Will

Wills

    A Will is a legal document used to distribute your assets to your loved ones after you have passed away. It contains a set of written instructions stating to whom your assets are to be distributed, in what amounts, and under what conditions. The Will is offered to probate Court, which will then ensure that all of its terms are carried out.

      Executor of your Will is the person you name to be appointed by the court after your death to manage the affairs of your estate. Your executor would then collect, appraise, and take inventory of your assets, give notice to and pay off your creditors, pay all taxes, manage your property in probate, and, with the court’s approval, distribute your assets to the beneficiaries named in your Will. For performing these services, your executor is entitled to a statutory fee. See Probate Challenges.

     In California three types of Wills are generally recognized:

   ·   Handwritten or Holographic Will

    This is a Will written completely in you own handwriting. A handwritten Will does not need to be witnessed or notarized, but you must sign and date it. It is a good idea to consult an attorney to make sure that your Will conforms to California law and that your intentions and directions are clearly stated in your Will.

   ·   Statutory Will

     You may obtain a “fill-in-the-blanks” statutory Will form which is provided under California law. This will is generally used by people with very small estates. Again, if you do not understand any provision in this Will it is a good idea to seek legal advice.

     ·   Witnessed Will (prepared by attorney)

     This is a typewritten Will prepared by an attorney which conforms with California law. This type of Will generally nominates guardian for your children and may even contain testamentary Trust provisions so that your inheritance is not distributed to your children until they reach certain age. This Will should be signed by you and two witnesses who are not beneficiaries of your estate. An attorney may offer other suggestions to help you understand other relevant issues and develop a more complete estate plan for the protection of your beneficiaries.

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