Probate attorneys in Marietta are well aware of how difficult the process can be for families and friends who are grieving, for those who value privacy, and even for those who need to get an estate closed to pay off debts and take care of other obligations. Day in and day out probate attorneys hear about the downsides of probate.
What Is Probate
Probate is a process used by courts in Georgia, as well as across the country, to settle the affairs of a deceased person. This legal process ensures that the estate fills its obligations and that its assets are distributed fairly according to the law. Technically, “probate” refers to the settling of an estate according to a will, but when someone dies intestate (without a will), most people still refer to the process that follows as “probate.” There may be a few slight differences between the processes, but they are very, very similar.
Why Do People Avoid Probate?
There are a few reasons that people want to avoid the probate process, and they’re good reasons most of the time. Examples include:
- It can take a long time.
- It can cost a lot.
- Everything is in public records.
Individuals who engage in solid estate planning before death are often able to take care of the estate better than those who die intestate, or even those who only use a will. For example, a probate attorney in Cobb County GA can help determine when a certain kind of trust could be used to avoid paying more taxes than necessary after death.
When Is Probate a Good Thing?
While many people have been conditioned to think that probate is a terrible thing, probate lawyers in Marietta see plenty of cases where it is quite beneficial. For example, it may be quite difficult to track down all the creditors owed by an estate. By following the legal procedures, there is eventually a cut-off date for any unascertained creditors. This keeps creditors from coming back months or even years later and demanding payment.
Probate can also be helpful in cases where beneficiaries are receiving disproportionate inheritances. It provides an opportunity for parties to make their claims and legally resolve any disputes. Probate lawyers in Marietta GA often see how having this type of forum can lessen tempers while making sure that all parties can be heard before acting on legal precedent.
So, while you will generally hear about why you want avoid probate, it’s good to remember that it certainly has its place in the judicial system. Should you find yourself facing probate, our firm’s probate attorneys in Marietta Georgia are skilled at helping move the estate through the process as efficiently as possible.
If you’re ready to get started with the probate process after the passing of a loved one, please contact our experienced Cobb County probate attorneys at (770) 425-6060 or contact us here to schedule a complimentary case review.
By Steve Worrall, Cobb County Probate Lawyer
Avoiding probate in Cobb County, Georgia, is a very real concern for people who want to make sure certain assets such as stocks, bonds, brokerage and bank accounts automatically pass to their heirs upon their death.
In such a scenario, Transfer on Death Agreements (also known as TOD’s) can be a very useful and convenient estate planning tool in making sure your loved ones are financially taken care of in your absence.
Essentially, Transfer on Death Agreements allow you to pass ownership of your accounts directly to a beneficiary of your choosing when death occurs. Without such designations, each account would have to go through the probate court before it can be distributed to your desired heirs.
Yet you may be wondering, “What’s wrong with going through Cobb County probate and why bother with tools such as TOD’s to avoid it?”
Well for starters, many people wish to avoid involvement with the Cobb County Probate Court simply because it could take a year or longer before the funds actually reach your desired beneficiaries. This is problematic for families who desperately need the assets to pay for burial expenses, outstanding medical bills, mortgage payments, and general living expenses.
Not to mention, the value of your assets passing through probate may be reduced by as much as 5%, as mandatory attorney and court fees will be taken directly out of the estate.
Finally, one of the greatest drawbacks of probate is that the value of your assets will be made public for the whole world to see. This aspect of Cobb County probate is especially troublesome for people who do not want every scam-artist or busybody in town knowing what their heirs stand to inherit upon their passing.
Yet it is important to remember that while TOD agreements will help you avoid probate on some of your assets, it won’t help you avoid probate on the rest of your personal effects such as jewelry, collections, family heirlooms, the contents of your home, etc.
Nor will TOD agreements help you minimize the amount of estate taxes your family might have to pay upon your passing or protect your assets if incapacity and not death occurs.
That’s why it’s so important you speak with a Cobb County probate attorney before making any decisions about your financial or legal affairs. While a TOD is indeed a useful estate planning tool that can help you avoid probate, it may not be the best – or the only tool your family needs to ensure they are protected should something unexpectedly happen to you.
Fortunately, we’ve made the process of meeting with a Cobb County probate lawyer easier than ever by offering free Georgia Family Treasures Planning Session (normally $750) to anyone that takes the time to read this informational article. However, these sessions are limited to 10 per month, so call 770-425-6060 to reserve your spot today.