You would think creating a will and leaving it with an attorney might be simplest and best offering to your heirs, but you won’t believe what happens to a will after you die.
The State Bar of California website provides a simple format to complete a will with the description as follows : “A will is a legal document drafted and executed in accordance with state law, which becomes irrevocable at your death.”
Simple and automatic processing of your will might be true if all you have to give is a life insurance policy with beneficiaries clearly listed, but what if you own property, investments, and hold debts small or large?
The depths of law in California do not allow for wills to automatically disperse all assets defined in wills. Life insurance and retirement plans with clearly stated beneficiaries, and joint tenant assets with right of survivorship are sometimes routine and don’t require scrutiny by the court. All other assets and securities, cars, property, investments, and cash are only distributed in accordance to the will after court proceedings called “probate”.
Probate can be a lengthy process taking months, even in clearly defined wills.
Estate Planning will usually ensure a smooth and timely will dispersement.
The State Bar of California states that a qualified estate planning lawyer can make sure that your will conforms with California law. The lawyer can make suggestions and help you understand the many ways that assets can be transferred to or for the benefit of you beneficiaries.
Byron Husted and his team can assist you with your will and estate plan throughout the Southern Californian region. His team services all areas including Los Angeles, Orange County, Temecula, and the southern beaches through to San Diego.