A WILL is a document, created by a person, stating how that person's property is to be conveyed or distributed upon his or her death. It also leaves instructions as to the disposition of the body upon death. This is known as dying TESTATE, which means having made and left a valid will.

There are two types of wills that can legally dispose of San Diego, California real estate:

1. Witnessed will (typed)
2. Holographic will (handwritten)

A HOLOGRAPHIC WILL is entirely handwritten by the owner, dated and signed. Since it is in the owner's own handwriting, no other formalities and no witnesses are required, unless the will is signed with an "X", in which case it must be witnessed.

Note: A REVOCABLE LIVING TRUST is a trust that is effective during the life of the owner, rather than upon his or her death. It can eliminate probate (to prove a will) and serve the same function as a will. The property is placed in a trust created for the heirs and may consist of both real and personal property. It is revocable at the discretion of the benefactor (owner), but becomes fully enforceable upon that person's death. There can be a considerable estate tax savings under this arrangement, depending on the size of the estate. At the very least, a revocable living trust protects the interests of everyone involved while avoiding the time and expense of probate. This type of trust is, however, rather complicated to set up, so an attorney specializing in this field should be consulted.

More

Client Services | Real Estate Info | Buyer/Seller Tips | Resource Center
Home | Property Search | Loan Approval | Your Home's Value | Local Schools | Site Map | Contact Us

Privacy Policy | Copyright © 2010 www.sandiegohomes-mls.com. All rights reserved.