Many people do not realize the reality and benefits of having a will versus not having a will. For this reason, Georgia estate planning attorney Shane Smith has provided a quick list of what happens with and without a will.
With a Will
- You can choose an executor who you trust to oversee the distribution of your assets upon your death.
- Because you assign an executor, you (and your heirs) can avoid unnecessary expenses.
- You can save estate taxes with the help of an estate-planning attorney.
- You can pick and chose to whom you want to give your assets to and what percentage they receive.
- You can even give some of your assets to friends.
- You can chose to support your favorite charity.
- You can appoint a guardian for your minor children and establish a trust for them.
Without a Will
- The courts will assign an executor on your behalf.
- Without an executor, the cost of administration of your estate will be greater because the administrator will require court supervision.
- Your estate may lose money due to needless taxes that you could have avoided by estate planning.
- The state will distribute your property and assets equally, by class, to your relatives.
- None of your friends will receive any of your assets.
- Your money will not go to support your favorite cause.
- You don’t get the opportunity to choose a guardian for your children.
For help with your will and trust, call Peachtree estate-planning attorney Shane Smith at (770) 487-8999 today.