Last Will and Testament 101
What is a Last Will and Testament?
A Last Will and Testament, or simply called a will, is a legal document that helps you protect your family, your property, and your last wishes by allowing you to leave legal instructions on how you want your property divided and distributed after your die.
What are the requirements for a valid Last Will and Testament in Georgia?
There are Five requirements for a valid Will to be valid in Georgia:
1) The person creating the Will must be 14 years or older,
2) The person creating the Will must be competent,
3) The Will must be in writing,
4) The person creating the Will must sign the Will,
5) It needs to be signed in front of 2 witness, they do not benefit from the Will, and they must sign the will as well.
A will prepared in another state may be valid in Georgia so long as it meets the above requirements. For Georgia, it is not necessary for a will to be notarized or submitted to a probate court in advance, though it is recommended.
Who can I list as a beneficiary of my Will?
A valid will allows you to leave your property to just about anyone you want. You can name any person, family member, friend, organization, or institution as a beneficiary in your will. You just can’t name either of the 2 people who serve as a witness to the will.
Or a valid will can also allow you to NOT leave property to people who might otherwise receive your property under Georgia intestate laws. The State of Georgia has laws that direct who would receive your assets if you failed to make a valid Will during your lifetime and these heirs may not be who you wish to receive your assets.
What types of property can I put in my Will?
Some of the types of property that can pass through your will, include:
Personal Property (i.e.: Animals/ Pets, Antiques, appliances, art, books, pictures, collectibles, electronics, furniture, clothing, jewelry, tools ,vehicles, etc.)
Cash Accounts
Savings Accounts
Securities (i.e.: bonds, commodities, mutual funds, stocks, U.S. bills, notes and bonds)
Business Interest and Business Property
Real estate Property (i.e.: land, houses, boat/marina dock spaces, rental property, time-shares)
This is not an exhausted list, one of our Estate Planning attorneys can help you determine if your specific personal and/or real property will pass through your will or by other means to ensure your desired outcome is achieved.
What is an executor of my Will?
In your will, you name an executor, this is the person you designate to carry out your last wishes using your will to instruct them on what you want to happen; including whether you want a funeral, burial, or cremation. You can also protect your children by naming a testamentary guardian for them and you can name a person to manage property you leave to your children (minors and adult children).
Does a Will ever expire?
A valid will does not technically ever expire. However, you can revoke a will, or make changes to your will at any time through a codicil. It is a great idea to review your will every 3-5 years or after major life events, such as marriages, births, or deaths to ensure your Will still accomplishes what you want it to for your family.
The Harden Law Firm is an experienced estate planning law firm that can help you avoid mistakes that many make while creating a will. Having a Last Will and Testament is an affordable and extremely effective way to ensure that the things you value get to the people you value most. The Harden Law Firm can help you ensure that you are creating a valid will with clear instructions to your executor as to what property get passed to your desired loved ones. Call us today at 770-285-8229 for a free consultation to discuss your estate plan.