By making the decision to put an estate plan in place, you’re not only helping ensure that your assets will be passed on the way you choose. You’re also making things easier on your loved ones in the aftermath of your death. For many people, that means taking steps to avoid a long, costly probate process. For example, placing your most valuable titled assets like your home and other real estate in a revocable living trust helps them pass directly to intended beneficiaries without going through probate.
A large amount of your assets may be in various types of accounts. On retirement and investment accounts where you can designate beneficiaries, naming beneficiaries and alternates lets these accounts bypass probate as well. The easiest way to directly transfer savings, checking and other bank accounts when you’re gone is generally to make them payable-on-death (POD) or transfer-on-death (TOD) to the beneficiaries.
Avoiding ancillary probate
When you’re taking these steps to help your loved ones avoid the headaches of probate, don’t forget about any assets you own outside of Georgia. It could be a beach house in the Florida Keys, your first condo that you kept to use as a rental property or a savings account you never closed. If it’s not dealt with proactively and it’s located here in Georgia, it may need to go through a process called “ancillary probate” (as opposed to domiciliary probate, which occurs in your state of residence).
As you consider these out-of-state assets, you may decide to sell the properties (or gift them to a loved one) now or transfer the money out of your accounts. If you decide that you want to keep them, you can take the same steps you’re taking to avoid probate for your Georgia-based assets.
If any out-of-state assets need to go through ancillary probate, it’s typically not a long, complex process as long as your estate plan is in order. Typically, if an estate plan is accepted by a domiciliary probate court, the out-of-state probate court will accept it as well.
By having sound estate planning guidance, you can help to ensure that you’ve accounted for all of your assets, no matter where they are, and addressed them in the way that’s best for you and your family.
