Earlier this year, Gaslowitz Frankel partners Craig Frankel and Robert Port met virtually for an episode of our Wealth Matters radio show with Tim Curtin of the Curtin Law Firm to discuss everything you wanted to know about will administration and the probate process.
During their conversation, Tim, Craig, and Robert provided helpful tips and insights for individuals and families who are trying to navigate probate following the death of a loved one.
Here are some highlights from their conversation.
How soon does a will have to be filed with the probate court?
While some movies may depict a short timeline between the passing of a loved one and the beginning of the probate process, this is actually not the case.
Tim’s advice is “Don’t rush—this is a time of mourning. You have funeral arrangements to make, you have family coming together… Don’t think about the will and probating an estate at this point. Get through the family issues first.”
The reality is that you will never hear from the probate court if your will is not filed. Typically, wills are probated anywhere from 2 weeks to 6 months after the decedent passes away, but there is no set time limit. It’s important to let yourself grieve and be there for your family in the early stages, and let probate matters come later.
Do most people have wills?
The majority of people do NOT have wills. There are two parallel procedures the probate court carries out depending on whether or not a will was created. When there’s a will, an executor is appointed to oversee the management and distribution of assets according to the decedent’s wishes. When there is no will, the court appoints an administrator to do the same. The procedure is somewhat similar, but there are different nuances.
Does every will have to go through the probate process?
The answer to this question has changed significantly over the years. In today’s world, there are many instances where there is no need to have the probate court enter into the administration of a decedent’s assets. Many of us have assets that have beneficiary designation associated with them.
For example, think of a 401K. When you created that account, you most likely named a beneficiary. When you pass away, that asset doesn’t pass according to the will—it passes based on the beneficiary designation. With 401Ks, even if you don’t explicitly name a beneficiary, there are defaults. So, if it’s a qualified plan and you are married, your spouse automatically becomes the beneficiary unless you and your spouse have assigned someone else.
For more information regarding filing a will with the Georgia probate court, watch the full episode of Wealth Matters here.
Gaslowitz Frankel LLC is the Southeast’s premier fiduciary litigation law firm. Our legal team specializes in all aspects of fiduciary disputes representing individuals, executors, trustees, investors, shareholders, and corporate fiduciaries in complex fiduciary disputes involving wills, estates, trusts, guardianships, and businesses. If you are involved in a fiduciary dispute, contact us for a consultation.
