A will saves money and heartache. Don't put it off

ATLANTA - August is Make A Will month. And let's be honest, no one will be here forever. Yet, 64% of those who answered a legal survey admit they don't have a will. Here is a road map for how to get it done, why you should, and what it'll cost you.

Let me say first, it'll cost you a lot more in time, heartache, and money if you don't get a will. Even if your life seems simple - marriage, home, two children - if your partner passes without a will, the state may have to step in to sort out property. Property means the house, the retirement savings, and the children. That takes time and ties up money. That costs money because lawyers will be involved. And who needs to manage this when you've just lost your wife or husband? 

But for many of us, families are more complicated. Many people have second marriages or live-in partners. There are always stepchildren to consider, and maybe more than one home. This all gets really sticky. 

Camelia Ruffin is an Atlanta lawyer who specializes in probate, estate planning, and guardianship. All the things you need to understand for a solid will. A will lays out how your estate will be divided and who you want to be in charge of that task.

"In the state of Georgia, if you fail to create a will, and you have a spouse and children, everything doesn't automatically go to your spouse. The law requires that your spouse split the estate with your children. And, depending on how many children you have, your spouse could get as much as 50%, or at a minimum a third of your estate," she told the FOX 5 I-Team.

Ms. Ruffin says, by law, children can be entitled to part of your estate, the house, the 401k, and other things. There may need to be a conservatorship to hold the funds, which could be half of your house. Or court oversight may need to be imposed until the children turn 18. 

Let's look at a few things you can do until you sit down and make that will. Make sure the beneficiary of your retirement savings is laid out clearly. Generally, that's the surviving spouse. Same thing with life insurance. Make sure the beneficiary is very clear. Who is on your house title? Make sure you both are. If not, a will can manage that. Often an ex-spouse is still on these documents. And, boy, does that get hairy. Ms. Ruffin says those are three things you can do now.

"The will only controls things that are left in your name when you die. So, if you're the sole owner of your house, your will dictates where it goes, or, the statutory law of Georgia dictates where it goes. If you have accounts, and you don't list a beneficiary, then your will controls that."

If you have clean, uncomplicated circumstances, you can try online will services. But if anything gets tentacles, a lawyer may be your best bet. You can get started at entry level for $500. If you don't have the will, and you have to untangle things, it'll cost far more than that.