If you are a legal adult in the state of California, you are encouraged to create a will as soon as possible. Having a will allows you to determine where your assets go after you die, and it also allows you to name a guardian for any minor children that you may have. Let’s take a closer look at some of the terms that you’ll need to know prior to executing such a document.
You get to appoint an executor
The executor of your estate is the person who will represent it during probate. Probate is a process during which a judge will determine if your will is valid. In addition, creditors, and family members are allowed to make claims against the estate, and the executor is tasked with reviewing those claims and determining if they should proceed.
Who are your beneficiaries?
A beneficiary is anyone who is going to receive assets from your estate. It’s worth noting that beneficiaries are different than heirs as heirs are people who are directly related to you. However, in most cases, you are under no obligation to name an heir as a beneficiary to your estate. A business, charity or government agency may also be eligible to receive property held in your estate at the time of your passing.
Having a will may make it easier on your surviving loved ones to settle your affairs in a timely manner. However, this assumes that the document is structured in accordance with state law. Ideally, you will review your will after it is executed to ensure that it will likely hold up to any challenges that might be made during probate.