Los Angeles – Riverside – San Bernardino – Orange County - California
The Basics of Wills
It is often said that “everyone needs a Will”. At various stages of life, a Will helps you protect your loved ones.
Younger families create Wills to name guardians for their minor children. If you die without naming a guardian, the court will decide who will raise your children.
Even if your financial circumstances warrant the creation of a Living Trust, a type of Will called a “Pour-Over Will” is an essential companion document with your Living Trust.
In a Will, you decide who will be the beneficiaries of your estate, and you appoint an “Executor” to administer your estate.
Wills vs. Living Trusts
Clients often do not know whether they need a Will or a Living Trust. At the initial consultation, I take the time to explain the pros and cons of each type of primary Estate Planning tool. I will review the entire estate with you and let you know whether a Will or a Living Trust is the best choice for your situation.
Although a Living Trust has its advantages, the use of a Will as the primary Estate Planning mechanism is sometimes superior to a trust. If the property distribution is likely to disputed or contested, the Probate Court will act as a referee.
If there are likely claims to be made against the estate, a Probate Administration will give your heirs the venue to handle those claims one at a time. A Probate Administration limits the time period in which creditors can file claims, and bars untimely claims.
Because of these reasons, clients in high-liability professions or with volatile family situations often choose to execute a Will.
If You Die Without A Will
If you die without a Will (or a Living Trust), your estate will go through a Probate Administration, and California “Intestate Succession” statutes will decide who will be your beneficiaries, how much they will receive, and when.
Protect Your Rights and Assets
The early stages of planning are critical.
Call me directly at 1-714-385-0044 to schedule a consultation
or email me.
Dwight Edward Tompkins, Trusts & Wills Attorney
Orange County Wills - Serving: Anaheim, Ladera Ranch, La Habra, Laguna Beach, Laguna Niguel, Laguna Woods, Lake Forest, La Palma, La Mirada, Los Alamitos, Mission Viejo. Los Angeles County Wills - Serving: Downey, Artesia, Bellflower, Carson, Cerritos, Compton, Huntington Park, Lakewood, Los Angeles, South Bay. Riverside County Wills. San Bernardino County Wills.
Orange County Wills Attorney, Dwight Edward Tompkins
North Rim Grand Canyon