While most people don’t like thinking about or talking about death, it is wise to give this unpleasant subject some thought so that you understand what you need to do in order to have your loved ones inherit your assets after your death—a will is a good avenue for doing this. However, you will also want to consider assets that do not get disbursed through a will such as life insurance, IRAs, securities accounts, and bank accounts. For these, beneficiaries have been designated to receive those benefits and assets will be paid out accordingly. These assets do not need to be included in a will. For this reason, it is important to have your beneficiary designations up to date.
What Is a Will?
A will is a legal document that names an executor who will manage your estate after your death. This person will pay off your debts and taxes and make sure your estate is distributed according to your instructions. A will can also name a guardian for your minor children. Additionally, a will names individuals who you want to receive your property and assets by gift or in a trust
Do I Need a Will?
If you have children and assets, then you need to create a will. If you do not have a will, the courts will determine who will be responsible for your kids or what happens with your assets.
Creating a will allows you to dictate to whom you want your assets to go, such as real estate property, cars, and heirlooms. Failing to create a will may cause tension among family members if they battle over your possessions. Also, a will allows you to chose who you want to care for your children in the event of your death—instead of letting the courts decide.
How Do I Make a Will?
You can start by making a list of your assets. This list should include things you own such as your home, car, boat, family heirlooms, contents of your safe deposit box, etc. Once you have a list of your assets, do the same for your debts. You may want to receive help from an experienced Georgia estate planning lawyer who has experience writing wills, knows the state’s laws, and can ensure your will is carried out.
Is a Will Final? Can I Change it Later?
Wills can be revised. An attorney can help you make an amendment to your will, or you can write a new will to replace your original one.
Writing a will can give you peace of mind as your age. For help creating a will, call the Law Offices of Shane Smith at (770) 487-8999 to speak with a knowledgeable Peachtree City estate planning attorney to learn more today.