Your will is a legal document in which you give certain instructions to be carried out after your death. For example, you may direct the distribution of your assets (your money and property), and give your choice of guardians for your children. It becomes irrevocable when you die. In your will, you can name:
- Your beneficiaries. You may name beneficiaries (family members, friends, spouse, domestic partner or charitable organizations, for example) to receive your assets according to the instructions in your will. You may list specific gifts, such as jewelry or a certain sum of money, to certain beneficiaries, and you should direct what should be done with all remaining assets (any assets that your will does not dispose of by specific gift).
- A guardian for your minor children. You may nominate a person to be responsible for your child’s personal care if you and your spouse die before the child turns 18. You may also name a guardian—who may or may not be the same person—to be responsible for managing any assets given to the child, until he or she is 18 years old.
- An executor. You may nominate a person or institution to collect and manage your assets, pay any debts, expenses and taxes that might be due, and then, with the court’s approval, distribute your assets to your beneficiaries according to the instructions in your will. Your executor serves a very important role and has significant responsibilities. It can be a time-consuming job. You should choose your executor carefully.
Keep in mind that a will is just part of the estate planning process. And whether your estate is large or small, you probably need an estate plan
If you are not married or in a registered domestic partnership, your assets will be distributed to your children or grandchildren, if you have any—or to your parents, sisters, brothers, nieces, nephews or other relatives. If your spouse or domestic partner dies before you, his or her relatives may also be entitled to some or all of your estate. Friends, a non-registered domestic partner or your favorite charities will receive nothing if you die without a will. The State of California is the beneficiary of your estate if you die intestate and you (and your deceased spouse or domestic partner) have no living relatives.
Axis Legal Counsel represents clients in numerous kind of Will, Trust, Estate, and Probate matters. Axis also represents clients in probate disputes, including estate / trust litigation, will contests, failures to diversify, or improper holding of assets, breaches of fiduciary duty, estate mismanagement, fraud, duress, undue influence, fraudulent / false / altered wills, beneficiary claims, improper trust administration, petitions to determine heirship, beneficiary rights, and numerous related matters.
For information on retaining Axis Legal Counsel to represent you with respect to a Wills, Trusts, Estate, or Probate matter contact firstname.lastname@example.org or call (213) 403-0130 for a confidential consultation.