VIDEO TRANSCRIPT: The next tool in the toolbox is something called the "will". Now, the person in charge of the will is somebody called the executor. Now keep in mind, unlike a living trust a will is only good after you pass away.
It doesn't really do you much good while you're still alive. And the main reason that you have a will in your toolbox is primarily as a backup for the living trust. A backup. So if an asset is not in the trust, you might have to go to the courts- through the court system. Well, if you do the will tells the judge to put everything in your living trust.
Now if everything is in the name of your trust or otherwise properly titled, the will is never really going to be used. It's just going to be one of those tools that sits in the toolbox and it may not even be relevant. But it's nice to have it, and it's important to have it because if something goes wrong and you end up in court, the will is going to become very important.
If you want to learn more about estate planning and how it might help you and your family, please call our office at (661) 414-7100 and inquire about a consultation.