A will is a legal document in which you divide your assets and property between your living beneficiaries and also give certain instructions on things after you pass away. This document is unalterable once you die and must be carried out.
In your will you can:
-Name your beneficiaries and how much or your assets of property they will receive on your death. These can be family, friends spouse etc and even charitable works and schools. You can be detailed in dividing your gifts, giving a specific list of your personal items such as jewelry or an amount of money to be giving to a precise person.
-Give certain instructions such as name guardians for your children should you and your spouse pass away before your child becomes an adult at the age of 18.
-Name an executor who will handle the collection and payment of any debts, taxes or expenses that might arise after your passing. This person will also distribute your assets according to the instructions in your will. This executor can be a person or an institution but must be someone you can trust as this is a very important role to play in the executing of your final wishes.
Though a will is a very important thing to have, whether you have a small or large estate, it is in your best interests to write up an estate plan as well.
For an Orange County wills and Trust attorney contact us.