How formal must a Will be and can I just write it out on a piece of paper and have it notarized?

What you propose will be a nullity and it will be as if you died with no will at all. Georgia does not recognize these kinds of wills. To be valid in Georgia, a typed or printed will MUST be signed by you, the testator and witnessed by 2 persons who are not beneficiaries under the will. To be self-proving (meaning that your executor will not need to get the witnesses when the will is probated), your and the witnesses' signature has to be notarized. Georgia is very strict about the witnesses and you all signing in front of each other. There are obvious problems with you drafting your own will - you may have conflicting information or you may not take into account things that a lawyer would know to look for. Wills are much more affordable than you think. Failing that, I would recommend a do-it-yourself-will kit from one of the online vendors. I do not endorse these as they contain errors but its better than nothing. And you still can mess this up if you do not have it witnessed correctly. I strongly suggest that you consult with me or another local attorney if you need your will done. In addition to your will, you should have a financial power of attorney, health care power of attorney and a living will/advance directive. You can do what I call "poor man's" estate planning to avoid the need for probate. Retirement and life insurance are non-probate assets that pass outside your will provide that there is a named beneficiary for these things. So if you know who you want to receive your life insurance and retirement, make sure that you name a beneficiary and a backup just in case. Monitor these things so that if a beneficiary ever dies before you, you can revisit the beneficiary designation and name someone else. Either have another co-owner of a checking account or make it a POD (payable on death) account. That way, any money in the bank will also pass outside of probate to the named beneficiary. You have a car and that is problematic and will require a will unless you dispose of the car prior to your death. Personal items are always a big issue, particular items of no value other than sentimental. If you have 2 or 3 potential heirs, there is bound to be a fight over this unless you name one person as executor and either give him/her sole discretion or you provide some mechanism as to how this will be distributed among your heirs. If you die without a will, then your property will pass to your heirs under the state intestacy laws. Your heirs under the intestacy law may or may not be the people you would want to inherit. The preference under the laws is: (1) spouse and children or lineal descendants (grandchildren etc.); (2) parents if no spouse, children or lineal descendants; (3) siblings if parents are deceased; (4) nieces and nephews. If you wish to disinherit anyone then you definitely need a will. Again, please see an attorney. Don't do this on your own.