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Estate plan essentials: Understanding Georgia’s will options

On Behalf of | May 23, 2024 | Estate Planning

Preparing a last will and testament is a critical step in managing your estate and ensuring your wishes are honored after your passing. You may hear or read about more than one type of will, each serving different purposes and addressing various aspects of estate planning.

Knowing what they are and how they may serve you can help you make sound decisions. Here is a brief overview of several estate planning tools that may contain the word “will” to help ensure you have chosen wisely.

Simple will

As its name suggests, this is a basic outline of how your assets should be distributed after your death, and you can use it to appoint a guardian for minor children. A simple will may be appropriate for those with uncomplicated estates.

Testamentary trust will 

Created within a final will, a testamentary trust only takes effect after you die, allowing you to make changes until that point. Once established, it becomes irrevocable, forming after the will goes through probate. They are often used to provide for minors or those who may not be able to manage an inheritance on their own.

Living will

Although not a document for distributing assets, a living will is crucial for your healthcare, ensuring your voice is heard if you cannot speak for yourself. It helps you record and clarify your wishes for medical treatment if you should become incapacitated.

If you die in Georgia before creating a will, state law will decide how to distribute your estate, which may not represent your preferences. An estate planning representative can help you create a will that ensures only you will have the final word in your estate decisions.