A Last Will and Testament is typically what is referred to as a will-based estate plan. It is a legal document that provides the details of who will inherit your property and who will be named as your executor and left in charge of settling your final affairs. A Last Will and Testament is really the first building block to a solid estate plan in Georgia.
While most people assume there is only one will—the Last Will and Testament—there are actually different types of wills, including the following:
- Self-Proving/Testamentary Will – This type of will is a formal document signed in the presence of witnesses and is the traditional type of will that most people are familiar with. This is also known as a testamentary will.
- Pour Over Will – This type of will can catch anything that wasn’t put in a trust when a person dies, and it can also appoint a guardian for minor children.
- Holographic Will – This type of will rarely holds up in court because it is written without the presence of witnesses.
- Oral Will – This type of will is spoken before witnesses, but it is rarely recognized in court.
- Living Will – A living will has nothing to do with assets and everything to do with medical care. It expresses a person’s wishes about how to care for him or her if he or she becomes incapacitated. This way doctors and family members know what type of health-care decisions to make on a person’s behalf.
To ensure your wishes are carried out, it is important that you meet with a Peachtree estate planning attorney to ensure your will is written out and signed by witnesses. Call attorney Shane Smith at (770) 487-8999 today.