A Last Will and Testament is a written document, executed with the requisite formalities, specifying the what, when, how and who is to receive your property. In a Will you choose the beneficiaries who receive your property outright or in trust. By leaving property in trust you name a Trustee who has the responsibility and legal duty to manage the property for your beneficiaries. You name your personal representative (Executor), who after your death will administer your estate as you have determined in the Will. If you have minor children, your Will can also name a guardian to care for and administer their affairs while they are under age.

The complexity of your Will is determined by your estate size and makeup. Under current Federal Estate Tax Law, each individual has an Applicable Exclusion (can exempt) from tax the first $5,000,000.00 (until January 1, 2013 unless Congress extends the current law). Estates with less than the federal Applicable Exclusion may make use of a simpler Will. In those estates larger than the Federal Applicable Exclusion the Will normally includes tax advantage provisions designed to reduce or eliminate estate tax and may include beneficiary protection features.

Failure to make a Will means you have chosen to use the distribution scheme that the state of Georgia has set up for you. This distribution scheme, while benefiting family members generally, is rigid and may not follow your intention for your beneficiaries. If you have property and want to control who receives it and when, you need a Will.

Thomas E. Raines, PC represents clients throughout the Atlanta metro area: Fulton County, Cobb County, Clayton County, Dekalb County, Forsyth County, and Gwinnett County, including the cities of Norcross, Alpharetta, Roswell, Sandy Springs, Johns Creek, Marietta, Decatur, Lilburn, Lawrenceville, and Cumming. Contact Thomas E. Raines, PC today.