California Will Basics: Understanding Key Elements

If you wish to have a say in how your assets are distributed and ensure that your loved ones are taken care of at the time of your departure, creating a will is an essential part of estate planning. Don’t assume a judge will abide by your wishes if an issue goes to court. In California, there are specific rules that govern the creation and execution of wills. This blog post will provide an overview of the basics of wills created in California.

What is a Will?

A will is a legal document that outlines how a person’s assets and possessions will be distributed after his/her death. A will can include instructions on who should receive your property, who will be the executor of your estate, and who will be the guardian of your children, among other things.

Let’s get the basics about the requirements for creating a will out of the way first. To create a valid will in California, you must be at least 18 years old and of sound mind. You must also sign the will in the presence of two witnesses who are not beneficiaries of the will. The witnesses must also sign the will in your presence. If you are unable to sign the will yourself, you may have someone sign on your behalf at your direction and in your presence.

When is a good time to create a will?

A will is important if you care what will happen with your assets and belongings at the time of your departure. Whether you are 22 or 65, it is good to start thinking about drafting a will. Determining who is entitled to receive those assets can give you the peace of mind you need. It is also especially important if you have minor children since you will want to ensure a guardian is appointed for your minor child or children in the event your departure occurs before they reach the age of eighteen.

What are the benefits and importance of having a will?

No Drama!

Dealing with the departure of a loved one already has an emotional component that is difficult to navigate, so creating a will makes a difficult life-event just a little easier on your loved ones. It’s natural that such an event tends to make everyone’s emotions more sensitive which can lead to unnecessary tension when it comes to disseminating assets and deciding who gets what. Planning ahead by drafting a will with plans for the distribution of your assets, takes the pressure off of yourself and your loved ones who will be grieving and tending to funeral arrangements.

Less Hassle in Probate Process

Simply put, probate is the legal process your estate goes through after you pass away. A court will start the process of distributing your assets to the proper heirs. In California, if the value of the deceased person’s estate exceeds $166,250, probate is required. If the value of the estate is less than $166,250, the estate can be distributed without going through probate. If the value of your estate exceeds that $166,250 amount, without having created a will, your estate will be subject to a long and drawn out process or even worse, you risk giving any unclaimed assets going back to the state instead of your chosen beneficiaries. Typically, without a will, the probate process takes anywhere between 6 and 24 months to complete and could rack up executor and attorney statutory fees as well as court administration fees and unsurprisingly so, California is a state with some of the highest probate fees. Having a will in existence at the time of your departure cuts the amount of time of the probate process in half, if not faster and will not cost nearly as much.

Whether you’ve experienced or just heard of the time consuming, expensive and often complicated probate process, it’s definitely an experience you want to avoid if it’s within your control. Luckily it is within your control, all you have to do is create a will. Although wills are still subject to the probate process, it’s a much simpler process if you have a will drafted with the testator’s (the person who creates a will) desired distribution of assets. The court’s only job once the will is submitted to probate is to authenticate the will, authorize the Executor to pay all debts and taxes, and distribute the remaining assets according to the distribution instructions left by you.

To Wrap Up

Creating a will is an essential part of estate planning, and it is important to understand the requirements and rules that govern the creation of a will in California. By creating a will, you can ensure that your assets and possessions are distributed according to your wishes and that your loved ones are taken care of after your death. Most importantly it provides the peace of mind to you and your loved ones that your affairs will be organized at your departure. If you need assistance creating a will or navigating the probate process in California, it is recommended that you consult with an experienced estate planning attorney. Our estate planning attorney can ensure that you have a properly drafted will according to your personal desires that will provide you with peace of mind for you and your loved ones.