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Our office is located in Thousand Oaks off the Rancho Road exit from the 101 near Roxy's Deli. This office is used as a mail drop ONLY. All meetings are done at a location of the customer's convenience -whether home, work, coffee shop, or hospital. I COME TO YOU!
1421 E. Thousand Oaks Blvd., Suite 12
Thousand Oaks, CA 91362
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Wills
What Does a Will Do?
A will is a legal document, drafted and executed in accordance with state law, which becomes irrevocable at your death. In your will, you can name:
BENEFICIARIES: These are family members, friends, or charitable organizations who will receive your assets as you direct.
A GUARDIAN FOR YOUR MINOR CHILDREN: You may nominate a person who will have the responsibility to care for a child of yours if you and your spouse die before the child attains 18 years of age. You may also name a guardian -- who may or may not be the same person -- to be responsible for management of assets given to a minor child, until the child attains 18 years of age.
AN EXECUTOR: This person or institution of your choice, named in your will and appointed by the probate court, collects and manages your assets, pays your debts and expenses and any taxes that might be due, and then, in a manner approved by the court, distributes your assets to your beneficiaries in accordance with the provisions of your will. Your executor plays a very important role with significant responsibilities. It can be a time-consuming job. You should choose your executor carefully.
What Happens If I Don't Have a Will?
If you die without a will (that is, "intestate"), California law will determine the beneficiaries of your estate, whether you would have distributed your assets this way or not. If you are not married, your assets will be distributed to your children or grandchildren, if you have any -- or to your parents, sisters, brothers, nieces, nephews or other close relatives. Friends or a favorite charity will receive nothing if you have no relatives and die without a will. In that case, the State of California is the beneficiary of your estate.
Does a Will Cover Everything I Own?
No. Generally speaking, your will affects only those assets which are in your name alone at your death. Some assets which are not affected by your will include:
LIFE INSURANCE
RETIREMENT PLANS
ASSETS OWNED AS A JOINT TENANT
"TRANSFER ON DEATH" OR "PAY ON DEATH"
LIVING TRUSTS: Assets held in a revocable living trust at your death are distributed pursuant to the provisions of that trust document. For more information see Living Trusts here.
YOUR SPOUSE'S HALF OF COMMUNITY PROPERTY: In California, any assets acquired by you and your spouse from earnings during your marriage are community property. You and your spouse own equal shares of those assets. Your will, therefore, affects only your half of the community property, not your spouse's. Your will affects all of your separate property held in your name alone.
Even if your entire estate consists of property held in joint tenancy, a life insurance policy and a retirement plan, you should still consider making a will. If the other joint tenant dies before you do, then the property held in joint tenancy will be in your name alone and subject to your will. If named beneficiaries die before you do, the assets subject to a beneficiary designation may be payable to your estate. You may unexpectedly be entitled to a bonus, a prize, a refund, or may receive an unexpected inheritance which would then be subject to your will as well. If you have minor children, the nomination of a guardian of their person and estate is a very important reason for making a will
Are There Various Ways to Prepare a Will?
Yes. In California you can make a will in one of three ways:
A HANDWRITTEN OR HOLOGRAPHIC WILL (least expensive but possibly invalid)
A STATUTORY WILL: California law provides for a "fill-in-the-blanks" will form. The will form is designed for single, married and divorced people with relatively small estates. (moderately priced but not for complicated asset distribution)
A WILL PREPARED BY A LAWYER (most expensive)
All Things Legal, Inc. provides the same kind of will that a lawyer would prepare but at a much lower price.
What If My Assets Pass To a Trust After My Death?
If you have a living trust, then your will is often referred to as a "pour over" will. That will provides that any assets held in your name at your death and not in your living trust will be added to the trust, to be held, administered and distributed in accordance with its terms.
For beneficiaries who are minors, you may also consider providing for transfers from your estate to a custodian under the California Uniform Transfers to Minors Act.
Can I Change My Will?
Yes. You should review your will periodically because, if it is not up to date when you die, your estate may not be distributed as you wish.
Your will can be changed through a "codicil," which is a legal document which must be drafted and executed in accordance with the same state laws which apply to wills. A "codicil" is simply an amendment to your will. Your will must not be changed by crossing out words or sentences or making any notes or written corrections on it. You should review your will when there are any major changes in your family (such as births and deaths), when the value of your assets significantly increases or decreases, and when it is no longer appropriate for the persons named as guardian or executor to act in that capacity.
How Are The Provisions of My Will Carried Out?
The process by which the provisions in your will are carried out following your death is known as "probate." Probate is the court-supervised process developed under California law which has as its goal the transfer of your assets at your death to the beneficiaries set forth in your will, and in the manner prescribed by your will. It also provides for the relatively quick determination of the validity of any claims by creditors against your assets at your death.
Will My Beneficiaries Have to Pay Estate Taxes?
Assets that are transferred to either your spouse (if he or she is a U.S. citizen) or to charitable organizations are not subject to estate taxes. Assets passing to other individuals will be taxed if the net value of those assets exceeds $1,000,000 (in 2006). For estates which approach or exceed this value, significant estate taxes can be saved by proper estate planning.
What Other Planning Should I Do?
LIST OF ASSETS AND DEBTS
Making a list of your assets and keeping it in a place known to your executor or other family members is of great help to them when you are not able to share that information with them. List your bank accounts, safe deposit boxes, stocks and bonds, real estate, and other assets. Also list the names and addresses of anyone to whom you owe money.
DURABLE POWER OF ATTORNEY FOR PROPERTY MANAGEMENT
In this document, you appoint another individual to make property management decisions on your behalf if you are incapacitated. The attorney-in-fact manages your assets and must do so in a prudent manner accountable to you and solely in your best interests.
DURABLE POWER OF ATTORNEY FOR HEALTH CARE
This document allows the person named as attorney-in-fact to make health care decisions for you when you can no longer make them for yourself. It may also contain statements of wishes concerning such matters as life sustaining treatment and other health care issues, and instructions concerning organ donation, disposition of remains and your funeral.
Disclaimer: Diana Slater is not an attorney. All Things Legal, Inc. is not a law firm. We can only provide self help services at your specific direction. Previously, a Legal Document Assistant (LDA) was called an Independent Paralegal. California SB 1418 became effective January 1, 2000 which now REQUIRES all Legal Document Assistants to be registered and bonded. Be sure when using a self-help service you choose someone who has met the experience and education requirements of a Legal Document Assistant and is registered and bonded.
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