How can I minimize the need to have a Will?
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How can I minimize the need to have a Will?
Asked on March 21, 2009 under Estate Planning, California
Answers:
S.B.A., Member, California and Texas Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
Many assets can have beneficiaries stated: life insurance policies, bank accounts (POD accts), stocks and bonds, retirement accounts, 401Ks, etc. If beneficiaries are stated, the asset will pass to the beneficiary outside of Probate (no need for a will if the beneficiary is stated).
Real estate is one asset which can be a problem gifting outside of a will (changing the title of property to include your 'beneficiary' (such as a joint tenancy with right of survivorship) may resolve that, but you are giving up your ability to own and sell that property during your lifetime.
Putting assets in a trust is one way to avoid a will. However, many assets are never properly entitled as trust property (cars, loans to the testator, etc), so a will is still necessary.
It is always a good idea to have a will, even if there is a trust, or if there are beneficiaries stated for most assets. Without a will, the distribution would be according to intestate inheritance.
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