What is a will? Santa Clarita and Los Angles Estate Planning and Living Trusts Attorney Robert Mansour

What is a Will?

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A will is a traditional legal document which:

Names individuals (or charitable organizations) who will receive your assets after your death, either by outright gift or in a trust.

Nominates an executor who will be appointed and supervised by the probate court to manage your estate; pay your debts, expenses and taxes; and distribute your estate according to the instructions in your will.

Nominates guardians for your minor children. This can also be done in a separate document.

Most assets in your name alone at your death will be subject to your will. Some exceptions include securities accounts and bank accounts that have designated beneficiaries, life insurance policies, IRAs and other tax-deferred retirement plans, and some annuities. Such assets would pass directly to the beneficiaries and would not be included in your will.

In addition, certain co-owned assets would pass directly to the surviving co-owner regardless of any instructions in your will. And assets that have been transferred to a revocable living trust would be distributed through the trust — not your will.

Keep in mind, however, that you must execute your will in the manner required by California law. Failure to do so could invalidate the entire will.

Also, a will only goes into effect AFTER you have passed away. It is of little use to you while you are still alive. Having a simple will does not avoid the probate process (court involvement) after you pass away. Also, despite popular belief, a will does NOT control everything you own. It is simply a "wish list" of where you want assets in your estate to pass after you died. In many cases, a will is of little or no effect because the client did not fully understand it's legal significance.