A Will is an important part of your overall estate plan. The will (also referred to as a pour over will) serves to “pour” any assets into your trust that may have been accidentally left out.
What? I have to put assets into my trust?
Yes. In California, having a will in place at death does not exempt a person from the probate process while a trust does accomplish this. The act of putting assets into your trust is called “funding”. You need your assets to be held in the name of your trust in order for your trust to govern the distribution of those assets. For example, you want your house to be split between your two children? Well, your trust can include that distribution provision but unless your house is title in the name of your trust, the terms of the trust won’t govern its distribution. At Semanchik Law Group we can take care of helping you put your real and personal property into your trust. But if something is left out, your Will is the important document that corrects that mistake.
Your Will can also designate individuals to care for your children when you pass. For many families this can be one of the biggest motivations to have an estate plan. For other clients, making this decision can prevent them from putting an estate plan in place. It is essential that you make a decision with regard to you should take care of your children when you pass. In the event you change your mind about these nominations, amending this section is easy and inexpensive. Contact Semanchik Law Group and get the process started today.