A Last Will has the following major benefits

  1. You name the beneficiaries of your estate.
  2. You name the guardians of your minor children.
  3. You name who will be in charge of administering your Last Will as your “Executor.

You work hard every day for your family, so an estate plan for their long-term well-being and financial security will bring you peace of mind. A last will or living trust may be a difficult topic to discuss with your loved ones. Estate planning in Covina, CA is crucial for allocating personal property & assets, and making sure your wishes are carried out properly. If you are in Los Angeles and need a specialist estate planning attorney for your last will, you should consider speaking with one of our attorneys at the Law Offices of Tony J. Tyre.

A Last Will is used when a person dies. The requirements for a Last Will can be complicated, so you should hire a California lawyer who is a Certified Specialist in estate planning, trust, and probate law by the State Bar of California.

Tony is a Certified Lawyer in Estate Planning, Trust, and Probate Law by the State Bar of California Board of Legal Specialization.

The biggest negative of a Last Will is that the document must pass through Probate Court through a process called Testate Probate.

There are three major negatives to Probate Court

  • Time: A typical Testate Probate takes 12 to 16 months to complete.
  • Cost: A Testate Probate typically involves expensive statutory attorney’s fees.
  • Lack of Privacy: The Last Will becomes available for the public to see, so you lose the privacy you would enjoy if you had a Revocable Living Trust

The reason a Last Will has to be submitted to Court is because a Last Will can be a simple handwritten document, so the Court must deem the Last Will to be an authentic document. On the other hand, a Revocable Living Trust can transfer assets without Probate Court involvement.

Generally speaking, a Last Will makes sense for a person who only has personal property (e.g., household items, personal belongings, automobiles, etc.) and financial accounts. If this is the case, personal property can generally be transferred without court involvement. Additionally, financial accounts may be transferred by having either (1) a co-account holder or (2) beneficiaries listed on these accounts. In this situation, the Last Will would likely not be submitted to Probate Court since the assets can transfer without court involvement.

If you own real property in California, then a Revocable Living Trust will likely be a better choice for you since this document typically avoids Probate Court.

For additional information, check out Living Trust and Last Will.

And if you reside near Covina or Temple City, please contact Estate Planning Lawyers at (626) 858-9378 or request a free Last Will consultation.

If you are looking for an estate planning attorney near Covina, California, or Temple City, California to help you with a Power of Attorney, please contact us

Further reading on Last Will

Difference between Will and Trust

Will and Testament

Executor of My Will