Probate is the process of having your Will proved to the court after you die and involves gathering together all of your assets and distributing them to your beneficiaries. Probate can be time consuming and inevitably involves the court system but can be made easier by following these simple steps:
1. Add “transfer on death” forms for your bank and brokerage accounts.
If you know who you would like to inherit your bank or brokerage accounts, contact your financial institution about setting up a “pay on death” or a “transfer on death” form for that account. That way, your beneficiary can access the money right after you die without having to wait on probate.
If you live in Georgia and hold an account jointly with someone - like your spouse - that person will automatically inherit what is in your bank account.
2. Do NOT keep your original Will in your safe deposit box!
Unless your Executor is jointly listed with you on your safe deposit box, do not keep your original Will inside. Most, if not all, banks will not let someone into your safe deposit box after you die unless he or she has been appointed by the court as your Executor. That person cannot (or will have a harder time) getting appointed unless he or she has your Will, which creates a catch-22 scenario of needing the Will to get into the box when the Will itself is inside the box.
Consider a fireproof safe instead - and let your Executor know how to get into it!
3. Make sure your deed with your spouse says “joint tenants with right of survivorship.”
In Georgia, if you want your spouse to inherit your half of your house after you die, make it easier by confirming that your deed includes the words “joint tenants with right of survivorship.” Without these words, even your spouse will have to probate your half of the house (and he or she may not ultimately inherit it).
4. Tell your Executor what your assets are (and consolidate your accounts).
Executors and family members spend the most time after a loved one’s death trying to sort out bank, brokerage, retirement, and life insurance information. Why not make things easier on them by letting your family know where your money is now (or how to find out once you die)?
While you are at it, consider closing a few bank accounts and rolling over old retirement accounts. Every financial institution has its own rules on how to close accounts after death, and banking with many different banks now will make your Executor’s job much harder later.
5. Make sure your Will was signed properly.
Most importantly: make sure you have a properly executed Will because if it is not signed correctly, it is not a valid Will. In Georgia, your Will was properly executed, i.e. signed, if:
You had the proper “capacity” to sign it.
You were over the age of 14 when you signed it,
You understood (generally) what property you own,
You understood who you were leaving that property to, and
You understood who your family members were at the time.
You were not pressured or coerced into signing it.
It is in writing.
It was signed by you.
It was “properly witnessed” by two non-beneficiaries over the age of 14, who watched you sign it and then signed themselves as witnesses.
It includes a “Self-Proving Affidavit.”
This is not technically required, but without it, probate will be far more time consuming and expensive.
The Self-Proving Affidavit needs to be signed by two witnesses and stamped by a notary.