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Wills and Estates
What is a will?
A document which says what you want to happen when you die, but with some strict requirements as to form and signature.
What is a self-proving will?
It is a bit over 10 years old here in Georgia. Prior to the 1980's change, one had to locate at least one witness to a decedent's will, and that witness would then have to sign a formal set of interrogatories under oath so the will could be probated. Now, with a proper affidavit attached to the will, it is simply filed without the need to find any witness. Your will isn't older than 10 years is it?
Can I use one of those computer programs to prepare my will?
Sure, no problem. It may work. A gentleman in a well known court case here in town comes to mind. He had a will and when he would become angry at one of his legatees, would retype a page of his will to express his new intent - then insert the new page into his will. That case went up to the Georgia Supreme Court and, needless to say, the will was not probated. His heirs got what he paid for. The estate is still open.
When should I make a will?
I don't know, but a safe guess would be right now if you do not have a will. Two people come to mind. The first gentleman told his wife on Friday that he would make his will the next Monday. He died that Saturday. The second is a man who was diagnosed with a probable terminal illness. He decided to do some estate planning to avoid taxes. Based upon his situation at the time, however, and the lack of prior planning, it would have taken him about 20 years to avoid estate taxes, and that's just a guess. (More on "when to update a will" later.)
I am in great health, going to retire next year, I'll do my estate planning and my Will then, when I have a better handle on things. Fine - and that plan is quite logical. Unfortunately, we cannot predict the future. It reminds me of a man here who had great retirement plans, bought an RV, was going to travel, worked all his life. He retired and went home to begin, but died the next day.
Enough on the scare tactics already, I have a will, when should I change it?
Some common times are when you are married, when you are divorced, when you have children, when you have grandchildren, when your financial circumstances change, when your child becomes divorced, when your spouse cannot manage affairs any longer, when the estate tax laws change, when your children get old enough so you can tell how they are going to turn out, and the list goes on and on. Some people assume that once they have a will, then everything is fine. That may not be the case. A periodic review is necessary - not unlike a physical or a dental checkup.
You are kidding about those reviews, right?
No, quite serious. I remember one case here in Forsyth County in which a married couple had published "I love you" wills and left everything to each other. When they became older, one spouse filed a divorce case. While the divorce case was pending, one spouse died. The divorce case died too as a matter of law. The estranged spouse got everything.
What are my options in my will?
I cannot list all the objectives here, but I can list some obvious options. You can:
(1) save estate taxes;
(2) effect a sound estate plan;
(3) name someone to take care of your children;
(4) name someone to manage your children's or grandchildren's finances;
(5) arrange it for your children or grandchildren have an incentive to attend higher education;
(6) leave items of property to folks;
(7) say how property is to be used;
(8) make things easier for your heirs;
(9) provide for your spouse;
(10) make things easier for your spouse; and,
(11) simply plan for when you are no longer here.
I still have questions!
If you didn't find the answers here, email or visit us. Just call 770-493-9586 to setup an appointment.
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