Detailed Answer: Inventorying and Distributing Estate Assets in Georgia
When a person dies owning assets in Georgia, the probate court oversees the collection, valuation, and distribution of those assets. Whether there is a valid will or not, the administrator (or executor) must follow the steps mandated by O.C.G.A. Title 53, Chapter 2.
1. Appointment of Personal Representative
The court appoints an executor named in the will or, if no will exists, an administrator selected by heirs or creditors. The representative files a petition for letters testamentary or letters of administration and posts a bond if required.
2. Gathering and Valuing Assets
Within three months of appointment, the personal representative must prepare and file an inventory of all estate property, including real estate, bank accounts, investments, business interests, and tangible items. Georgia law requires valuation by a qualified appraiser for real property and unique personal assets.
See O.C.G.A. § 53-2-50 for inventory requirements: https://law.justia.com/codes/georgia/2010/title-53/chapter-2/article-1/section-53-2-50/
3. Notice to Creditors and Claim Period
The representative publishes notice to creditors in a local newspaper and sends direct notice to known creditors. Creditors then have six months to file claims under O.C.G.A. § 53-2-1: https://law.justia.com/codes/georgia/2010/title-53/chapter-2/article-1/section-53-2-1/
4. Paying Debts and Expenses
After claim deadlines pass, the representative pays valid debts, funeral expenses, administration costs, and taxes. Priority is set by O.C.G.A. § 53-2-42. Secured debts may be satisfied by selling or transferring collateral.
5. Distribution Among Heirs
Once liabilities are settled, the representative distributes the remaining estate according to the will’s terms or, if intestate, under Georgia’s inheritance statutes.
Under intestacy, Georgia law generally divides assets equally among children or, if none, to surviving spouse and next of kin. See O.C.G.A. § 53-2-3 for order and shares: https://law.justia.com/codes/georgia/2010/title-53/chapter-2/article-3/section-53-2-3/
The representative petitions the court for an order of distribution. After approval, deeds and transfers are recorded, and each heir receives title or funds.
6. Final Accounting and Closing the Estate
The personal representative files a final accounting listing receipts, disbursements, and distributions. With court approval, the estate closes, releasing the representative from further liability.
Helpful Hints
- Hire a licensed appraiser for real estate or valuable personal property.
- Keep detailed records of every transaction and communication.
- Meet all statutory deadlines to avoid surcharge or surcharge claims.
- Notify all potential heirs in writing, even if not legally required.
- Consult a probate attorney for complex assets, taxes, or family disputes.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for guidance on your specific situation.