What Is a Will?

A will, sometimes called a "last will and testament," is a document that states your final wishes. It is read by a county court after your death, and the court makes sure that your final wishes are carried out.

What Does a Will Do?

Most people use a will to leave instructions about what should happen to their property after they die. However, you can also use a will to

·       Name an executor.

·       Name guardians for children and their property.

·       Decide how debts and taxes will be paid.

·       Provide for pets.

·       Serve as a backup to a living trust.

In California, If I Make a Living Trust, Do I Still Need a Will?

Yes, you'll still need a will. This might seem confusing—isn't the point of a living trust to avoid needing a will? Yes, it is, and your will might never be used. But you should still write one, for one or both of the following reasons:

• Designating a guardian for minor children. You cannot use a trust to name a guardian for your minor children. For this reason alone, if you have minor children, you should write a will that names the guardian.

• Accounting for property that you have not transferred to your trust. It happens all the time—people create a trust and forget to formally transfer property to the trust (for example, they never get around to changing the deed on their house). Or, people buy or inherit property after they've set up their trust, and forget or don't know to take ownership as the trustee of their trust. Either way, the property will not be distributed according to the terms of the trust. You should have a will as a backup to dictate how assets that are not in the trust should be distributed.

What Is a Living Trust?

A "living" trust (also called an "inter vivos" trust) is a trust you create while you're alive. The beneficiaries you name in your living trust receive the trust property when you die. You could instead use a will, but wills must go through probate - the court process that oversees the transfer of your property to your beneficiaries.

Many people create a revocable living trust as part of their estate plan. These trusts can be modified or revoked at any time. Typically, you'll name yourself as the "trustee" of your trust. This means that while you are alive, you retain control of the trust and its property. In your trust document, you will also name a "successor trustee" to take over and manage the trust (distribute your property) after you die. (If you create a shared living trust, as is often done by spouses, then your successor trustee would assume control after both spouses have died.)

In contrast, irrevocable trusts cannot be revoked or modified after they are signed. Irrevocable trusts can be useful tools for specific goals, like reducing taxes, but they require giving up ownership and control of trust property.

Do I Need a Living Trust in California?

When you set up a living trust to transfer your property to your loved ones after your death, you can potentially save them a lot of time, hassle, and money. Property left through a will (rather than a living trust) might be tied up for months or even years in probate court, and could involve court costs and lawyers' fees. By contrast, property left through a trust can be distributed to your beneficiaries almost immediately, and often without the need for an attorney.

Why do I need a California financial power of attorney?

If you become ill or injured and you can't take care of your own finances, someone else must step in to help.

Do I Need to Have My California Living Will Witnessed or Notarized?

In California, you must sign your advance health care directive in front of two witnesses or a notary.

What is California's Physician Orders for Life-Sustaining Treatment (POLST) Form?

A California Physician Orders for Life-Sustaining Treatment (POLST) form can help you direct your health care if you're facing a life-threatening medical condition.