Wills: an overview

On Behalf of | Jan 12, 2022 | Wills

If you want your family members to know how to handle your estate and financial affairs when you pass away, you should create a will. Some people even use their wills as a way to express their heartfelt sentiments to their relatives. If your will is well-written and easy to understand, your heirs will receive the property and assets you’ve left behind efficiently and won’t have to deal with tax hassles. If you’re a Georgia resident, here are some important things to keep in mind about wills.

How many people have a will?

Even though wills can be very beneficial, statistics indicate that at least 70% of Americans don’t have wills. It is difficult to think about your own mortality, but some people find peace of mind from getting their financial affairs in order.

A will can be very simple or elaborate depending on the size of your estate and your preferences for who will receive your assets. The will should explain your estate in detail and clearly outline your beneficiaries, including your spouse, children and other close relatives or friends. Your will can also dictate whether you’d like to donate some of your wealth to charity.

Requirements for a will

The formal requirements for wills vary depending on the state you live in. In general, you must be of sound mind when you create the will. The will has to be written down. Some states allow hand-written wills while others prefer that the official document is typed. You then have to sign the will. If you are unable to do so, you must assign another person to sign on your behalf and in your presence.

A will remains in effect until it is revoked or superseded by a more current will. You can make some changes to your will without having to rewrite the document completely.