Creating an estate plan defines who receives your property after your death. Among other things, it allows you to decide on the distribution of your assets, appoint an executor and trustees to carry out your wishes, and appoint guardians for your minor children. An estate plan protects your family from a potentially lengthy probate process and can spare them from arguments.
When a deceased person does not leave a will or estate plan, they died intestate. State law then determines who your heirs are and a Court names the Administrator who will settle the estate and distribute to the heirs. That makes it important to understand the difference between our heirs and our beneficiaries.
What Is An Heir?
Georgia law defines your heirs as your spouse and children if you have children or their descendants if your children have predeceased you. In the event you have no spouse or descendants, the law determines which blood relatives are entitled to a portion of your estate. If you die intestate (without a will in place), the state of Georgia details exactly how, and in what order, your heirs will inherit your property and assets.
What Is A Beneficiary?
A beneficiary is anyone – an individual or an organization – who you specifically name in your Will as a recipient of your property or assets. In most cases, a beneficiary is someone who receives a financial benefit from a Will, trust account, or life insurance policy. Unlike heirs, beneficiaries do not need to be related to you by blood.
Why Are A Will And Estate Plan Important?
The presence of a legally binding Will determines who has rights to your property after your death. It’s an important document because it allows you to express your final wishes rather than allowing the law to determine the distribution of your estate. Contact the attorneys at Grissom Law, LLC. We have years of experience creating estate plans that ensure your property and assets go to the people you want them to go to.
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.