The most well-known estate planning tool, a Last Will & Testament is a legal document which comes into play after you pass away. It outlines who will be given your money, your things, your home and/or other real property.
The Will outlines what happens with your body (burial, cremation). Most Wills also say something about guardianship for your minor children.
Finally, the document will also appoint a person to make sure all these things happen, they are usually called an Executor.
If you are married, you may assume you will get everything if your spouse passes away. Here in Georgia, if your spouse doesn’t have a Will that may not actually be true. Why? Because your spouse died intestate. (a.k.a. without a Will). There are special rules that apply when someone dies without a will. These…