In Georgia, probate is a common court proceeding that could be necessary after the death of an estate owner. Probate will establish what’s known as an Executor (often a spouse, adult child or another close family member). This person will have the legal authority to pay off all taxes on the estate as well as any debts, and then he or she can distribute assets to the rightful inheritors.

There are costs associated with the process – it can be helpful to understand them. The cost of probate in Georgia can vary, and there are a few things that can affect the final amount it takes to get through the entire process, including: 

• Size and complexity of the estate

• The county you open probate in

• Whether or not you use a probate attorney

• What type of Estate Plans are in place (or lack thereof)

• If there is anyone contesting 

• Etc.

Given all of this, it makes sense that the average cost of probate in Georgia can fluctuate. 

Common Probate Fees in Georgia

Because probate fees in Georgia have a wide range, it’s useful to break down some common costs associated with the process. An uncontested probate could range from $1500 – $3000. If anyone contests the process, the cost could range from $3000 to more than $10,000. Fees to consider include:

• Attorney fees (if you use a probate attorney)

• Appraisal, Land Survey and Accounting fees

• Court fees

• Filing fees  

• Executor fees/compensation – Georgia Executor fees are governed by detailed law; a general average could put the number allowed around 2.5 percent of the total estate value

• Executor/Probate Bonds (price will range)
• Etc.

What is Probate?

When an individual dies, the person likely leaves behind property. Frequently, a last will and testament is also left behind, which indicates how the deceased wanted any property or assets distributed. Consequently, the last will and testament may be subject to probate.

Probate is the process by which the court oversees the administration of the decedent’s last will and testament. When the will is subject to probate, there might be property that must be disposed of pursuant to the sale. This sale is also known as a probate sale.

Sometimes a probate sale is necessary in order for the estate to get money to pay off debts of the decedent, while in other instances, the sale may be done simply to liquidate assets of the estate.

The process involves having a personal representative appointed, such as an executor or administrator. The estate’s personal representative is responsible for settling the claims of creditors, inventorying the estate, paying any taxes that are due, selling the house, administering the house during the probate and then distributing the estate to the appropriate heirs or beneficiaries.

There are costs associated with the process – it can be helpful to understand them. The cost of probate in Georgia can vary, and there are a few things that can affect the final amount it takes to get through the entire process, including: 

• Size and complexity of the estate

• The county you open probate in

• Whether or not you use a probate attorney

• What type of Estate Plans are in place (or lack thereof)

• If there is anyone contesting 

• Etc.

Given all of this, it makes sense that the average cost of probate in Georgia can fluctuate. 

Common Probate Fees in Georgia

Because probate fees in Georgia have a wide range, it’s useful to break down some common costs associated with the process. An uncontested probate could range from $1500 – $3000. If anyone contests the process, the cost could range from $3000 to more than $10,000. Fees to consider include:

• Attorney fees (if you use a probate attorney)

• Appraisal, Land Survey and Accounting fees

• Court fees

• Filing fees  

• Executor fees/compensation – Georgia Executor fees are governed by detailed law; a general average could put the number allowed around 2.5 percent of the total estate value

• Executor/Probate Bonds (price will range)
• Etc.

Phase One: Appointment

In the appointment phase, our mission is to get someone appointed to represent the estate. This phase is going to take anywhere from six weeks to three months.

The largest factors that determine the time in the appointment phase are:

How quickly the family will return paperwork to our firm, and what county the estate is in and which court we use because different courts move at different speeds.

Phase Two: Administration

The administration phase is going to take a minimum of four months.

This phase has a lot going on. The administration phase is where we’re doing the work of settling the estate.

We’re identifying property, selling property, working with creditors, settling creditor claims, figuring out who gets distributions, making those distributions, and managing all of the affairs of the estate.

The minimum amount of time this phase can take is four months. The reason why is because of one of the responsibilities we have during that phase is publishing a notice in the newspaper. That notice has to run for four weeks.

After the notice runs, the estate has to be left open for an additional three months. 

Why? Because that notice tells creditors if they have any kind of objection to make, now’s the time to make it. So we have to hold the estate open for three more months to allow those creditors to do that.

As you can imagine, depending on the size of the estate or the assets the estate has, it could take longer than four months.

For example, let’s say we have a house to sell in the estate, but it’s just the wrong time of the year to sell the house. We want to wait until the right time of the year to list it. Well, that would add to the amount of time that our administration phase takes.

Phase Three: Distribution and Discharge

Our final phase is distribution and discharge.

That’s where we close the estate.

This phase takes a month and a half to three months to complete, much like the first phase did.

And the reasons for that are similar:

How long does it take the family to return paperwork to our office? And then what court are we in and what speed does that court move at?

When you add all of these things up, you get to 12 to 18 months on average.

Summary: How Long Does Probate Take In Georgia?

Probate typically takes 12-18 months in Georgia depending on the size or assets of the estate.

It’s important to keep in mind the three phases of the probate process:

• Phase one: Appointment. Time: 1.5-3 months.

• Phase two: Administration. Time: At least 4 months.

• Phase three: Distribution and Discharge. Time: 1.5-3 months

WHAT IS A TRUST?
A. A trust is a legal relationship in which one person (the trustee) holds legal title to property for the benefit
of another (the beneficiary). Many kinds of trusts exist, and each state has different rules outlining the specific requirements for trusts.

Trusts are used to accomplish a variety of estate planning goals. A trust may supplement a will, or replace a will. A trust may allow your estate to avoid probate. A trust may be created to manage a person’s property or protect it from creditors. Some trusts provide tax benefits or reduce tax liabilities.

To create a trust, the trust maker (usually called the settlor or grantor in the trust document) transfers legal ownership of his or her property to a person or institution, the trustee. The trustee can then manage the property for the benefit of another, the beneficiary. Often the trustee receives compensation for serving as trustee. A trustee has a fiduciary duty to act in the best interests of the beneficiary.

Depending on the type of trust, a trust maker may name himself or herself a trustee or a beneficiary. Regardless of what kind of trust a person establishes, the trust will only become effective after the trust maker has funded it, i.e., transferred assets to it.

The number one marketing is to other real estate professionals. I believe this, because there are buyers working with real estate agents and when those agents become aware that your house is available for purchase they will let their buyers know.

I entice the agents and their buyers by providing up to 50 photos of the property and a well written description onto the FMLS and GAMLS. (I am a member of both Multiple Listing Services in Metro Atlanta.) My team will also upload onto the MLS systems all the pertinent information about the property, luring the agents and buyers to want to take the next step and the time to actually look at the property.

You will experience the house listing on many internet sites such as Realtor.com, Zillow, Trulia and more within 72 hours. And, of course, a sign post and sign will be placed on the property. Call us today and receive a complete copy of our competitive marketing plan

What are the Responsibilities of the Personal Representative, Executor or Administrator?

The personal representative, also referred to as the Executor (if there is a will) or administrator (if there is not a will) is appointed as part of the probate proceeding and has the responsibility of managing the estate through the proceeding, subject to established probate rules and procedures.

The executor is nominated in the will. If there is no will, or all the executors who are nominated have died or are unwilling to serve as the executor, state law provides that the decedent’s closest relatives have the highest priority to become administrator of the estate.

Keep in mind that the probate court has a considerably amount of control over the activities of the personal representative and requires that she or he obtain prior permission of the court before performing certain actions such as the sale of the real estate owned by the estate

My team and I have a system to handle the transactional details. Just as important, we keep you informed, all along the way. The number one complaint people have with real estate professionals is lack of communication. I have set up a system that keeps my clients up-to-date with the team’s efforts. You can expect to receive, at a minimum, a weekly update. If we have sometime important to share with you, we will call or email you promptly.

On the other hand, if you have a question or concern, or just want to speak with me, simply call 404-274-6705 or email me kes@atlcommunities.net I’m here to answer all your questions and address any of your concerns. I want you to feel comfortable throughout our transaction.

This is a designation that real estate agents/broker can earn by taking a course and passing their course. It shows you that an agent takes their job seriously.

As the personal representative of a probate or a trust, you can make decisions that are in the best interest of the estate. Many personal representatives choose to complete my recommended cost-effective repairs. The key is “cost-effective”. It is important that any repairs completed will ultimately increase homebuyer interest and the net dollar proceeds to the estate.

While the process of buying property is basically the same in all US states, local law does have an impact. For instance in Georgia (and in South Carolina) the closing must be conducted by a licensed GA real estate attorney, who is effectively a real estate specialist. Furthermore this attorney must be physically present at the closing, and according to a Georgia Supreme Court order, “in control of the closing process from beginning to end”. This was as a result of an attorney having participated in a real estate closing telephonically, which the Court found “ethically improper”.

In some other states, only attorneys can give legal advice relating to the closing. Real estate attorneys must also draft all the legal documentation. But a “non-attorney” may handle the closing.

A GA Real Estate Attorneys Role at the Closing

The attorney who handles the real estate closing represents the lender and not the buyer or the seller.

While buyers and sellers often consult with a real estate attorney of their own, to do title searches, check documents (including the closing documents) or get advice, usually the closing attorney handles the closing alone, without input from other legal professionals, or any other attorneys being present. But there is nothing to stop the buyer and/or seller having their own attorney with them at the closing.

The federal law that covers the closing is the Real Estate Settlement Procedures Act (RESPA), and this legislation applies in addition to the local Georgia real estate license law that the Georgia Real Estate Commission administrates. Chapter 47 of the local state law specifies the process involved for first mortgage loans. The real estate closing attorneys role is also specified in this chapter.

Amongst other things, it is the Georgia real estate closing attorney’s responsibility to:

• Ensure all documents are completed correctly

• Ensure deeds, affidavits, and all other documents are delivered to the right people

• Prepare the settlement or closing statement

• Disburse money in terms of the closing statement

Georgia law also requires the closing attorney to prepare a detailed statement that shows all disbursements and receipts from the buyer and the seller; and this must be given to both parties, and possibly the broker if there is one involved.

So even though the closing attorney represents the lender, he or she has a responsibility to complete the closing efficiently and accurately in the interests of all parties involved.

Normally the closing attorney explains the contents of the documentation to the buyer and seller at the closing, before everything is signed and sealed.

There are three main options to liquidate the remaining personal property. Keeping in mind that as the Atlanta administrator or executor to act prudently and maintain a fiduciary duty to earn as much as possible for all the heirs or beneficiaries of the probate or trust. Experience shows that one of these options will work best for your situation:

• Option 1: Donation

Sometimes the decedent will leave instructions for the personal items in the will. And if those instructions designate a charity to receive the remaining items, you would organize the packing up of all the items and delivery.

• Option 2: Estate Sale

You would interview several estate sale companies and determine which is the best fit for you and the estate. Experience shows this to be a good option when the items left behind are numerous and have substantial value. Keeping in mind, this option can slow down the process of selling the house because the scheduling of the  estate sale can take 6-8 weeks.

• Option 3: Buy Out

Chose a local Buy Out Company to purchase the remaining personal property and also remove all the unsalable items and trash. This option takes less than 3 weeks from bid, to scheduling the removal.

Detailed market data would be provided. This includes the selling prices of similar properties within 2 miles of the Metro Atlanta estate property area, as well as the currently listed properties (which are your competition). It will include in-depth information on the recent sales in the area, such as price per square foot, condition of the properties and the number of days the property was on the market.

Taking into consideration the information in the analysis, we will be able to determine a listing price that is appropriate for the market, will attract the greatest number of qualified buyers and cause the house to sell.

Yes. In most Atlanta real estate transactions, the seller is required to disclose information about the property, including defects such as water intrusion, roof leaks, broken appliances, evidence of pest infestation, etc.

Because sellers of metro Atlanta area real property through probate, trust or conservatorship may never have lived in the property that’s being sold, special disclosure forms take this into account. Probate and trust sales require special disclosures, listing agreements and purchase contracts. The Georgia Association of Realtors (GAR) has forms specifically for Atlanta probate and trust transactions.

Before a lender will loan funds for the purchase of a property, the lender requires professional valuation of the property by licensed appraiser. The appraisal is necessary to support the value of the property for the dollar amount of the buyers down payment plus the loan amount which equals the agreed upon purchase price.

The appraiser will take measurements and notes regarding the property condition and the amenities plus photos of each of the rooms. The exterior of the property will also be evaluated and photographed. Then the appraiser will travel to and take photos of the exterior and consider the amenities of comparable sold properties within a half mile to one mile of the home. And they will also consider one or two pending sale properties.

All of this information is gathered into a concise report and sent to the lender for further evaluation by the loan underwriter. The underwriter will then review all the information prior to determining full loan approval for the buyer.

The cost is a buyer expense between $450 and $600 and is paid in advanced by the buyer.

Even if the personal representative is granted full authority to administer the estate, the personal representative must provide written notice to the heirs, beneficiaries, and any other interested person of the decedent’s estate prior to taking certain actions. The actions requiring prior notice are enumerated in the Probate Code and depend on the type of authority provided to the personal representative, but generally include selling real property, selling the decedent’s business, granting an option to purchase real property, or distributing certain cash gifts under the decedent’s will.

The notice provided by the personal representative is called a Notice of Proposed Action Notice. The Notice indicates that the personal representative is about to take an action, like sell a house, and it must include a specific description of the proposed action. If it involves the sale or transfer of real property, the Notice must state the material terms of the transaction, such as the sale price and any commission to be paid to a real estate agent or broker.

The Notice must be mailed to the required parties at least fifteen (15) days prior to the date that the proposed action will be taken.

Letters Testamentary Letters testamentary are official documents issued by the court authorizing the Executor to act for the estate. They are proof to others that the Executor has been qualified by the court. This is usually the result of the decedent naming that person in their will. But what if there was no will or the decedent didn’t name an Executor? In that case, you would seek Letters of Administration.

Letters of Administration If the decedent died without a will (also known as “dying intestate”), the court will have to name an Administrator. Then, as with Letters Testamentary, the court clerk issues a document certifying that the Administrator has been qualified by the court and has the authority to manage the estate. These are the Letters of Administration. For decedents who died without a will, the applicant must also have the court determine the proper heirs to the estate.  This is known as a “Declaration of Heirship.”  An administrator can be appointed before the heirs are determined, but the administrator will not be able to distribute assets until the court determines heirs. In some cases, an applicant can file an application to both obtain Letters of Administration and Declare Heirship. This joint filing can save significant time.

I’m a big fan of crediting a metro Atlanta homebuyer a reasonable amount of money instead of completing repairs. The primary reasons are that (1) there will be no issues with the quality of work completed; and (2) no one needs to be present to monitor the repairs. A written document between the seller and the buyer should be drafted, detailing the funds credited from the seller’s proceeds towards the buyer’s closing costs. Once signed by the seller and the buyer, the document is given to the attorney and they handle the transfer of funds. The credit can also come in the form of a price reduction or seller paid closing costs. We provide all these forms to make the process easy

A short answer is that an executor (executrix if a female) is the person who is named in the Will to take charge of the estate.  The executor is responsible for wrapping up the deceased person’s affairs and distributing the assets to, or for the benefit of, the persons named in the will (beneficiaries).

An administrator is the person in charge of the estate when my someone dies without a Last Will and Testament.

Both the administrator and executor are subject to the jurisdiction of the Probate Court. Both have similar duties. Selling properties, paying taxes, gathering and dispersing assets.

Administrators and executors are fiduciaries. A fiduciary is a person who has been given the highest degree of trust and responsibility that can be imposed by law.   Both must answer to and be accountable to the probate court. They must act in a fiduciary capacity with the settlement of the estate in the best interest of the estate. Their role as liquidators should have the best interest of the estate in mind when dealing with any person, property, interest, trust, or savings.

The most significant difference between an executor and an administrator is that an Administrator’s authority is limited to what the law provides in the statutes. The executor has all the same legal authority PLUS additional powers that may be granted in the Last Will and Testament.

The Last Will and Testament can give the executor the power to sell real estate at private or public sales without having to go through the courts, this saves time and money.