WILLS - EXPLAINED

Do You Have A Will?
A will is a document controlling the disposition of property at
death. It may be revoked, changed or added to at any time before
death provided changes are made strictly in accordance with the
requirements set by law. A will's terms cannot be changed by
writing in or crossing something out after the will is signed and
witnessed. The laws of each state set the formal requirements for a
legal will.

In Georgia in general:
1. You, the maker of the will (called the testator), must be at least
18 years old.
2. You must be of sound mind at the time you sign your will.
3. The will must be in writing and signed by you.
4. Your will must be witnessed by two or more witnesses in the
special manner provided by Georgia law. These rules have been
developed over hundreds of years for the protection of you and
your beneficiaries and must be observed carefully.

Should I Have A Will?
You should have a will if you have a bank account, stocks, bonds,
other personal property, real estate, insurance payable to your
estate, pension plan benefits payable to you, or a prospect of
inheriting or acquiring more property, or a good change to have any
one of these by the time you die. You also should have a will if you
are married or have remarried, or if you have children, especially
minor children.

What If I Die Without A Will?
If you die without a will, your individually-owned property will be
distributed to designated relatives according to a formula fixed by
Georgia law.

For example, if you die without a will and leave a spouse and a
child, your estate will first pay or set aside administration, funeral
and last illness expenses, debts, taxes, exempt property, a family
allowance and a homestead allowance. Your spouse will receive a
child's share. Your child will receive the balance. If your child is
a minor (under age 18), the child's share will be held for the child
by a court-appointed and bonded guardian. If you die without a
child, your spouse will receive everything.
Other distributions could occur depending upon the composition of
your family at your death.

May I Dispose Of My Property In Any Way I Wish By Will?
Georgia law permits you to dispose of your property as you desire,
but public policy sets some limits. For example, a married person
may not exclude his or her spouse because the surviving spouse
has the right to elect to take a certain portion of the estate despite
the will. If your will does not name ;your child or indicate that he or
she has been considered, that child may have certain rights. Your
lawyer can explain other restrictions on how you may dispose of
your property.

What Are The Advantages Of A Will?
*You may choose the personal representative (formerly "executor")
you wish to handle your estate.
*The expense of bond premiums, as well as some probate costs,
may be avoided. For example, you may direct that your estate be
administered independently of the court and that no bond be
required.

*You decide who gets your property instead of having the law
decide for you. You may wish to provide a larger share for a young
or sick child, leave something to charity, or give all your property to
your spouse. You may take into consideration previous gifts that
you have made, or other property passing outside your will, such as
insurance, employee benefit plans, and joint property.
*A trust may be created in your will to keep your property intact for
the benefit of your family.
*Minors can be provided for without the expense of guardian and
bond proceedings.
*You may avoid the forced sale of your business.
*You can save estate taxes by taking advantage of certain
provisions of the federal tax laws in your will.

*Your will can place the estate tax burden on the right parties for
property passing under you will and outside your will.
*Your will is the final document which completes your lifetime of
planning for your family.

How Long Is My Will Good?
Your will is good until it is changed or revoked in the manner
required by law. It may be changed as often as you desire. The later
birth or adoption of a child who was not provided for in the will (or
intentionally omitted) may have the legal effect of substantially
changing the provisions of your will. Divorce revokes provisions for
the former spouse. You should revise your will whenever changes in
the size or circumstance of your family or estate mean that your old
will no longer fits your requirements.
Your will should be up-to-date and conform with changes in tax
and probate laws. For this reason, it is very important to review
your will periodically with your lawyer.
New Georgia Residents
A will executed in another state is valid in Georgia. However, if you
have recently moved to Georgia, you should have your will reviewed
to determine if it will effectively carry out your wishes under
Georgia law.

Is Joint Ownership A Substitute For A Will?
Jointly owned property does not pass under a will, and joint
ownership always involves a gamble as to who dies first. While you
may change your will from time to time, joint ownership is fixed
and rigid. It may involve gift and estate tax complications which
were not anticipated when it was created.
In Georgia, the usual joint ownership by husband and wife is called
a tenancy in common. Joint ownership may be useful as a legal
device in addition to a will. It should not, however, be used
indiscriminately and should only be adopted after consultation with
your lawyer.

Does Life Insurance Take The Place of My Will?
Life insurance is simply one kind of property you may own and does
not take the place of a will. In general, if your life insurance policy
is payable to an individual, your will has no effect on the proceeds.
However, if your policy is payable to your estate, your will governs
the disposition of the proceeds. Have your lawyer and your life
insurance program which will form, with ;your will, a sound estate
plan.

Who Should Draft My Will?
The drafting of a will involved decisions requiring professional skill
and judgment which can only be obtained through years of training,
study and experience. Only the skilled practicing lawyer can
property advise the course best suited for your individual situation.
Does Each Spouse Need A Will?
In practically any case where one spouse needs a will the other
Should also have one. For example, if one spouse has no property,
he or she will need a will in order to provide for the property that
would be acquired upon the death of the other spouse. Certainly if
property is held jointly, wills for both husband and wife should be
considered.

When Should My Will Be Written?
Everyone should have a will. There are no advantages in delay, but
there are serious risks in dying without a will