Wills and Estate Planning: Helpful Tips

By: Robert S. Meyring* 
Attorney at Law
Originally published in July 2006 edition of Smyrna-Vinings BrightSide News 

In this month’s column I want to give some general information about wills and estate planning related items that may be helpful: The basic purposes of a will are to pay off the debts of the decedent (the term for the one who passed away) and to give away the decedent’s real estate and personal property. A decedent’s estate is the total sum of that person’s personal, intangible and real estate possessions. When a person does not have a will then passes away, that is called intestacy. In that case, the probate code of decedent’s resident state will determine the distribution of the estate. An administrator handles the estate of an intestate decedent. An executor is the person named in a will that handles the estate of the decedent. An heir receives or inherits from an intestate estate. A beneficiary or a devisee receives from a testate estate or an estate that has a will. When a decedent has more debts than possessions, generally the creditors to whom the decedent owes money will be paid off proportionately before the heirs or the named beneficiaries receive. The exception is the Year’s Support which is a permanent award of property to the decedent’s spouse or unmarried minor children. Year’s support must be applied for through petition of the county’s probate court. It’s usually awarded and usually cannot be attacked by creditors. In Georgia anyone 14 years of age or older who can rationally state their wishes and put it into a permanent form with the intent to give away their property can make a will. For a will to be effective it must be properly signed by the will maker and witnessed. The formalities are very specific. This is often where the will becomes flawed and later where the estate passes by way of intestacy. A will and estate plan should be reviewed every few years to be sure that it still meets the wishes of the person who made the will. For example, if one’s assets are to be distributed to specifically named children and then the family grows by new births or remarriage, the new arrivals will be left out. Specific changes in a will often may be addressed by adding a simple codicil to the will rather than a complete redraft of the will. The codicil is an amendment to the will that must be properly signed and witnessed with the same formalities required of the will.

*Robert S. Meyring, of Meyring Law Firm offers free 10 minute phone consultations at 678-217-4369. The Meyring Law Firm is located 200 feet east of the railroad crossing on Paces Ferry Road, Atlanta. More information at www.MeyringFirm.com.