An In-Depth Look at Your Estate Planning Options in California

Regardless of where they’re living, every adult should set up their desired estate planning method early and update it from time to time.

A man reading some documents


Estate planning can be done in California through wills or trusts.

Here’s a closer look:

An Introduction to Wills Under California Law

California recognizes the following three types of wills:

1. Attested Wills

When most people think of a will, this is the type they’re usually thinking of. This will is designed to meet individual requirements by including specific provisions and terms.

An attested will is prepared by a wills and trusts attorney in Chico. They’re typed, not handwritten, and require the presence of at least two disinterested witnesses. A disinterested witness is one who doesn’t benefit from the terms of the wills.

The name comes from the ‘attestation clause’ that’s signed by the witnesses.

2. Statutory Wills

Statutory wills are prewritten wills that are part of the state law. California residents may use a statutory will free-of-charge by simply filling a form.

Statutory wills are inflexible and allow no amendments to the terms, language, or clauses. This makes them less than ideal for most people. However, they’re suitable for people who just want a simple will with no personal terms added to it.

Signing a statutory will should be done in the presence of at least two witnesses.

3. Holographic Wills

Holographic wills are typically used in emergencies only, and as such, don’t require witnesses.

By law, holographic wills must be completely handwritten by the author, show a clear intention, and leave no doubt about what they’re leaving and who it should go to.

They’re a good option for people that are in dire circumstances or are unable to consult a wills and trusts lawyer in Chico.

An Introduction to Trusts Under California Law

These are the commonly used trusts in California:

1. Revocable Trust

Also called a revocable living trust, a revocable trust allows an individual to retain control of their assets while they’re alive.

Wills and trusts lawyers Chico


They may make as many changes to the trust as they wish, including adding or removing beneficiaries and assets. It can even be terminated at the request of the trustor.

2. Irrevocable Trust

An irrevocable trust, once created, cannot be modified in any way. The trustor forfeits their rights to it at the moment of creation.

Additionally, an irrevocable trust cannot be terminated by the trustor.

3. Charitable Trust

There are two types of charitable trusts:

· Charitable Lead Trust allows an individual’s chosen charity to receive interest from their gift for a specified period of time, at the end of which it may go to another beneficiary.

· Charitable Remainder Trust lets charities receive the trust’s assets when the trust’s term comes to an end. Until this point, the donor will continue to receive interest.

About The Law Offices of Ron Marquez

The Law Offices of Ron Marquez is a general practice firm in Chico that provides legal expertise to individuals and businesses.

Looking for wills, trusts, and probate lawyers in Chico? Visit the firm’s website.

 

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