: Beneficiaries receive assets immediately, bypassing the lengthy probate process.
Reduced Costs: Avoiding probate saves on legal fees and court expenses, preserving more of the estate for beneficiaries.
Privacy: Exempt assets remain private, as they do not become part of the public record.
Simplified Process: Exempt assets streamline estate settlement, reducing the administrative burden on the executor and family.

Get Help From A Probate Lawyer

Are you overwhelmed trying to figure out how to distribute assets to beneficaries in Georgia?

Our probate attorneys handle everything for you.

We specialize in taking as much as possible off your plate so that you are not:

personally financially liable
accidentally breaking the law
filling out the paperwork wrong
not notifying or paying off creditors
dealing with disputes among family and partners

Fill out the form to get a have us fill out your Petition for FREE.

Get Your Free Probate Petition

Probate can be confusing and stressful. Incorrectly filled-out probate petitions can cause delays, rejections, and added stress. We will fill out your petition for you (for FREE).

Fill out the form to have us fill out your petition for you (at no charge). We can only offer 5 free petitions per week, so act fast to secure your spot and avoid the hassle of probate.

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What Areas We Serve For Probate

Our Georgia probate lawyers work remotely, so you don’t have to visit an office. Here are all the counties we serve in Georgia.