Life Without Creating a Will

Everyone dies eventually. You will die eventually. What is important is what you do with your time while you are alive. When I was touring law schools a professor told me he was married, had kids, and loved to drive his motorcycle up the coast of California. This seems like a pretty normal Southern California man, but then he told me he did not believe in wills. ~ He did not believe in wills? ~ What an odd thing for a law school professor to tell an aspiring law student. However, many people are living on the edge – a life without creating a will. Many will live their life just like this, maybe taking fewer risks, maybe taking more. People like to live on the edge. And many people, just like this man do not have a will. Maybe not because they do not believe in wills, but maybe because they do not want to face their own mortality or simply do not know they need a will.

What will happen when that professor dies? Probably nothing… he will be dead. But his family will be left with a big mess, which is not something you typically want to leave your family. In fact, dying intestate (without a will) leaves your family with the hassle of hiring an attorney, going through probate, and wasting lots of time and money to get the assets you could have left them by having a will in place.

As I mentioned, what you do with your time while you are alive is important. While it may take a bit of that time, creating a will can have a long-term and lasting impact. It can even be broken down into 5 easy steps.

1. Name your executor
   (a) This is the person who will oversee your estate when you die and ensure your assets are properly distributed
2. Name a guardian
   (a) This is only applicable if you have children or pets
   (b) This is the person who will care for them after your passing
3. Organize your assets
   (a) Keep track of what you have, how much you have, and where it’s located
4. Name your beneficiaries
   (a)These are the people to whom you will leave your assets 
   (b) You can assign certain assets to certain beneficiaries
5. Sign your will
   (a) Sign your will in front of two (2) disinterested witnesses (the witnesses cannot be beneficiaries of the will)

Even if you have a will, your estate may still have to go through probate, but this can easily be avoided by creating a living trust. A properly funded living trust allows for the orderly administration of your assets without the time and expense of probate proceedings. A living trust allows you to choose who will manage your assets during your incapacity and upon your death (the successor trustee), and to whom your assets will be distributed upon your death (the beneficiaries). A revocable living trust can easily be changed/amended during your lifetime.  Upon your death, the living trust becomes irrevocable, and your successor trustee will pay your final debts and distribute your assets in accordance with the terms of the trust.

The good news is that the process of creating a living trust is relatively simple:

1. Talk to an experienced estate planning attorney
2. Provide information about your assets to your attorney
3. Choose a successor trustee to manage the trust’s assets in the event of your incapacity or death (name at least 2)
4. Name your beneficiaries to receive the trust’s assets and identify any specific distribution terms
5. The attorney will prepare a draft of the trust document tailored to your specific goals
6. Execute your trust documents
7. Fund your trust by transferring title of your assets to the trust 

While the idea of living on the edge can be appealing, living without creating a will and trust can affect your entire family. So do yourself a favor and create these fairly simple documents! Make your trust and will and then go about your life, living on the edge, knowing that your assets and everything you’ve worked for will be protected and passed on to those you care about.

For additional information on wills, trusts, and probate, please contact our experienced estate attorneys at RJS LAW at 619-995-1655 or via the web for a free consultation.     

Written by Mia Theodorou