Wills
A Will is a formal document signed by you during your lifetime directing how your property will be distributed on your death, who will administer your estate, who will take care of your children, and how your debts are paid.
Having a Will ensures that your wishes will be carried out after your death.
However, in California if your estate is valued at more than $100,000, your Will may require probate. When you probate a Will, it becomes a public document as it is filed with the court for probate. It lists all your assets and beneficiaries in public records that anyone can see and review.
If privacy is a concern to you, then you should consider an estate plan which distributes your property through a Living Trust. While you will still need a "pour-over" Will to distribute any property not in the Trust such as personal property, this type of Will does not require probate and is sheltered from public view.
Not everyone needs a Living Trust, in some cases a Will is the best solutions. Also, probate is not all bad. If your estate is complex or you have many creditors, one advantage of going through probate is it sets a relatively short time period for creditors to make claims.
Like trusts, a will can be an evolving document. Changes in family and assets over a period of years may require changes to your Will through a “Codicil” or a completely new Will.
Jim Perry can assist you with all aspects of drafting of Wills and Codicils, including the selection of the proper person to become your executor.
“Peace of Mind is a beautiful thing.” Jim Perry
