Wills and Trusts in Eureka, California
Preparing for the future starts with creating a will; the first step to creating a will is understanding what a will actually does. It isn’t the same as a trust. For more information on trusts, please visit our trusts page. A will allows you to dictate who will inherit your property after you pass away, who should look after your children if you were to pass away before they were grown, as well as settle any unresolved debts. Creating a will allows you to have a little bit of control in an unforeseen situation and helps to expedite the probate process.
Distributing Your Estate
Your will outlines what will be done with your estate after you pass away. This includes naming who will inherit your belongings. A beneficiary is a legal name for someone who will inherit part or all of your estate. Beneficiaries can be family members, friends, neighbors or anyone else who you wish to turn your property over to. Distributing your estate can be done in one of two ways listed below.
In your will, you can leave specific instructions for the court to follow after you pass on. For example, you might write the following: “I leave my wedding ring and a sum of $2,000 to my son John Doe.” This specific request tells the administrators exactly what you’d like to be done and helps reduce confusion and contention during the probate process.
Share in the Residue
Residue refers to the remaining value of your estate after all taxes, debts and expenses have been paid. For example, leaving the residue of your estate to your spouse means that after all debts are paid, your spouse will inherit any remaining money or property. This helps ensure some measure of financial security for the future.
To create a will, it’s best to speak with an expert. Contact our office today to begin the process.