What is a Will?
A will is a document that you use to say what you want to have happen to your
property after your death. A person making a will is called a "Testator."
Who
needs a Will?
While contemplating one's own mortality is difficult, every adult should have a will.
It doesn't matter if you have many assets or a few, are married or unmarried, have minor children or no children, you
should have a will.
Why do I need a will?
With a will, you decide how your
estate will be distributed and you may dispose of your property as you choose. Without a will, your estate is distributed
to your heirs, who are determined in accordance with state law.
- With a will, you can direct that all of your estate
be distributed to your surviving spouse. Without a will, your estate will be shared by your surviving spouse and children,
including minor children.
- With a will, you can nominate the person whom you want to be guardian of your minor children.
Without a will, the choice of guardian will be determined by a court.
- With a will, property can be distributed to
trustees of your choice to manage the property on behalf of incapacitated adults, minor children, children with special needs
or beneficiaries who might need protection from creditors and their own unwise decisions. Without a will, property might be
distributed to these beneficiaries outright or to a conservator chosen by a court, and minor children will receive their property
upon reaching age 18.
- With a will, you can direct that your property be available to your surviving spouse during
his or her lifetime and pass to your children--perhaps children from a previous marriage--upon the surviving spouse's
death. Without a will, the property that is distributed to your surviving spouse will be distributed upon his or her death
as your surviving spouse decides.
- With a will, you choose the person, bank or trust company to serve as executor of
your estate. The executor will manage and distribute your estate in accordance with the law and the terms of your will. Without
a will, a court chooses an administrator of your estate at the request of your heirs, who may or may not agree on the choice.
- With
a will, your executor can be given full powers to sell your property and manage it without requesting permission of a court.
Without a will, your heirs must petition a court for the administrator to be granted these powers.
- With a will, you
can provide that your executor serve without posting a surety bond and filing an inventory or periodic reports to a court.
Without a will, your heirs must petition a court to relieve the administrator of these duties.
- With a will, you can
provide for gifts to charity out of your estate. Without a will, all of your property will be distributed to your heirs.
- With
a will, you can structure an estate plan to reduce federal estate taxes. Without a will, your estate may owe more in taxes
than it would with a properly structured estate plan.
What are the requirements for a
valid will in Georgia?
- you must be at least 14 years of age
- you must have a decided and rational
desire as to the disposition of your property
- you must execute your will freely and voluntarily
- your will
must be in writing and signed by you
- your will must be attested and signed in your presence by at least two competent
witnesses
What happens if I die without a will?
If a person dies without a will, they
are considered to died "Intestate" and your property will be distributed by the Court, according to
Georgia's intestate law. Unfortunately, Georgia's intestate law may not follow what you would
have wanted, so to make sure your wishes are followed, execute a will.