Wills

For those with very small estates and very simple distribution plans, a Will may be sufficient to pass on your assets at your death. In a Will you can appoint an Executor (also referred to as a Personal Representative), whose job it is to distribute your assets as you have directed. However, certain types of assets cannot pass through a Will without a probate being initiated, no matter what their value. So, as an example, even if you have only a few hundred dollars in your checking account, if you have not made other arrangements such as a beneficiary designation on your account, your Personal Representative will not be able to distribute your funds to your beneficiary without opening a probate. Another disadvantage in reliance solely on a Will for your estate planning is that the Will does not become effective until your death; therefore, if you were to become incapacitated, you will still need to have another plan in effect for someone to manage your affairs during your incapacity.

For these reasons and others, many people find that a Trust is the most useful and effective tool for planning for the management and distribution of their affairs.

Even with the valuable tool of a Trust, a Will is still an important part of a complete estate plan. If you have minor children, the Will is where you can name guardians for them. A Will which refers to and is part of a Living Trust estate plan (called a "Pour-Over Will") ensures that whatever assets were not transferred into your Trust during your lifetime are transferred into it upon your death, so that your trustee can manage and distribute your assets in the way you have directed in your Trust. Personal belongings, which may have great sentimental value but undetermined monetary value, and other types of personal property, including pets, can be bequeathed directly through your Will.

Brenda Arpana Warren
Attorney At Law
Estate Planning Lawyer

P.O. Box 3042
San Ramon, CA 94583
(925) 201-3408

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