WILLSCA · MD

Wills and pour-over wills.

Your will names the guardian for your minor children and catches anything left outside your trust.

What a will does

A will says who receives your property, names the person who will carry out your wishes, and nominates a guardian for children under 18. Without one, state law decides who inherits and a court chooses who raises your children.

What a will cannot do

A will does not avoid probate. In California, an estate passing under a will generally goes through court unless it qualifies for a small estate procedure. The statutory fees alone can be significant: on a $500,000 estate, the attorney's statutory fee and the personal representative's statutory fee are each $13,000 under California Probate Code section 10810.

The pour-over will

When your plan is built around a living trust, your will "pours over" anything you did not move into the trust during your life. It is a safety net. The goal is still to fund the trust fully, so the pour-over will has little or nothing to do.

The best time to plan is while everything is calm.

Two minutes of questions. Then you will know exactly where to go next.