|
WILL
A People’s Choice can save you hundreds of dollars by preparing your will
and other estate planning documents instead of an expensive attorney!
Estate Planning Learning Center
Our online learning center provides quick access to valuable information contained in our web
site, California and Federal Codes, Court web sites and other legal sources of information.
Will:
A will is a legal document which is effective only at your death. This document will name your executor, the person
who will handle your assets after your death. It also permits you to name beneficiaries, set up support trusts for minor
children or other dependents, and designate when and how your gifts will be given. If you have minor children, you can
also name a guardian for these children. If your assets are in excess of $100,000, your estate will probably require a
probate proceeding. To download a booklet on wills published by the California State Bar, click here.
Pour Over or Backup Will:
A Pour Over will or Back Up Will is a will prepared in conjunction with a living trust. In the
event you fail to include certain property in your trust before your death, this document will bring that property, up to $100
,000, into your trust so that property can be distributed according to the provisions in your trust. If that property exceeds
$100,000, those items and those assets alone will require a probate proceeding.
Everyone needs a Will :
Since a will is a written document that sets forth your decision as to how to divide your property
upon your death, should you die without a will, the state will distribute your property – and keep some of it for themselves via probate fees. With a will:
- You may leave specific gifts of items, assets or money to individuals, organizations or institutions, or you may distribute your estate in percentage shares.
- You can also disinherit or forgive debts owed to you.
- You can name the personal guardian you desire to care for any minor children you may have
- You will need to appoint an executor of your Will. This person will manage your finances upon your death, pay off
your debts, pay your taxes, and distribute your assets to heirs that you designate.
A Will should be sufficient for your estate planning:
- If the total value of your assets at the date of your death is less than $100,000, not including any asset that has a
beneficiary provision and any asset that is in joint tenancy (or other multiple tenancy).’
- If the value of your real property at the date of your death is less than $20,000.
A People’s Choice can save you hundreds of dollars by preparing your will
and other estate planning documents instead of an expensive attorney!
|
