Just like you would look over important documents like home loans carefully before you sign them, you should take that same approach when it comes to signing a will. There are some legal terms you should be familiar with, and it’s best to have a clear idea of how you want your final wishes carried out before adding your signature to the will. If you’re a Georgia resident, here are some things you should know about why wills are beneficial for your family.
Your last will and testament
A will, also known as a last will and testament, is a document that is legally binding. Wills dictate how you want your assets distributed when you pass away. If you have minor children, your will should indicate who you have appointed as the children’s legal guardian in case of your death.
Should you have a will?
Your last will and testament is the only way to make sure that your final wishes are executed once you pass away. Wills can also prevent your family members from having to pay high taxes on your real estate. When you have a will in place, your relatives may not have to spend as much time in probate court to make sure that your assets are distributed appropriately. The details you leave behind in the will can also reduce family conflicts when dividing your property, assets, and money.
Estate, executor, and beneficiaries
Your estate is essentially everything you own at the time of death. This can include your home, your car, your life insurance policy, the cash in your bank account, and any valuable items you have.
An executor is an individual who you’ve assigned in your will to take over your estate. The executor will pay any taxes and debts that you owe on your property. Beneficiaries are the people who you have designated to receive your assets. Your beneficiaries can include your spouse, children, grandchildren or siblings.