Last Will and Testament

Do I Need a Will?

• In short, yes, you do. However, a Will by itself will not always do a proper job. Remember that in most cases a Will has to be probated through the court. In some limited cases, where there is no real property (i.e. land, a home, and/ or structures) owned by the person, and an estate with a relatively low monetary value, a Will is all that you might need without a Living Trust or probate. But this has to be carefully considered. In cases where there is no Will, no real property, and assets lower in value, a Small Estate Affidavit or other Summary procedure may be used to disburse the estate. See the current estate value threshold to avoid probate here.
• Typically, a Will is always drafted as a “companion” document to a Revocable Living Trust Plan. They are colloquially referred to as “Pour Over Wills” when accompanying a Trust as any assets not accounted for in the Trust document, are “poured over” from the Will to the Trust; a catch all safety net to make sure nothing is forgotten. Outside the Trust, the Pour Over Will can always address disposition of property that may not be titled into the Trust, such as personal property, furniture, jewelry, or automobiles. This effectively avoids probate for assets inadvertently left out of the Trust.

Do I Need an Attorney to Draft My Will?

• While it is possible to draft your own Will or Trust, it is not advisable. You should hire an experienced licensed California professional to handle your Estate Plan to ensure it is done correctly and takes full advantage of what the law and tax code provides. The upfront cost of a professional assisting you is a fraction of the cost to your family without having a Plan in place.