What is a Will??

A few weeks ago I posted regarding the topic – what is a trust…Here is an overview of a will.

What is a WILL??

A will is a legal document that usually includes the following information:

WHO your family is.

WHO you want to leave your estate/assets to when you die.

WHO you would put in charge as your executor to handle what ever process will be needed at that time.

WHO you would name as guardians if you have minor or disabled children.

You sign your will.

IF you hand wrote the will – then that along with your signature is sufficient for it to be valid as a holographic will.

IF you or an attorney “typed” the will then it needs to be witnessed by two adults who have no connection to what the will includes.

The NUMBER ONE thing you need to know about a WILL is that it has NO legal effect until the DAY YOU DIE.

The SECOND thing you need to know about a WILL is that it only controls the assets that you held in your name only – with no beneficiary designation AND in CA if the Gross Fair Market Value of the assets that the WILL will control is 150,000 or More…

The WILL will have to go through PROBATE.

SO – the Number Two thing you need to know about a WILL is that the WILL itself DOES NOT avoid PROBATE – it simply tells the Probate Court WHO you wanted in charge AND when it is all done WHO you wanted to benefit…

A WILL is an important document & necessary document – BUT it can’t help you in your lifetime AND it itself never avoids court…

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