TANNER PITTMAN, LLC
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| TANNER PITTMAN, LLC |
If your relative dies without a will and has money in one or more bank accounts, Georgia's
laws contain a simple procedure for obtaining up to $10,000 from each account without the
need to go before a probate court.
The Georgia Code, in OCGA § 7-1-239, states that banks and financial institutions "shall be
authorized" to pay up to $10,000 from a depository account to certain heirs at law of an
intestate decedent. Some requirements:
The decedent must be intestate. The person leaving the bank account must have died
without a will.
The account must not be joint. Joint bank accounts go to the survivor of the two depositors,
not to the heirs of the decedent depositor.
The amount must be less than $10,000. But this is only per bank. Heirs of a decedent with
ten bank accounts could receive up to $100,000 in proceeds without going to a probate
court.
The heirs must fill out an affidavit that is substantially in this form.
laws contain a simple procedure for obtaining up to $10,000 from each account without the
need to go before a probate court.
The Georgia Code, in OCGA § 7-1-239, states that banks and financial institutions "shall be
authorized" to pay up to $10,000 from a depository account to certain heirs at law of an
intestate decedent. Some requirements:
The decedent must be intestate. The person leaving the bank account must have died
without a will.
The account must not be joint. Joint bank accounts go to the survivor of the two depositors,
not to the heirs of the decedent depositor.
The amount must be less than $10,000. But this is only per bank. Heirs of a decedent with
ten bank accounts could receive up to $100,000 in proceeds without going to a probate
court.
The heirs must fill out an affidavit that is substantially in this form.
| Handling Small Bank Accounts of Intestates |
A death certificate should accompany the affidavit as a practical matter.
It must be a close family member. The code section on point only allows distributions to the spouse, children, parents, and
siblings of the decedent, in that order. Sole-heir cousins have to go through the probate court to get their money.
Note finally that financial institutions are not obliged to fork over up to $10,000 even if the heirs handle the matter properly. All that
the law does is permit banks to do so. It may give your bank some assurance, however, that the law provides "[p]ayments . . . shall
operate as a complete acquittal and discharge to the financial institution of liability from . . . any heir."
In other words, the bank can't get sued for giving the money in good faith to those executing the affidavit.
It must be a close family member. The code section on point only allows distributions to the spouse, children, parents, and
siblings of the decedent, in that order. Sole-heir cousins have to go through the probate court to get their money.
Note finally that financial institutions are not obliged to fork over up to $10,000 even if the heirs handle the matter properly. All that
the law does is permit banks to do so. It may give your bank some assurance, however, that the law provides "[p]ayments . . . shall
operate as a complete acquittal and discharge to the financial institution of liability from . . . any heir."
In other words, the bank can't get sued for giving the money in good faith to those executing the affidavit.