Frances
A. Headley
Law Offices of Frances A. Headley
34 Summit Street, Suite B, Jackson,
CA 95642
Phone: (209) 223-1266
Fax: (209) 223-2343
Wills
Wills are documents which provide for the transfer of your property upon your death. In order for the transfer to occur the will must be probated in the county where you lived just prior to your death. Generally, wills provide for the immediate, direct transfer of your property to your beneficiaries. However, you can also create a trust within a will which is called a testamentary trust. Such a trust is usually used to benefit minors or charities. It can also be used to benefit individuals with special needs that should not receive inheritances all at once.
The cost for the preparation of a will is small, generally much smaller than a trust due to less complex nature of the document. Probate fees are set by statute in this state and are a sliding scale based upon the size of your estate. The average probate is six-twelve months long.
Advantages
• Simpler document that is easier to
understand
• Nothing else to do once the will has been executed
• Cost of preparation is low
Disadvantages
• Must be probated which has additional
costs and is a public court proceeding.
• Will not allow for any estate tax savings for couples with larger estates.
• Probate will delay the receipt of the inheritance by beneficiary.
This site is intended to provide general information only to the public.
It is not rendering legal services to its readers.
Please consult an attorney for the applicability to your specific circumstances.
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maintained by Blue Moon Web Productions
Last updated on Friday, June 16, 2000