Your formal WILL and Testament can save you and your loved ones pain and thousands of dollars! Don't think it is an option…it is a necessity. You don't want the government to take control of your assets and hold your estate up longer than necessary. Many people…even seniors procrastinate or believe they do not need a WILL. However, a properly prepared will can ensure that your wishes are met after you die.
Your WILL not only provides for distribution of your property after your death but it can protect you and your heirs. Your WILL appoints an executor that will be responsible for managing your estate and ensuring your wishes are fulfilled. Even if you do not have assets to leave to heirs, you may want to designate how your body will be handled.
My father died unexpectedly last year. He had a legally binding WILL that he had updated with an attorney a few months prior. This saved my family many challenges. We were able to make sure his requests were honored. He told members of our family before he died that he wanted to be cremated. His will specified how his body should be handled. This kept our family from struggling with some tough decisions. His death was painful for us, but having a WILL made the challenges easier to face and allowed us to grieve instead of worrying about legal challenges.
Your WILL can:
- appoint guardians and successor guardians if minor children are present
- appoint guardians and successor guardians for property management of minor children if necessary (a trust could also be set up by the will, in which case trustees do this function)
- create a trust or life estate
- waive the requirement of executor to post bond
- name assumed order of death in the event simultaneous death of spouses and/or children
- name alternative distribution of property in case a named beneficiary chooses not to accept property or if the beneficiary predeceased the person making the will
- specifically state the powers granted to the executor
If you do not have a WILL when you die you are said to have died intestate. A person who dies with a will is said to have died testate. If you die intestate, the state you reside in at the time of your death will take control of your estate and work through the state law. Depending on the size of your estate and the circumstances of your death, this can cause many heartaches for your loves ones. In intestate will can be held in the courts far longer than a testate will.
It is always preferable to have a will. A will states your preference as to the disposition of your estate. A will can and should be changed as your circumstances and preferences change. Even if you take measures to avoid probate, you should have a will as a back-up. A will should always be drawn up by a qualified attorney familiar with your financial circumstances, family situation and your wishes for your estate.
The best advice you can take is to schedule a consultation with a qualified attorney who can create a will that meets your needs. The price for Will preparation will be from $99 to more depending on your needs.
The attorney can also recommend Trusts and Living Wills depending on your needs.
The Georgia State Bar Association is a good source for information pertaining to will preparation.
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