Providing Legal Guidance for Clients Looking to Protect Their Estate and Record Their Wishes
A will (or last will and testament) is a fundamental estate planning document that allows you to record your wishes for how your property should be divided after your death. The attorneys at the King Law Office explain how wills work in California, the type of assets and terms that should be included in your will, and why hiring a lawyer may be the right thing to do in order to create or update your will. For any estate planning and wills matters, contact the King Law Office directly at 530-221-2640.
What Is a Will, and Who Should Have One?
A will is a written document that allows a testator (the person writing the will) to record their preferences concerning the distribution of their property after they pass away. A will also contains the name of the testator’s beneficiaries and details about who should inherit what portions of the estate.
A will can also include the testator’s preferences for who should become the guardian of their minor children in the event the testator passes away unexpectedly. The testator can also use the will to designate a personal representative or executor who will be in charge of the estate administration process after the testator’s death.
What Should Be Included in Your Will?
You can include a variety of assets in your will, as well as the names of your beneficiaries and details about which assets should be inherited by which beneficiaries. You can include anything that is solely owned by you, such as bank accounts, investments, real estate, vehicles, personal items such as jewelry and family heirlooms, and even pets. Be sure to exclude items with a beneficiary designation, such as retirement accounts and assets owned jointly by yourself and a spouse or another family member, as well as assets in a trust.
It is important to remember that a will (and any assets included in it) needs to go through probate before being distributed to its beneficiaries. Therefore, you should also include your personal representative designation. You may also want to consider adding a second person to be your personal representative in case your primary representative cannot fulfill their role.
What Is the Difference Between a Will and a Trust?
Wills and trusts are two different types of estate planning tools that can both be beneficial and act together to allow an individual to have a comprehensive estate plan and ensure their wishes for asset distribution are followed. However, there are key differences between a will and a trust.
First, a will is a written document that addresses important aspects, such as what property should be divided and in what manner, as well as the name of the people or entities who should receive the assets. However, the transfer of assets only happens after the testator dies and is usually carried out in a single transaction after the estate administration process is completed.
In contrast, a trust is funded with assets that are transferred by the trustor (the person creating the trust) during the trustor’s lifetime. Certain types of trusts, such as irrevocable trusts, effectively remove the assets added to them from the trustor’s taxable estate. After the trustor dies, the assets are distributed to the trust beneficiaries in accordance with trust terms and without the need for probate. Both wills and trusts have their advantages and disadvantages, so be sure to contact a wills attorney to discuss which option is right for you.
What Happens if You Die Without a Will in California?
If you die without a will in California, you will have died intestate. That means any assets you may have left as a part of your estate will be divided by a judge in accordance with California’s intestate laws, passing your assets to your closest surviving spouse or relative rather than to your intended beneficiaries.
The attorneys at the King Law Office can assist you in the process of drafting your last will to ensure your wishes are respected and to help your loved ones avoid the headaches and family disputes that may come with an intestate probate process. Contact us at 530-221-2640 to get started.