Have you wondered if you really need to make a Will? We are asked this question many times by people who are trying to decide if they want to spend the time and money to make a Will. To make this decision, it is important to understand what a Will does as well as what a Will does not do. Continue reading to learn more…
What does a Will do?
- Allows the creator, generally called a Testator or Testatrix, to direct how they would like their property distributed after their death.
- Appoints a specific person, or people, to be the managers of the distribution (referred to as an Executor or Executrix). This person is the one who makes sure the wishes of the deceased are honored and controls the assets.
- Provides the ability for property to be left to a minor or incapacitated individual in trust so that any such property is protected until that person is old enough, or capable, of managing their own finances.
- Can name a guardian of any minor children. While a guardian must be appointed by the court, any guardian named in a Will is considered above anyone else.
What doesn’t a Will do?
- Manage your property during your lifetime and incapacity. A Will is only effective after your death.
- Avoid probate. Probate is the court process in which the Will is reviewed to determine whether it is valid an authentic. As a part of the process, the Will becomes a public document that can be challenged. It is also the process the Executor or Executrix must follow to administer the estate and distribute any assets. The probate process is a legal process that can be completed in a year for less complicated estates and may require several years for complicated estates.
- Transcend state boundaries. While a Will created in Georgia may be valid in another state, each state has its own laws and rules for what makes a valid Will.
- Does not control non-probate assets (401 (k)s, IRAs, Life insurance policies, jointly held assets, any account that is Payable on Death (POD) or transferable on death (TOD)). See our article on Probate and Non-Probate Assets: https://grissomlawfirm.com/probate-non-probate-assets
Call us today at 678.781.9230 to schedule an appointment to discuss your estate planning needs. We will walk through the components of a plan and ensure that your Will does what it is intended to do and that you have other documents in place to address your needs during lifetime.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.