 | 1. What happens if I die without a Will? If you die without a
Will, what you own (your "assets") in your name alone will
be divided among your spouse, children, or other relatives according
to state law. The court will appoint a relative to collect and
distribute your assets. |
| 2. What can a Will do for me? In a Will you may designate who will
receive your assets at your death. You may designate someone (called
an "executor") to appear before the court, collect your
assets, pay your debts and taxes, and distribute your assets as you
specify. You may nominate someone (called a "guardian") to
raise your children who are under age 18. You may designate someone
(called a "custodian") to manage assets for your children
until they reach any age between 18 and 25. |
| 3. Does a Will avoid probate? No. With or without
a Will, assets in your name alone usually go through the court
probate
process. The court's first job is to determine if your Will is
valid. |
| 4. What is community property? Can I give away my share in my
Will? If you are married and you or your spouse earned money during
your marriage from work and wages, that money (and the assets bought
with it) is community property. Your Will can only give away your
one-half of community property. Your Will cannot give away your
spouse's one-half of community property. |
| 5. Does my Will give away all of my assets? Do all assets go
through probate? No. Money in a joint tenancy bank
account automatically belong to the other named owner without
probate.
If your spouse or child is on the deed to your house as a joint
tenant, the house automatically passes to him or her. Life insurance
and retirement plan benefits may pass directly to the named
beneficiary. A Will does not necessarily control how these types of
"nonprobate" assets pass at your death. |
| 6. Are there different kinds of Wills? Yes. There are handwritten
Wills, typewritten Wills, attorney-prepared Wills, and
statutory
Wills. All are valid if done precisely as the law requires. You
should see a lawyer if you do not want to use this
statutory
Will or if you do not understand this form. |
| 7. Who may use this Will? This Will is based on California law. It
is designed only for California residents. You may use this form if
you are single, married, or divorced. You must be age 18 or older
and or sound mind. |
| 8. Are there any reasons why I should NOT use this
statutory
Will? Yes. This is a simple Will. It is not designed to reduce death
taxes or other taxes. Talk to a lawyer to do tax planning,
especially if (i) your assets will be worth more than $1,000,000 at
your death, (ii) you own business related assets, (iii) you want to
create a trust fund for your children's education or other purposes,
(iv) you own assets in some other state, (v) you want to disinherit
your spouse or descendants, or (vi) you have valuable interests in
pension or profit sharing plans. You should talk to a lawyer who
knows about estate planning if this Will does not meet your needs.
This Will treats most adopted children like natural children. You
should talk to a lawyer if you have stepchildren or foster children
whom you have not adopted. |
| 9. May I add or cross out any words on this Will? No. If you do,
the Will may be invalid or the court may ignore the crossed out or
added words. You may only fill in the blanks. You may amend this
Will by a separate document (called a codicil). Talk to a lawyer if
you want to do something with your assets which is not allowed in
this form. |
| 10. May I change my Will? Yes. A Will is not effective until you
die. You may make and sign a new Will. You may change your Will at
any time, but only by an amendment (called a codicil). You can give
away or sell your assets before your death. Your Will only acts on
what you own at death. |
| 11. Where should I keep my Will? After you and the witnesses sign
the Will, keep your Will in your safe deposit box or other safe
place. You should tell trusted family members where your Will is
kept. |
| 12. When should I change my Will? You should make and sign a new
Will if you marry or divorce after you sign this Will. Divorce or
annulment automatically cancels all property stated to pass to a
former husband or wife under this Will, and revokes the designation
of a former spouse as executor, custodian, or guardian. You should
sign a new Will when you have more children, or if your spouse or a
child dies. You may want to change your Will if there is a large
change in the value of your assets. |
| 13. What can I do if I do not understand something in this Will?
If there is anything in this Will you do not understand, ask a
lawyer to explain it to you. |
| 14. What is an executor? An "executor" is the person you
name to collect your assets, pay your debts and taxes, and
distribute your assets as the court directs. It may be a person or
it may a qualified bank or trust company. |
| 15. Should I require a bond? You may require that an executor post
a "bond." A bond is a form of insurance to replace assets
that may be mismanaged or stolen by the executor. The cost of the
bond is paid from the estate's assets. |
| 16. What is a guardian? Do I need to designate one? If you have
children under age 18, you should designate a guardian of their
"persons" to raise them. |
| 17. What is a custodian? Do I need to designate one? A
"custodian" is a person you may designate to manage assets
for someone (including a child) who is between ages 18 and 25 and
who receives assets under your Will. The custodian manages the
assets and pays as much as the custodian determines is proper for
health, support, maintenance, and education. The custodian delivers
what is left to the person when the person reaches the age you
choose (between 18 and 25). No bond is required of a custodian. |
| 18. Should I ask people if they are willing to serve before I
designate them as executor, guardian, or custodian? Probably yes.
Some people and banks and trust companies may not consent to serve
or may not be qualified to act. |
| 19. What happens if I make a gift in this Will to someone and they
die before I do? A person must survive you by 120 hours to take a
gift under this Will. If they do not, then the gift fails and goes
with the rest of your assets. If the person who does not survive you
is a relative of you or your spouse, then certain assets may go to
the relative's descendants. |
| 20. What is a trust? There are many kinds of trusts, including
trusts created by Wills (called "testamentary trusts") and
trusts created during your lifetime (called "revocable living
trusts"). Both kinds of trusts are long-term arrangements where
a manager (called a "trustee") invests and manages assets
for someone (called a "beneficiary") on the terms you
specify. Trusts are too complicated to be used in this
statutory
Will. You should see a lawyer if you want to create a trust. |
| (a) Intestate Disposition. If the testator has not made an
effective disposition of the residuary estate, the executor shall
distribute it to the testator's heirs at law, their identities and
respective shares to be determined according to the laws of the
State of California in effect on the date of the testator's death
relating to intestate succession of property not acquired from a
predeceased spouse. |
| (b) Powers of Executor.
| (1) In addition to any powers now or hereafter conferred upon
executors by law, including all powers granted under the
Independent Administration of Estates Act, the executor shall
have the power to:
| (A) Sell estate assets at public or private sale, for cash
or on credit terms. |
| (B) Lease estate assets without restriction as to
duration. |
| (C) Invest any surplus moneys of the estate in real or
personal property, as the executor deems advisable. |
|
| (2) The executor may distribute estate assets otherwise
distributable to a minor beneficiary to one of the following:
| (A) The guardian of the minor's person or estate. |
| (B) Any adult person with whom the minor resides and who
has the care, custody, or control of the minor. |
| (C) A custodian of the minor under the Uniform Transfers
to Minors Act as designated in the California
statutory
will form. The executor is free of liability and is
discharged from any further accountability for distributing
assets in compliance with the provisions of this paragraph |
|
| (3) On any distribution of assets from the estate, the
executor shall have the discretion to partition, allot, and
distribute the assets in the following manner:
| (A) In kind, including undivided interest in an asset or
in any part of it. |
| (B) Partly in cash and partly in kind. |
| (C) Entirely in cash. If a distribution is being made to
more than one beneficiary, the executor shall have the
discretion to distribute assets among them on a pro rata or
non pro rata basis, with the assets valued as of the date of
distribution. |
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| (c) Powers of Guardian. A guardian of the person nominated in the
California statutory will shall have the same
authority with respect to the person of the ward as a parent having
legal custody of a child would have. All powers granted to guardians
in this paragraph may be exercised without court authorization. |
