A will is a written document that explains how your property and other assets should be distributed upon your death. You can change, update, or rewrite your will at any time.
As we’ll explore, a will is a valid standalone document. Creating a will also means you can use it in conjunction with a revocable living trust and other legal designations like durable power of attorney.
This more comprehensive level of estate planning can safeguard certain assets from California’s lengthy probate process. It also helps create a clearer path for your personal representative to manage your estate after you pass away – one with as few legal complications for your loved ones as possible.
It’s not unreasonable for you to begin and end your estate planning with a will if you have a modest estate (or a relatively uncomplicated one worth less than $1 million). With that said, if only creating a will and no other estate planning documents, be aware of these issues:
The state offers a standardized form for simple wills (the California Statutory Will), but you can also write it by hand. If you avoid the template, the will must be your literal handwriting; typed “holographic” wills lack legal validity in the Golden State.
California law requires anyone writing a will to be at least 18 years old, of sound mind, and in the presence of two witnesses when completing and signing a formal will. Witnesses must also sign.
If you have a simple estate, writing it yourself (form or no form) is a valid option. But even then, you’ll likely want an attorney with experience in this area to review the document. A wills and trusts lawyer can ensure it’s free of mistakes and legally valid.
We can’t overstate the value of more thorough legal counsel for anything more complex than a simple will (whether using the form or handwriting). For example, joint wills between spouses or registered domestic partners, and testamentary trust wills that initiate the creation of a trust, have very specific requirements. Most people outside the legal profession won’t understand them well enough to create a will in Los Angeles that passes muster with the courts.
The cost to create a will ranges from nothing to well over $1,000. But it’s worth noting that unless it’s a very straightforward simple will, the price you pay often matches the document’s legal strength.
A do-it-yourself will may not hold up in court; in fact, we’ve seen it happen many times. You should consult with an attorney, and plan to invest around $1,000 (even if the final price is ultimately less) to ensure your loved ones get the benefits and distributions according to your intentions.
The $1,000 estimated cost assumes you’ve retained an experienced estate planning lawyer. It also accounts for the preparation of other legal documents, including advanced directives as well as financial or medical powers of attorney.
Take several factors into account when deciding between writing a will or creating a revocable living trust, including the following:
Of course, a will you write now can still be part of a larger estate plan (one including a trust or other stipulations) in the future if your situation changes with time. Therefore, writing a will is always an important first step in estate planning.
The process that takes effect if you die without a will (intestate) may be the most valid reason for writing a will in California. Intestate probate cases rely solely on state law to direct an estate’s distribution. These often favor the decedent’s immediate family members.
While that may be in accordance with what you would’ve wanted, it doesn’t take many potential beneficiaries into account. Close friends, extended family, longtime partners who were never registered with the state, and others often suffer from intestacy laws. Avoiding this requires the creation of a living will.
Attorney Alice A. Salvo and the estate planning attorneys at her Woodland Hills practice have the combination of superior credentials and experience you need. We’ll determine whether a legal will is enough to protect your loved ones’ interests or if you need a trust and other estate planning documents.
Our firm has decades of experience creating wills. In addition, we specialize in all areas of trust, estate, and probate matters. Call or contact us today (via the contact form below) for a free consultation. We can aid you in creating a will or larger estate plan, so it’s established well ahead of time.