Estate Planning 101: What Is a Will?

Face it, no one lives forever and making sure that your affairs are in order is a thoughtful way to show how much you care about your loved ones.

This is Part 1 of a 5-Part Q & A addressing commonly asked questions regarding estate planning. Here is a list of all the blogs to follow.

Estate Planning 102: What Is a Living Will?

Estate Planning 103: What Is a Trust?

Estate Planning 104: Do I Need a Trust?

Estate Planning 105: Can I Prepare My Own Trust?

The foregoing are questions one frequently asks when looking for more information about end-of-life planning. You should be knowledgeable about what the differences are between Trusts, Wills and Living Wills and these blogs are intended to educate you about each of these documents and help you determine which is right for you.

What is a Will?

A Will is a document where you indicate how you want your property distributed at your death. In a Will you designate who your beneficiaries and personal representative (a.k.a., executor) will be. 

For your convenience click HERE to view the California Statutory Will Form that is provided by the State Bar of California.

Definitions

The people who receive your remaining assets are called the “beneficiaries.” In a Will you also designate a person who is in charge of paying your creditors and distributing your remaining assets to the beneficiaries. This person is frequently called a “personal representative” or an “executor.” Being a personal representative is a very difficult, time consuming, and often a thankless job.

Caution - A Will DOES NOT Avoid Probate

Having a Will is helpful, but a Will does not avoid Probate. Probate is a court supervised legal process that must be used to wind up a deceased person’s legal and financial affairs. Probate proceedings take place in court before a judge. Until the probate estate is closed distributions can only be made to beneficiaries with the judge’s approval. It can take anywhere from 9 months to several years for Probate to end and the judge to allow the remaining assets be distributed. 

Answers to more questions about Wills can be found in the California Probate Code.

Disclaimer: This information is provided by estate planning attorney Stephanie D. Winstead, with offices in Laguna Niguel, and Carlsbad. Mrs. Winstead practices exclusively in the areas of tax, asset protection, and estate planning.  She is licensed to practice law in the State of California ONLY.  This information does not create an attorney-client relationship, and is only intended to provide general advice.  If you wish to create an attorney-client relationship for specific legal advice, it will be necessary to enter into an engagement for legal services.