How can I protect assets from probate?

Protecting assets from probate in Georgia is achievable through several strategies. One way to protect assets is to create a revocable living trust. This trust allows you to keep control over the assets held within the trust while you are alive, and it helps to avoid probate court proceedings when you die. With a living trust, you can designate who will receive the assets after your death. A trust can also be used to provide asset protection from creditors. Another way to protect your assets from probate in Georgia is to give away some of your assets while you are still living. This allows you to make gifts to your beneficiaries while you are alive and is also a way to avoid the probate process. However, it is important to keep in mind that you may be subject to gift tax if you give away more than the annual gift tax exclusion amount. You can also transfer title to real property, such as a house or land, to joint ownership with the right of survivorship. This ensures that the surviving owner, often a spouse, automatically acquires full title to the property when the other owner dies. Finally, you can also name a beneficiary on financial accounts such as bank accounts, retirement accounts, and life insurance policies. This ensures that the designated beneficiary automatically receives these assets after your death without the need for a probate court proceeding. Each method of protecting assets from probate has its own limitations. Consulting with an experienced attorney can help you to determine which approach is best for your individual circumstances.

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How can I protect assets from probate?

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