What is a will?

A will is a legal document that can be used to delineate how you want your estate to be handled and to whom you wish your assets to be distributed upon your death.

What are the requirements of a valid will?

There are three types of wills recognized in California: a third-party will; a holographic will; and a form will. The basic requirements for each are as follows:

Third-Party Will

A third-party will is so-named because it is drafted by a third party, typically an attorney. Having an attorney draft a will has many benefits, the most important of which is that an attorney can help ensure that the client’s actual intentions are fully, legally articulated. The attorney can help ascertain all of the testator’s assets and make sure the document properly distributes all of these. An attorney can also provide valuable insight as to the range of options a person may have for transferring property both before and after death in order to fulfill his or her wishes, avoid unnecessary family discord, and take into account the tax ramifications of such property exchanges.

A will created by a third party requires that the testator sign the document in the presence of two or more witnesses who are not beneficiaries of the will. The signatures of the non-interested witnesses are also a legal requirement for the will to be deemed valid.

Holographic Will

In short, a holographic will is a hand-written will. A holographic will is valid in California if it conforms to certain requirements. These are:

• The testator must be 18 or more years of age and of sound mind.
• The testator must hand-write all of the material provisions.
• The testator must date and sign the instrument.

There is no requirement that a holographic will be witnessed or notarized, though doing so would add another layer of legitimacy should the instrument ever be assessed in court.

Form Will

Certain types of form wills are also permitted in California. A form will is a type of fill-in-the-blank legal document that may suit the needs of an individual with a more modest estate. A form will allows an individual to leave his or her estate to close relations, such as a spouse or children, or even to charity. It is nonetheless a good idea for a person considering using a form will to have an attorney review the document to make sure it is valid in the specific jurisdiction. This is especially true given the vast array of form documents that are now available on the Internet.

A will may be the most important legal document you ever create. To ensure that your intentions are clear and to avoid any problems that may cause the will to be void or lead to unnecessary confusion during probate, discuss your testamentary decisions with experienced wills attorney Cheryl Mansell. To schedule a free, confidential consultation with Ms. Mansell, call 323.466.4900 or contact us through our secure online form.

What is a trust?

A trust is another method of distributing property. A trust is a legal, fiduciary relationship where a grantor (the settlor) gives a third party (the trustee) legal title to property subject to the equitable rights of one or more beneficiaries.

There are two main types of trusts: a testamentary trust (which transfers property upon the death of the grantor) and a living trust (which is established during the life of the grantor and can either continue or extinguish after his or her death).

Trusts are extremely complicated instruments. If not created properly, a trust can result in serious tax consequences for all parties involved.

There are many methods in which a trust can be formed, all contingent on the purpose for which it is being utilized. In order to determine what would best suit your needs, contact Cheryl Mansell for a free legal assessment of your legal trust needs at 323.466.4900.