How Much Does An Estate Have To Be Worth To Go To Probate In Georgia?

To determine the estate value at death, follow these steps:

1. Identify All Assets: Make a comprehensive list of the decedent’s assets, including real estate, bank accounts, investments, retirement accounts, vehicles, personal belongings, and any business interests.
2. Obtain Date-Of-Death Values: Assess the fair market value of each asset as of the date of death. For real estate and valuable personal property like art or collectibles, consider hiring a professional appraiser. For financial accounts, obtain statements or contact the institutions to acquire the date-of-death balances.
3. Calculate The Gross Estate Value: Add up the date-of-death values of all assets to find the gross estate value. This figure does not account for any debts or liabilities.
4. Identify And Quantify Debts And Liabilities: List the decedent’s outstanding debts, such as mortgages, loans, credit card balances, and any unpaid taxes. Determine the amounts due at the time of death.
5. Calculate The Net Estate Value: Subtract the total debts and liabilities from the gross estate value to arrive at the net estate value. This figure represents the value of the estate that may be subject to probate or estate taxes, depending on state and federal laws.

Remember that estate valuation can be complex.

Especially if the decedent owned a variety of assets or had significant debts. 

It’s recommended to consult with an:

• estate attorney
• accountant
• financial advisor

This is to ensure accuracy and compliance with all applicable laws and regulations.