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Which Type of Will Is Best for Your California Estate Plan?

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When you begin the process of estate planning, your thoughts may naturally turn to creating a Will considering a Last Will and Testament remains one of the most fundamental tools in any estate plan. It gives you the ability to direct the distribution of your property after your death, name an Executor to manage your affairs, and appoint a guardian for any minor children. What many people do not realize, however, is that there is more than one kind of Will. Depending on your family situation, assets, and long-term goals, certain types of Wills may be more appropriate than others. To help get you started, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss which type of Will is best for your California estate plan.

What Is a Last Will and Testament?

At its core, a Last Will and Testament allows you to decide how your estate should be handled once you are gone. It names your beneficiaries, directs who receives which assets, and identifies the person you trust to serve as Executor. If you pass away without a valid Will, your estate will be administered under California’s intestate succession laws, which may result in outcomes that differ from your intentions.

Exploring the Different Types of Wills in California

California law recognizes a variety of Wills, each designed for specific circumstances or preferences and understanding these options can help you tailor your estate plan to your needs. Common types of Wills include:

  • Basic or Simple Will: A Simple Will is appropriate for individuals with relatively modest assets and uncomplicated wishes. As the same implies, a simple Will provides straightforward instructions for how your property should be distributed and names someone to handle the administration of your estate. While useful for many people, this type of Will may not address more complex issues, such as tax planning or blended family dynamics.
  • Pour-Over Will: This type of Will works alongside a living trust. If you have created a trust but did not transfer all your assets into it, a Pour-Over Will ensures that any remaining property is directed into the trust after your death. This structure helps maintain consistency in your estate plan and can simplify the probate process.
  • Living Will (Advance Health Care Directive): In California, what is often referred to as a Living Will is part of an Advance Health Care Directive. This document outlines your preferences for medical treatment if you are unable to speak for yourself. It allows you to express your wishes regarding life-sustaining procedures, pain management, and organ donation, reducing the burden on your loved ones during a medical crisis.
  • Holographic Will: A handwritten Will, known as a Holographic Will, can be legally valid in California. While convenient in emergencies, holographic Wills often lack clarity and can lead to disputes if not carefully written. To be considered valid in California, a holographic Will must meet all the following requirements:
    • Be written entirely in your handwriting and signed by you
    • Be written while you were of sound mind, and not under pressure from someone else
    • Include the date you wrote it
  • Oral Will: Like many states, California does not recognize oral (nuncupative) Wills as valid Wills.
  • Reciprocal and Joint Wills: Married couples sometimes choose to draft Reciprocal Wills, where each spouse leaves their assets to the other. These Wills are individually created but mirror one another in content. Joint Wills, on the other hand, are a single document signed by both spouses. Joint Wills are far less common today because they often lack flexibility. Once one spouse dies, the surviving spouse may be unable to make changes to the document.
  • Conditional or Contingent Wills: These Wills only take effect if a specific condition is met. For instance, you might create a Will that only becomes valid if you die in a particular situation, such as during international travel or before a child reaches a certain age. If the stated condition does not occur, the Will has no legal effect, and the estate may be handled under a different Will or under intestate law.
  • International Wills: If you own property outside the United States, you may benefit from creating an International Will. This type of Will complies with an international treaty, ensuring that it will be honored in countries that are part of the convention. For individuals with global ties, it can reduce complications during cross-border estate administration.

Can We Help You Choose the Best Will for Your California Estate Plan?

For more information, please join us for an upcoming FREE seminar. If you would like help choosing the right Will for your California estate plan, contact the experienced Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors by calling (310) 337-7696 to schedule an appointment.

 

Scott Schomer, Estate Planning Attorney
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