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| Copyright ©2006 by Deming, Parker, Hoffman, Green, Campbell & Daly, L.L.C. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include the above copyright notice. The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. |
Green, Campbell & Daly, L.L.C. |
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| Wills and Probate |
| Who should have a will? Every person who wishes to have control over the disposition of their property after death should have a Will. What are the requirements to make a Will? You must be at least 14 years of age, of sufficient mind and memory to |
realize you are making a Will disposing of your property at death. The will must
be in writing (unless made on the deathbed), and be witnessed by at least 2
witnesses. It is important to have a Will done by an attorney because the formal
execution and proper format is just as important as the content.
What if you die without a Will? Georgia' inheritance statute will determine
who gets your property. The court will appoint an administrator to manage and
settle your estate.
When should you make or review a Will? As soon as you have property or
children to be cared for, you should make a Will. Whenever there is a change in
your legal circumstances, including marriage, divorce, birth or adoption of a
child, death of a beneficiary you should also review your Will so that your Will is
still valid.
How long is a Will valid? A Will is not valid until death and may be changed
or amended by signing a new will or "codicil", which is an amendment executed
with the same formalities of a Will.
What is a Living Will? The state of Georgia recognizes the right of a
competent adult to make a written directive, known as a Living Will, instructing
his/her physician to withhold or withdraw life-sustaining procedures in the event
of a terminal condition.
What is a Power of Attorney? A durable Power of Attorney appoints someone
to handle your assets if you become incapacitated. You do not need to transfer
assets at the time you sign a Power of Attorney, but you should keep the person
appointed informed of your financial matters.
What is a Durable Power of Attorney for Health Care? A Durable Power of
Attorney for Health Care appoints someone to make health care decisions for
you when you are unable to do so yourself. This person can provide informed
consent for treatment, or refuse treatments for you.
What is Probate? Probate is the public process of filing and validating a Will in
court, paying all the debts and taxes of the deceased person, and dividing up
the assets according to the Will or Georgia law.
What is Estate Planning? Estate planning is being diligent in the care and
maintenance of all that you have worked for during your lifetime. It is making
sure your spouse, children and you are provided for. Estate Planning is taking
responsibility to ensure that your estate or everything you own, is preserved and
used for the benefit of those you love.
What is a Living Trust? A revocable Living Trust is established by transferring
assets to the trust while you are alive. The individual then acts as the trustee
and maintains control over the assets during his/her lifetime. At death, the
successor trustee takes over and manages or distributes the assets in
accordance with the directions contained in the document that created the trust,
therefore it avoids the need for Probate.
How can I provide for my young children? The most common trust is one
set up for minor children for their care after you are gone and until they are old
enough to take care of themselves. A parent can name a trustee to be in
control of the finances and decide whether to sell or keep property, and manage
assets such as real estate. The trustee, usually a family member or close
friend, can be paid an hourly rate or a set monthly amount for their services, out
of the trust assets. You should also appoint a guardian for your children,
someone who would have physical custody of and take care of your children on
a daily basis.
Is a life insurance policy a substitute for a Will? No. Life insurance is only
one kind of property that a person may own. A will is still needed to dispose of
the rest of one's property.
Is placing all property in joint ownership a substitute for a Will? No. A
joint tenancy does not provide for the distribution of the joint property in the
event of a common disaster.
A Will signed and witnessed in another state is usually valid in Georgia. If you
have moved to Georgia from another state it is wise to have your will reviewed
by a Georgia attorney to ensure that it is properly executed and that the
executor is qualified in this state. An improperly executed Will is void.
be in writing (unless made on the deathbed), and be witnessed by at least 2
witnesses. It is important to have a Will done by an attorney because the formal
execution and proper format is just as important as the content.
What if you die without a Will? Georgia' inheritance statute will determine
who gets your property. The court will appoint an administrator to manage and
settle your estate.
When should you make or review a Will? As soon as you have property or
children to be cared for, you should make a Will. Whenever there is a change in
your legal circumstances, including marriage, divorce, birth or adoption of a
child, death of a beneficiary you should also review your Will so that your Will is
still valid.
How long is a Will valid? A Will is not valid until death and may be changed
or amended by signing a new will or "codicil", which is an amendment executed
with the same formalities of a Will.
What is a Living Will? The state of Georgia recognizes the right of a
competent adult to make a written directive, known as a Living Will, instructing
his/her physician to withhold or withdraw life-sustaining procedures in the event
of a terminal condition.
What is a Power of Attorney? A durable Power of Attorney appoints someone
to handle your assets if you become incapacitated. You do not need to transfer
assets at the time you sign a Power of Attorney, but you should keep the person
appointed informed of your financial matters.
What is a Durable Power of Attorney for Health Care? A Durable Power of
Attorney for Health Care appoints someone to make health care decisions for
you when you are unable to do so yourself. This person can provide informed
consent for treatment, or refuse treatments for you.
What is Probate? Probate is the public process of filing and validating a Will in
court, paying all the debts and taxes of the deceased person, and dividing up
the assets according to the Will or Georgia law.
What is Estate Planning? Estate planning is being diligent in the care and
maintenance of all that you have worked for during your lifetime. It is making
sure your spouse, children and you are provided for. Estate Planning is taking
responsibility to ensure that your estate or everything you own, is preserved and
used for the benefit of those you love.
What is a Living Trust? A revocable Living Trust is established by transferring
assets to the trust while you are alive. The individual then acts as the trustee
and maintains control over the assets during his/her lifetime. At death, the
successor trustee takes over and manages or distributes the assets in
accordance with the directions contained in the document that created the trust,
therefore it avoids the need for Probate.
How can I provide for my young children? The most common trust is one
set up for minor children for their care after you are gone and until they are old
enough to take care of themselves. A parent can name a trustee to be in
control of the finances and decide whether to sell or keep property, and manage
assets such as real estate. The trustee, usually a family member or close
friend, can be paid an hourly rate or a set monthly amount for their services, out
of the trust assets. You should also appoint a guardian for your children,
someone who would have physical custody of and take care of your children on
a daily basis.
Is a life insurance policy a substitute for a Will? No. Life insurance is only
one kind of property that a person may own. A will is still needed to dispose of
the rest of one's property.
Is placing all property in joint ownership a substitute for a Will? No. A
joint tenancy does not provide for the distribution of the joint property in the
event of a common disaster.
A Will signed and witnessed in another state is usually valid in Georgia. If you
have moved to Georgia from another state it is wise to have your will reviewed
by a Georgia attorney to ensure that it is properly executed and that the
executor is qualified in this state. An improperly executed Will is void.
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