Creating a will is a key part of estate planning. It’s the main tool for spelling out who gets your belongings and what your final wishes are. However, not everything belongs in a will. In Georgia, you can better address certain aspects of your estate or bestow specific assets through other means. This guide will help you understand what to keep out of your will and why.
Funeral instructions
While it might seem logical to include funeral wishes in your will, it’s not the best place for them. Why? Because families typically read wills after the funeral has already taken place. Instead, consider discussing your wishes with family members or pre-planning with a funeral home. You can also create a “letter of instruction” or “funeral planning declaration” that specifies your wishes for your funeral or memorial service, which may be more accessible to your loved ones after your passing.
Jointly owned property
In Georgia, jointly owned property with rights of survivorship typically passes to the surviving owner automatically. This includes:
- Jointly held bank accounts
- Real estate owned as joint tenants with right of survivorship
- Certain investment accounts held jointly with rights of survivorship
These assets usually don’t go through probate, which means your will cannot control their distribution. However, not all jointly owned property automatically has the right of survivorship. For example, real estate owned as “tenants in common” does not have an automatic right of survivorship. This means you can include this in your will.
Assets with designated beneficiaries
Some financial accounts and insurance policies allow you to name beneficiaries directly. Examples of such assets include:
- Policies that provide life insurance coverage
- Retirement savings plans, such as employer-sponsored 401(k) programs and individual retirement arrangements (IRAs)
- Financial accounts designated as transfer-on-death (TOD)
These assets pass directly to the named beneficiary, regardless of what your will says.
Conditions against public policy
While you have significant freedom in disposing of your assets, Georgia law doesn’t allow conditions that go against public policy. For example, bestowing a property to your heir on the condition that they divorce their partner or commit a crime is unenforceable. Courts will consider these conditions void, potentially complicating the execution of your will.
Every estate is different
Protect your legacy and ensure proper asset distribution by working with an attorney. They can provide insights and advice tailored to your specific situation.