Last Will & Testament
What Is a Last Will & Testament?
When people think of an estate plan, a will, better known as a Last Will & Testament, is often the first thing that comes to mind—and it is the absolute minimum all adult residents of California should have as a part of their estate plans.
A will allows you to choose how you would like your assets and personal belongings to be distributed after your death. Through your will, you can appoint an executor who will ensure your wishes are carried out. If you die without a will, your assets will be distributed according to California Intestacy Laws, which may not distribute your assets in the way you would have liked.
For families with minor children, a will is an essential component of an estate plan as it also names a guardian for their children should the parents no longer be able to care for them. A will must be signed by the testator (the person making the will) and witnessed by two people.
What Are the Downsides of Having a Will-Based Estate Plan in San Diego?
Although a will allows you to choose how you would like your assets to be distributed at the time of your death, it does have some downsides and is not suitable as the primary planning vehicle for most families.
In fact, depending on the size of your probate estate, a will ensures your estate will go through probate after your death. In California, probate is an arduous court process that takes an average of nine to 18 months to complete…and it’s expensive! Probate costs for an average-priced home in San Diego County (valued at $937,000 in 2023) are $43,480, not including any other assets that must also be probated.
Use our Probate Calculator to estimate the cost of probate for your estate and determine if a will-based plan is right for you.
What Are the Downsides of Having a Will-Based Estate Plan in San Diego?
Although a will allows you to choose how you would like your assets to be distributed at the time of your death, it does have some downsides and is not suitable as the primary planning vehicle for most families.
In fact, depending on the size of your probate estate, a will ensures your estate will go through probate after your death. In California, probate is an arduous court process that takes an average of nine to 18 months to complete…and it’s expensive! Probate costs for an average-priced home in San Diego County (valued at $937,000 in 2023) are $43,480, not including any other assets that must also be probated.
Use our Probate Calculator to estimate the cost of probate for your estate and determine if a will-based plan is right for you.
Additional Limitations of Will-Based Planning
There are other limitations of will-based planning that you may want to discuss with your estate planning attorney, such as:
Outright distribution to beneficiaries:
Regardless of the circumstances, your beneficiaries may receive their inheritance outright. This means there is no protection for those assets they are inheriting if they are young, financially inexperienced, or have other challenges in life, such as addictions or financial problems.
No remarriage protection:
If your spouse remarries, the new spouse may be able to inherit some of your assets instead of them automatically passing on to your children.
No divorce or inheritance protection:
If your children get a divorce, are sued, or experience other financial hardships, their inheritances can easily go to pay off claims rather than remaining protected for their benefit.
Because of these risks, most families use a will as a small component of a much more comprehensive estate plan that allows them to avoid unnecessary delays, expenses, and family disagreements.
Why Work With a San Diego Estate Planning Attorney?
At Legacy APC, we feel strongly about crafting custom-tailored estate plans that fit each family’s goals. We believe these plans should be created with all future life stages and needs in mind.
Taking this bird’s eye view, we can guide you on whether planning with a will alone meets your objectives or if other planning tools are more appropriate. To get started, schedule a free consultation or call our office at (619) 696-0778 today.
