A Will is a formal legal document which directs how a person’s property is to be distributed upon his or her death. There are very strict requirements for how a Will is to be executed to ensure that it is valid. The benefit of a Will is that it is less expensive than a complete Estate Plan involving a Revocable Living Trust. The drawbacks, however, are significant. A Will must be “Probated”, meaning that its administration must be overseen by the Probate Court. This process is long and can be expensive as the legal fees are set by law, as a percentage of the estate assets. You can read more about Probate Administration here.
There are some situations where a Will is an appropriate Estate Plan. Additionally, a “Pourover Will” is also an important component of a Revocable Living Trust. For more information on Wills, or any other Estate Planning or Probate needs, please do not hesitate to contact our office at 408-294-4525 to speak with one of our attorneys.
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Del Ponte & Hirz | Attorneys at Law
75 East Santa Clara Street, Suite 275
San Jose, CA
Phone: (408) 294-4525
Fax: (408) 294-4732