|
|
WILLS
PDF File: Will Preparation Form
Who needs a will? Everyone owning property who wishes to exercise control over the property’s disposition after death should have a will, regardless of the property’s value. Of course, the larger the estate, the greater is the need for expert estate planning and a valid, up-to-date will.
What are the reasons to have a will? 1. With a will, you decide how your property will be distributed. You may make any disposition of your property not inconsistent with the laws or contrary to the policy of the State of Georgia. If you die without a valid will, your assets will be distributed according to a rigid statutory formula which makes no allowances for your personal wishes. In some cases, the state statute will not direct that your property be distributed as you would have distributed it under a will.
2. A well-prepared will often reduce your estate taxes. After death, however, relatively little can be done to alter the tax status of the estate. Tax consequences depend upon the individual case, and you should discuss them with your lawyer or financial advisor.
3. Subject to certain limitations, you can choose the individual, bank or trust company to serve as executor or co-executors of your estate, to manage and settle your estate according to the law and the terms of your will. Without a will, a court-appointed administrator would serve.
4. A will enables you to eliminate unnecessary expenses and court costs involved in the administration of an estate without a will. For instance, bond premiums can be avoided by simply stating in your will that your executor need not give bond. In addition, real estate and other assets may be sold without court proceedings if your will authorizes it.
5. Parents can name those they want to be the guardian of the person and the trustee of the property of their minor children.
6. Trusts can be established to lower taxes and to provide for financial management for the benefit of your family and others.
7. You can make gifts to charity through your will.
What if you die without a will? As mentioned above, if you fail to make a will, Georgia’s inheritance statute will determine who gets your property. For example, if a husband is survived by his wife and two children, his property is divided equally among them. In addition, the court will appoint an administrator to manage and settle your estate. This cost of administering your estate is often far greater than if you had paid for the cost of a well-prepared will. When there is no will, the administrator of an estate is often complex and costly.
What are the formal requirements for a will? A will is the legal declaration of a person’s intention for the disposition of his or her property after his or her death. The law of each state set forth the formal requirements for a legal will. In Georgia:
1. You, the maker of the will (called the testator) must be at least 14 years old.
2. You must be of sufficient mind and memory to realize you are making a will disposing of your property.
3. The will must be in writing.
4. A valid will must be signed by the testator and witnessed by at least two witnesses in the special manner provided by law. These witnesses should not be personals who are designated to take property under your will.
5. It is necessary to follow exactly the technical formalities for the execution of a will.
May a person dispose of his or her property in any way he or she wishes by a will? A testator, by his or her will, may make any disposition of his or her property not inconsistent with the laws or contrary to the policy of the state of Georgia. A testator may bequeath his or her entire estate to strangers, to the exclusion of his or her spouse and children. In such cases, however, the spouse, on behalf of herself or himself and any minor children, may apply to the court for part of the deceased’s estate sufficient to support him or her and the minor children for 12 months.
While any real or personal property may be transferred by a will, there are some particular interests in property which may not be transferred because of the owner terminates automatically upon his or her death. A life estate and property owned in joint tenancy with right of survivorship are two examples.
Does a will increase probate expenses? No. Unlike some states, in Georgia there is no need to avoid probate. Court costs are low and procedures are simple. In fact, a will may reduce expenses.
How much does a will cost? Lawyers usually set their fees based on hourly rates. The amount of time needed to prepare a will depends on the complexity of each case.
How long is a will valid? One’s will does not become valid until death and may be changed or amended by signing a new will or “codicil,” which is simply an amendment executed with the same formalities as a will.
A will’s terms cannot be changed by writing something in or crossing something out after it has been executed.
When should a will be changed? Under Georgia law, unless the will specifically states otherwise: a child born or adopted after the will has been made revokes your will and marriage revokes your will. If you divorce after you execute your will, your former spouse will not be allowed to take under your will. Will changes in the circumstances of a testator require a careful reconsideration of all provisions of the will and may make a change advisable.
Is a life insurance program a substitute for a will? No. Life insurance is only one kind of property that a person may own. A will is still needed to dispose of the rest of one’s property to the intended beneficiaries. Moreover, if the life insurance policy is payable to the estate of the insured, the disposition of the proceeds may be directed by will. (If a policy is payable to an individual, however, the will of the insured has no effect on the proceeds.) Also, life insurance proceeds may be subject to estate taxes.
Is placing all property in joint ownership a substitute for a will? No. While joint ownership in some cases is a useful legal device, it is not a substitute for a will. Besides causing adverse tax consequences, a joint tenancy does not provide for the distribution of the joint property in the event of a common disaster.
Who should prepare a will? Drafting a will involves making decisions requiting professional judgment which can only be obtained by years of training, experience and study. Only the practicing lawyer can avoid the innumerable pitfalls and advise the course best suited for each situation. You should avoid using do-it-yourself wills as they may create problems.
What is a Living Will? The state of Georgia recognizes the right of a competent adult person to make a written directive known as a Living Will, instructing his physician to withhold or withdraw life-sustaining procedures in the event of a terminal condition. There are certain specific limitations on the contents, execution and witnessing of a Living Will and you should consult an attorney if you wish to have one prepared. You may also want to consult your attorney about signing a power of attorney for health care purposes.
Some suggestions concerning wills: 1. A will signed and witnessed in another state will usually be valid in Georgia. However, if you have moved here from another state, it is wise to have your will reviewed by a Georgia lawyer in order to ensure that it is properly executed according to Georgia laws, and that your executor is qualified to serve in this state.
2. An improperly executed will may be void. Thus, be sure you sign your will in the presence of your attorney who knows exactly how the will should be signed.
3. The Tax Reform Act of 1981 and subsequent tax laws made sweeping changes in the federal estate and gift tax laws. If your present will has not been reviewed by your attorney since 1981, it should be reviewed as soon as possible to determine what, if any, action should be taken in light of the new laws.
PDF File: Will Preparation Form
Home | Attorney Profiles | Practice Areas | Legal Fees Contact Information | Consultation | Resources
This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.
Copyright © 2004; Law Office of Danny Coleman, PC. All rights reserved. Updated: 05.10.2004
|
||||
.jpg)
