A will is a legal document and a significant part of your estate planning, which generally covers the following four issues:

• Who you want to be your executor.
• Who is to receive your assets upon your death, naming individuals (beneficiaries) or organizations, such as a church or other nonprofit organization.
• Who you want to be guardians of your children who are under the age of 18.
• What desires you have regarding cremation, your funeral or burial.

A living will is a legal and binding document showing a person’s desires regarding the use of life-support systems and other treatments, such as the use of feeding tubes when they are either unconscious or terminally ill. It allows a person to explain in writing which medical treatment he or she does or does not want. A living will takes effect only when the patient can no longer express his or her wishes.

If you die without a will, also called intestate, California law will determine the beneficiaries of your estate. The state will locate a spouse or registered domestic partner if one is available. If not, the assets will go to family members. Generally, a surviving spouse is entitled to the majority of a decedent’s estate, followed by children and parents and then other closest relatives. Many of these state laws are governed by the 1990 Uniform Probate Code, although the specific adoption, application and execution of the code will vary from state to state.

In California, there are only a few requirements for a will to be valid:

• The will may be typed or handwritten.
• The person (testator) writing the will should be of sound mind, 18 years old at a minimum and able to sign the will.
• The will should be witnessed by two competent individuals (preferably not beneficiaries) who will also sign it saying that they either saw the testator sign the will in their presence or they have been told by the testator that their signature is on the document. Additionally, one witness should sign in the presence of the other witness. There may be exceptions to this rule when the person cannot sign or has a conservator (someone assigned to handle another’s affairs when they cannot handle them themselves).

What are the benefits of having a will or a trust? Which is best for me?

Do you have a small estate? A will is easier and less expensive to set up and maintain that a trust for someone if they have a limited assets or a small estate.

A trust may is established for the following reasons:

• Establish who will manage your estate should you become incapacitated
• To provide long term support for maintenance for a child or dependent with special needs
• If you have minor children
• To limit the amount of money a beneficiary can receive at any one time and to prevent the beneficiary’s creditors and others from reaching the funds.

• Put conditions on how and when your assets are distributed after you die;
• Reduce estate and gift taxes;
• Distribute assets to heirs efficiently without the cost, delay and publicity of probate court. Probate can cost between 5% to 7% of your estate;
• If you have minor children
• Distribute assets to heirs efficiently without the cost, delay and publicity of probate court. Probate can cost between 5% to 7% of your estate;
• Better protect your assets from creditors and lawsuits;
• Name a successor trustee, who not only manages your trust after you die, but is empowered to manage the trust assets if you become unable to do so.

A last will is the most basic way to plan an estate. A will is easier and less expensive to set up and maintain that a trust for someone if they have a limited assets or a small estate. A will allows for you to plan for more personal matters, such as funeral arrangements, how his children should be raised, care for his surviving pets or any other wishes requested.