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Why do you need a will?
What happens if someone will die
without a will?
Generally you need a will to ensure that your assets are distributed according to your wishes, and not according to the laws of intestacy. A will is a document that specifies how your assets are to be distributed after your death. It also names an executor who will handle the process of distributing your property according to the terms in the will. If you do not have a will, state law determines how your property is distributed and who can act as executor of the estate. An executor is a person responsible for carrying out the terms and conditions of a will.
If someone dies without a will, the estate is distributed according to state law. In most states, the spouse inherits all or a portion of the deceased spouse's property. If there is no surviving spouse, then any children inherit. If there are none, then parents inherit. If there are no children or parents, then siblings inherit. Finally, if there are no siblings, then distant relatives inherit.
There are some advantages and disadvantages of having a will. Let's compare these options.
One advantage of having a will is that it can help to ensure that your assets are distributed according to your wishes. This can be especially important if you have young children or if you want to leave something to a charity. A will can also help to avoid family disputes after someone's death.
One disadvantage of having a will is the cost. You will need to pay a lawyer to draft the will and you may need to update it periodically. If you have a complex financial situation, a will can also be more difficult to create and maintain.
Of course, you can make a will yourself. There are document templates for this. But in this case, you cannot be sure that the will is valid. If you want to be sure that your will is valid, you should have it done by a professional. It's also quite difficult to set a will that takes care of all legal features of the disposal of your property that are in your family situation.
Pour-Over Will
A pour-over will is a type of will in which the testator (person making the will) appoints an executor to oversee the distribution of their assets. The executor's job is to ensure that all the testator's debts and taxes are paid off, and then to distribute the remaining assets according to the instructions in the will.
Pour-over wills often are used in conjunction with trusts. The trust can be used to hold assets during the testator's lifetime, and then upon their death, the assets are "poured over" into the trust and distributed according to the terms of the trust. This can be helpful in avoiding probate, or in ensuring that assets are distributed according to the testator's wishes even if they die without a will.
Looking for will lawyer, Georgia?
Contact will attorney at Bielkin Law Firm. A lawyer can help you set up planning documents and draft wills. This can help you determine the best way to protect your assets and plan for your future. Fill out the form below and we will feedback you!
If you want to know more about wills and testaments, check up our FAQ page.
