Probate can be a costly and time-consuming process even under the best circumstances. Accordingly, knowing how to safeguard your assets requires the assistance of a seasoned probate law attorney. In Dalton, GA, Sponcler & Tharpe LLC offers the benefit of over 30 years of legal experience, allowing them to provide local clients with helpful counsel and advice. Here, the team shares a few insights on steps you can take to mitigate some legal hassles.

A Guide to Getting Around Probate

1. Set Up a Revocable Living Trust

A revocable living trust is one way of dispersing assets to heirs after your death. Unlike a will, these items must be transferred to the document while you are still alive for them to be allocated according to your wishes. Failure to do so would lead to probate. 

2. Designate Beneficiaries

Probate law attorneys also recommend their clients make use of beneficiary designations for life insurance policies, financial accounts, 401(k) plans, and property in some states. It’s also advised you continually revisit your appointments, as they can become out-of-date, particularly when a person re-marries or divorces. Without regular updates, you run the risk of leaving assets or property to the wrong people.

3. Implement Joint Ownership Rights

You can add a joint owner to bank accounts and property deeds. Assets would pass on to them in the event of your death and would therefore avoid the probate process. The downside is the designated individual has access to these items while you are living. You may also incur tax charges if the share is large enough—as this would be considered a taxable gift by the IRS.

Have questions about probate law? Sponcler & Tharpe LLC can help with this and many other practice areas, including family and real estate matters. As a trusted legal resource to Dalton residents, they offer quality counsel every step of the way. Visit the website to learn more about these esteemed lawyers and what they can do for you. Call (706) 278-5211 to schedule a consultation today.