Protecting Your Legacy With A Will
Dying without a will (intestate) puts a great strain on your family after you’re gone. When you die intestate, your family must deal with probate court for nine months to several years. At Rita Holder Law, we have seen far too many people in our community land in probate court due to a loved one who failed to do any estate planning.
Wills are almost always cheaper than paying for probate when a loved one dies intestate. California law outlines a fee structure for probate based on the size of the estate. You can expect your family to pay anywhere from 4% to 10% of the value of your estate in fees as they watch a judge decide who should inherit your money, property and other assets.
Wills As Estate Planning Tools
A will is a legal document that details how assets should be passed down to beneficiaries. It names a person as an executor who carries out your directives after you pass away. In your will, you leave instructions regarding your health care and the distribution of your assets. It also allows you to name a guardian for your minor children if you and your child’s other parent are both deceased. The biggest downside of a will is that it goes through probate (for a shorter period of time and at significantly less cost than for people who die intestate) and becomes part of the public record.
What Is A Simple Will?
If you have a fairly simple estate and you live in California, you have the option of making a simple will. A simple will is a straightforward document in which you can name an executor and beneficiaries. To create a simple will, you simply complete the California Statutory Will form.
However, even if you are interested in a simple will, you should still consult an attorney. Having an estate planning attorney work with you to create your simple will can ensure that you cover every detail you want to. It adds validity to your will, ensuring that the court will honor your wishes once you pass away.
For Guidance On Estate Planning, Contact Rita Holder Law
At Rita Holder Law, we can help you evaluate your financial situation and determine whether a will or trust (or both) is right for you. Contact Rita Holder Law at 925-401-7885 or complete our online contact form for an initial consultation.