Estate Planning Lawyers Alpharetta
Wills, Trusts and Estate Planning | Alpharetta, Georgia, Law Firm
There are many advantages to estate planning, no matter what the size of your estate may be. A proper estate plan ensures that your assets will go to your intended beneficiaries. Estate Planning could also save your family money on taxes, court costs and attorney's fees, and prevent arguments between family members after your death.
A will is the most basic and important document in any estate plan. A will is a legal document by which an individual specifies how his or her estate is to be distributed upon death. Wills are not just for the elderly and people with large estates. People of any age and income level can benefit from having an estate plan that expresses their wishes regarding what should happen after their death.
Let the experienced estate planning attorneys at Vayman & Teitelbaum, P.C. guide you through the process of creating a will. Whether you want to draft a will for the first time, or you want to revise an existing will, we offer the experience, personal service and guidance to meet your needs. Rest assured, our team will make sure your wishes and interests are fully honored.
Understanding the Needs of Your Beneficiaries
Dying without a will is called dying "intestate". If someone dies intestate, their assets will be distributed in a statutorily prescribed manner according to Georgia law. The law may be at odds with how you actually wish to have your assets distributed. Drafting a will can avoid this problem.
Wills may vary in complexity and may be used to achieve a wide range of family and tax objectives. A will may come in various forms. For example:
- A simple will provides for the outright distribution of assets.
- A testamentary trust will is a where the will establishes one or more trusts.
- A pour over will leaves probate assets to a preexisting inter vivos or living trust (created in your lifetime). The trust provisions are contained in the trust agreement or declaration.
In addition to the distribution of property, a will allows an individual to make other arrangements such as:
- Designating a guardian for a minor child;
- Designating an executor of your estate; or
- Designating a successor custodian for the assets of a child or grandchild under the Uniform Gift to Minors Act.
Changing or Amending a Will
A new will can be drafted to replace an existing will or changes to a will can be made in certain circumstances without the need to execute an entirely new will. A codicil is the name of the instrument that amends or supplements a will. Codicils must be executed with the same formalities as a will and forms part of the will if the codicil properly identifies the will.
Certain life events may also change the terms of a will. For example, marriage, divorce, or the birth or adoption of a child by the testator after the testator's will is executed may change the terms of the will.
Canceling or Revoking a Georgia Will
There may be an express or implied revocation of a will. An express revocation of a will occurs when:
- A subsequent writing (such as a new will) contains language expressly revoking a prior will; or
- A will is destroyed by the testator.
If you do not have a will, or have not updated your will in years, our knowledgeable lawyers are here to help. V&T Law serves families and individuals in the Atlanta metro area, including Fulton County, Forsyth County, Cherokee County, Cobb County, Dekalb County, and Gwinnett County. Contact our office in Alpharetta to arrange a consultation.
