Wills Attorney Benjamin Graff can help you set forth your wishes and other end-of life considerations in a Will. If you do not express your requests through a Will, the state must distribute your assets in a predetermined manner after you die. Under California’s intestate succession laws, your assets will be given to your closest relatives who may not be those you intended to receive the inheritance. Whether your estate is large or small, it is critical for you to give careful consideration to your options. Temecula Wills Attorney Benjamin Graff can create a Will to provide instructions for the distribution of your assets at death, appoint an executor and, if applicable, identify a guardian for your minor children. In addition, you may be able to save on estate taxes by creating testamentary trusts in the Will. A Will can be an effective part of your estate planning process. Contact Wills Lawyer Graff and arrange for an in-depth consultation by calling (951) 775-2364. He will listen to your wishes and determine the most cost-efficient method for ensuring your objectives are fulfilled. Create a Will in Temecula A Will provides instructions to be completed after your passing. A Will can accomplish many things and it becomes irrevocable when you die. As an experienced Wills Attorney, Mr. Graff provides skilled advice and counsel as you make decisions regarding the following: • Distribution of Assets: You may designate the way your assets, including property and money, are to be divided among your beneficiaries. Beneficiaries may include your spouse, family members, church, friends, domestic partner, or any charitable organization. With a Will, you may itemize specific gifts, including jewelry, furniture, or a specific monetary amount, to be given to beneficiaries. In addition, you may give directions for the way your remaining assets should be handled. • Guardian for Minor Children: For young children, a Will can identify a person who will assume responsibility for a child’s care in the event both parents die when the child is a minor. You may also identify the child’s guardian to manage his or her assets until the age of 18. • Appoint an Executor: When writing your Will, you can identify an executor, who may be an individual or an institution, to manage your estate’s assets. These actions include paying debts, taxes, and other expenses which may be due. The court must approve the distribution of your assets. Temecula Wills Attorney Benjamin Graff suggests you choose carefully when appointing an executor because the job involves significant responsibilities. Please contact Estate Planning Attorney and Wills Lawyer Graff for knowledgeable guidance in these matters. He can draft and review a Will to reflect your wishes and ensure a lasting legacy for your family. Temecula Wills Attorney Benjamin Graff suggests clients review their Will annually to update the information and ascertain whether the Will is still representative of their wishes. Assets Not Covered in a Will By law, a Will cannot control the entirety of your assets. Temecula Wills Lawyer Graff will work closely with you to make sure you understand which assets are affected by your Will. Only assets with your name on the title at the time of your death are to be included in the Will. In addition, the following assets remain outside the Will and follow a different distribution plan. Accounts Designated as “TOD” and “POD:” If you have any securities or brokerage account which has these designations, these accounts can not be influenced by your Will. These types of accounts, which may include savings bonds and other bank accounts, are paid or transferred to the named beneficiaries after your death. Community Property: A Will does not affect property held by a married couple in both names. These types of community property assets, when held as “community property with the right of survivorship,” is passed directly to whichever spouse survives. Joint Tenant Assets: When an asset, including real estate, bank accounts, automobiles, and stocks are held jointly with the rights of survivorship, that asset must be passed to the other surviving tenant after you die. Life Insurance: Cash resulting from the insurance policy on your life may benefit whoever is the beneficiary of that policy which is filed by your insurance company. Living Trusts: With no need for court supervision, assets which are held in revocable living Trusts are distributed in accordance with your instructions in the Trust. As with most people, you may identify yourself as trustee. You will also name your successor trustee who will manage your trust in the event you are unable to fulfill the requirements. Your assets which are placed in the living Trust are managed while you are alive. After your death, the assets are transferred to the beneficiaries. Retirement Plans: Any assets which are held in your retirement plans, including your 401 (k) and your IRA, must be transferred to the individual or entity you have chosen as beneficiary in those plan documents. The Other Half of Your Community Property: California law requires assets that are acquired by each spouse during the marriage to be designated as community property, with each spouse owning an equal share of the assets. Because you only own half, your Will only affects your half of the assets designated as community property. Assets which are designated as separate property are affected by the Will. Contact our Experienced Wills Lawyer Today As a skilled Estate Planning Lawyer, Mr. Graff advises clients on which assets may be included in a Will. While a Will is initially less costly than a trust, a Will does not keep your estate from the delay or expense of the probate process. Contact Temecula Wills Lawyer Benjamin Graff by calling (951) 775-2364. You may also complete our Wills Evaluation Form, and our estate planning law firm will contact you to schedule a consultation with Wills Lawyer Graff.