California Will Attorneys
The Importance of a Comprehensive Will
One of the most important aspects of the estate planning process is the creation of a last will. Without a comprehensive will in place, your assets will be distributed amongst your surviving relatives as determined by state law, which is likely not in accordance with your preferences. A will is a legal document that ensures the preservation of your hard-earned wealth and the protection of your legacy. Creating a comprehensive last will can be a confusing process without legal guidance. Errors in drafting a will can lead to legal problems, and the specific wording involved can help your heirs avoid difficult challenges after your death. A Fremont Wills and Trusts Lawyer can assist you in the writing and administration of your will to make absolutely sure your wishes are followed in the event of the sudden loss of life.
Life is uncertain, and it is best to make these plans as early as possible when you have children. A well written will can give direction regarding your minor children, allowing you to ensure you kids are taken care of, and end up in the ward of a person you trust.
Every person is different, and what works for another may not work for you. Our Wills and Trusts Lawyer looks over your documents to ensure that you haven’t missed any significant details. Hiring a Wills and Trusts Lawyer is especially significant if you wish to set up a trust. Since there are various types of trusts, you will need expert guidance on which type is the most suitable for your situation. Our expert Wills and Trusts Lawyer can also guide you on how to change the terms of a will or a trust if necessary.
While a will serves as a means to distribute wealth and property upon death, it can serve a number of other functions. Some individuals choose to use their wills to comfort their families and help them transition into a new life without them. With this in mind, wills can range anywhere from a single page simply handing over all assets to one person to sizeable and elaborate volumes specifically mapping out future business and family plans. A will usually describes the entirety of an individual’s estate, designates the people who will receive specific assets and includes special instructions for the administration and management of the estate.
By making a will with our Wills and Estate Lawyers, you are protecting your loved ones and will free them of financial stress during emotional distress and bereavement.
What is a Will?
Pretty much everyone has heard of a will, even if only in passing. You probably already have a slight understanding of a will, especially if you are looking at experienced California wills lawyers. Some people see a will as something you hastily scribble down on the back of a napkin or in a random notebook. While these rudimentary wills can help your close family members understand some of your final wishes, they do not stand up to scrutiny, and they definitely wouldn’t stand up in court.
Your last will is a legal document that outlines how you would like your property and assets distributed upon your death. If you have minor children, you can name a guardian that you trust to care for them should both parents perish. Wills are a valuable tool for ensuring your wealth, the legacy you have built, is handled the way you would have handled it when you were alive. It is an instruction manual your family can use to execute your final wishes.
While every person and their last will is different, there are common aspects that every will shares.
The creator of the will, in this instance, you, is called the testator.
Your will should identify the person you would like to execute your will, who is called the executor. The executor of your last will will have many responsibilities that we will go over later. Because of the expectations placed on the executor, it is important you pick someone you trust who will be able to handle those tasks.
In your last will, you will identify who you would like to receive your assets and property. These are the beneficiaries of the will.
If you have minor children, you will need to name a guardian who will care for your children should both parents pass. This is called guardianship. If you are leaving property to your minor children, you will also need to designate a custodian, a person who will manage the property inherited by your minor children.
Your last will should have a comprehensive inventory of property and assets you would like to pass on to your beneficiaries. If you have a testamentary trust, which is a type of trust that goes into effect upon your death, you can include it in this section.
If you have property or assets in a trust that will manage how those items are distributed, you should not include those items in your last will.
If your new will is replacing an old one, you will need to include a clause in your trust stating that all prior wills are null and void. You should also ensure that old copies of your will that have been distributed are collected and destroyed. This can help prevent confusion or conflict if you have two or more conflicting wills floating around out there.
For your last will to be legitimate, you must sign it and have two adult witnesses sign it.
What Kinds of Wills Are There?
There are a few different kinds of wills. Speaking with an experienced wills law office can help you understand if your will is valid and will be recognized in court.
Basic Will
Also called a simple will. This is the most common will and gives instructions on who should inherit what and names the executor of the will.
Joint Will
You and your spouse would use a joint will if you want one will to cover both of you. You would not have a joint will and a basic will. While joint wills are valid in California, it is recommended to steer clear of them as they can cause complications. For example, they become irrevocable after the death of one spouse.
Holographic Will
These are wills written on the back of a napkin or in a random notebook. California recognizes holographic wills as long as they meet the legal requirements mentioned above, such as the testator’s signature and the signatures of two witnesses.
A holographic will may be used in an emergency situation, such as an unexpected medical emergency, but it is recommended that you have your will validated by an attorney knowledgeable about will law to ensure that your final wishes will be honored.
Pour-Over Will
A pour-over will is a common legal document that accompanies living trusts. They are created to cover property that was unintentionally left out of a living trust. Things change from the creation of living trusts to death and a pour-over will can ensure vagueries are avoided and your property is distributed as you wish.
What Happens if You Die Without a Will?
When someone dies without a will, or with an invalid will, they have died intestate. This creates a tricky situation for your estate and your family.
When someone dies intestate in California, their estate will be distributed according to state intestate laws.
Only assets that would pass through probate are affected by intestate succession laws. Here are some assets that would not go through probate, meaning they would not be affected by intestate succession laws:
- Property you have transferred to a living trust,
- Life insurance proceeds with a named beneficiary,
- IRA, 401k, or other retirement accounts with a named beneficiary,
- Assets held in a transfer-on-death account, or property with a transfer-on-death deed or registration, and
- Property owned with someone else in joint tenancy.
The rest of your estate will be distributed to your family members based on their relationship to you. Succession favors your spouse and children, then your parents, and then your extended family. This is why it is important to ensure you have a valid, comprehensive will before you pass away.
Intestate succession doesn’t care about what you wanted unless it is in your will. If you wanted the entirety of your estate to go to your children and nothing to your parents but die intestate, your children would be left sharing your estate with people you did not intend for it to go to.
Disputes are far more likely to arise when you die without a will. Ensuring your will is up-to-date and properly outlines your final wishes will make things easier for your family, and will help them avoid disputes.
If you die without a will, the probate court will assign someone as the executor of your estate. This means someone you did not wish to execute your will may be assigned to do so. This can create extra burden on your family or open the path to someone taking advantage of your estate.
What is Expected of the Executor of Your Estate?
The executor of your estate is the person responsible for carrying out your wishes as defined by your will. They will collect all of the assets outlined in your will. They will close out your affairs by paying creditors and paying the taxes owed on your estate.
Using your death certificate, they will close out your accounts, including bank accounts that are in just your name. If you had a shared account with your spouse, they will be able to handle having your name removed from the account using your death certificate.
There are many other tasks your executor must complete in order to successfully close out your estate. Things like stock accounts and investment portfolios must be closed out or transferred to your heirs.
When all debts owed by your estate are settled, your executor will distribute the remaining assets to your beneficiaries as outlined in your will.
The executor has an important role and many responsibilities. You must ensure you pick someone you trust who is up to the task. We strongly advise against picking someone who lives too far away, one of your heirs, or someone who is irresponsible to act as your executor.
If you have been named the executor of an estate, either by the decedent’s will or by the probate court for someone who died intestate, and you feel like you need assistance in order to do the right thing by the decedent, then speaking with a probate attorney may be in your best interest.
The Singh Law Firm has experience helping executors and our probate attorneys assist clients with the nuance of executorship and probate. You don’t have to do this alone, call 888-828-2864 to schedule a free consultation and find out how we can help you during this difficult situation.
What is Probate?
Many people are unfamiliar with probate until they lose someone close to them. Just about every estate will go through probate, with or without a will.
Probate is the legal process that validates a deceased person’s will. This is where your final debts will be settled, and the remaining assets will be distributed.
This process is made infinitely easier for your family if you die with a valid will that outlines your final wishes. Because you have assigned an executor in your will, the court will allow this person to administer your estate, collect your assets, assess their value, pay all debts and taxes owed by your estate, and distribute the remainder to your family as outlined in your will.
There are many legal services you may wish to employ in order to minimize the impact of probate on your loved ones. You may wish to employ trusts and pay-on-death accounts to help your family gain access to some of your assets faster than probate would allow. Certain types of trusts allow you to minimize the amount of taxes that will be paid by your estate.
Working with an experienced estate planning lawyer can help make the probate proceeding as easy as possible for your family. You and your estate planning lawyer will be able to assess the right tactics for you to ensure your family pays as little as possible in taxes on your estate and that probate is easy for your executor to navigate.
How are Probate Disputes Handled?
Even with the best-laid plans, disputes surrounding the administration of an estate will happen. Solid estate planning tactics can help define your intentions and minimize the chances for disputes to arise, but that doesn’t mean avoiding disputes is a sure thing.
If you have recently lost someone close to you and you feel like their will is not being interpreted the way you believe they intended, then you should immediately speak with a probate and trust litigation attorney.
Common factors that lead to probate are second marriages, sibling disagreements, and dysfunctional families with bad blood and bad faith. If your will is confusing, incomplete, or out of date, it can lead to someone trying to contest it. If you chose to disinherit a child by simply leaving them out of the will and not specifically stating that you would be leaving them nothing from your estate, they might challenge your will, saying that their absence was accidental and you did plan on leaving them a portion of your wealth.
Sometimes disagreements can arise because your family believes your executor is not administering the will the way you intended them to. This may force your family to hire an attorney to help them with mediation in order to straighten out your final wishes.
The worst part of a probate dispute is the fact that it will cause probate take longer which can incur more costs, such as legal fees. Assets in your estate may lose value while the dispute lasts and your family won’t be able to access assets in your estate until the dispute is settled, meaning that bills that need to be paid may go unpaid, accumulating more fees. Accounts that are bearing interest will continue to accrue interest.
Make sure your family is able to mourn their loss instead of trying to settle a dispute or decipher your final wishes. Our team works closely with you and your family to ensure the most efficient probate process possible while avoiding trust and estate litigation.
Can Probate be Avoided?
There are plenty of reasons you would want to help your family avoid probate. You want to make sure they are able to grieve their loss, not have to sit in court. While it is difficult to avoid probate entirely, you can minimize the impact of probate by employing some of these tactics.
Trusts
You can create a trust, a legal entity, that allows you to transfer assets and property out of your ownership and into the ownership of the trust. Items in trusts do not have to go through probate, allowing your family to gain access to those assets faster than just a will would allow. Trust administration is fully defined in the trust when you create it, meaning your beneficiaries won’t have to worry about your final wishes.
Living trusts are considered one of the most efficient methods to transfer property to your family upon death.
Some trusts have the added benefit of offering a form of asset protection, protecting the assets held within it from creditors, and can even lessen the taxes owed on the estate. Trusts are more private than the probate process, as well. Speaking with an estate planning lawyer can help you understand trust and estate administration.
Give Gifts
You can choose to gift away assets from your estate before your death. This proactive method of estate planning can help minimize both the burden of probate and estate taxes.
There are limits on how many gifts you can give before you must start paying taxes on those gifts. Speaking with an attorney who understands gift tax planning and tax law can help you feel confident you are leaving as much to your loved ones as possible.
Co-Ownership
Assets and property that both you and your spouse own together will not have to go through probate, nor will they incur estate taxes.
Take Advantage of Payable-on-Death Accounts
Certain bank accounts, registrations, and deeds allow you to include a payable-on-death (POD) clause. This allows assets with those accounts, like bank, retirement, or pension plans, as well as deeds or registration of certain personal belongings, to automatically transfer to new ownership once a death certificate is provided.
This is an excellent way to circumnavigate probate, allowing your loved ones to gain access to those accounts and properties much quicker than probate would allow.
Can an Estate Planning Lawyer Help You?
It is very important to secure sound legal counsel when writing your last will. A will must follow specific state and federal guidelines in order to be upheld in state probate court and also if challenged. At the Singh Law Firm, we have a comprehensive grasp of the laws surrounding the creation of Wills and Trusts. Our Wills and Estate Lawyers can walk you through every step of the process to help protect your heirs and carry out your actual wishes with regard to the distribution of your estate. Estate planning is a way to secure the assets you worked all your life to attain and a way to ensure the security of your family and beneficiaries. Our team of dedicated Wills and Estate Lawyers ensures that your estate plan leaves nothing to risk and shields your family from unnecessary financial or legal issues.