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A LEGAL INSTRUMENT THAT SPECIFIES HOW YOUR POSSESSIONS WILL BE DISTRIBUTED AFTER YOUR DEATH.
Wills
How A Will Protects Your Wealth
A Will often referred to as a “Last Will and Testament”, consists of a list of the assets you own and your wishes for their distribution after your passing.
If your estate plan is based on a Will, the Will is the main legal instrument that specifies how your possessions will be distributed after your death.
you can modify it whenever you wish.
What Can A Will Do In Georgia?
When it comes to planning for the future and protecting your assets and legacy, having a Will set-up is important. Wills are important estate documents that outline how your assets will be distributed upon your passing. Your estate is distributed according to the terms of your Will. Here are some example of assets that can be transferred under the terms of the Will:
- real estate
- vehicles
- Jewelry
- artworks
- money
- family heirlooms
- stamp or coin collections
- stocks
- bonds
- mutual funds and other securities
None at all, as a Will by definition distributes property through the probate procedure. Nonetheless, probate is typically a straightforward procedure in Georgia. People typically use a trust-based estate plan to avoid probate.
Under Georgia law, any person 14 years of age or older, with the capacity to make a Will may do so. Capacity is generally defined as being able to make rational decisions as to the disposition of property. However it is highly recommended to have your Will be drafted by an Estate Planning Attorney or also known as a Wills Attorney.
Without A Will, Things May Not go As you Wished
If you pass away without a will in Georgia, you relinquish the ability to specify who receives your assets after your death. Instead, the distribution of most of your property will be governed by Georgia’s intestate succession laws. However, specific assets that require designated beneficiaries will be distributed accordingly. Such assets may include life insurance policies, certain securities, as well as 401(k)s, IRAs, and other pension plans.
Assets and property beyond these specialized categories will become part of the probate estate if you die without a will. The probate court judge will then refer to Georgia law to determine the distribution of these assets, which is contingent upon the existence of your identifiable living family members at the time of your passing.
"If you pass away without having a Last Will Testament or a Living Trust, your assets will be subject to Georgia’s state laws. If you die without a will, state law governs how your assets are distributed, which may or may not be in line with your wishes."
– Tim Hurban
How Assets Are Distributed In Your Will Based on different family situations in georgia
While there may be various complexities within intestate succession laws, particularly concerning blended families or missing relatives, the basic principles under Georgia law are outlined as follows:
Family Members upon passing:
Spouse gets everything.
Children get everything, divided equally.
Spouse gets everything.
Spouse upon passing:
Surviving spouse gets half; your kids get half.
From prior marriage:
Parents get everything.
Siblings get everything, divided equally.
Beyond these immediate familial connections, the probate court in Georgia will seek out grandparents, uncles, aunts, cousins, nieces, nephews, and other more distant relatives to allocate your assets. In the absence of any identifiable relatives, your property will either escheat, meaning it becomes property of the state of Georgia.
Intestate succession laws might not align with your preferences regarding the distribution of your assets and can potentially lead to disputes among family members. In essence, most individuals would rather retain control over how their property is distributed.
Do I Need a Trust apart from My Will?
If you should pass away without transferring those recently acquired assets into your trust in Georgia, there’s a high probability they will be distributed according to Georgia’s intestate succession laws. However, these laws may not necessarily align with the wishes outlined in your trust. This scenario is where “pour-over” wills become relevant. With a “pour-over” will, you have the option to direct all assets in your name that were not previously included in the trust during your lifetime to be transferred into the trust upon your passing.
Wills make things easier for your loved ones while they are coping with the grief and practical challenges of loss.
We are happy to provide a free 15-minute consultation session if you need quick guidance on whether a more in-depth meeting is needed. The free 15-minute sessions can be done either through a phone call or virtually.
