A will is a legal document made by a person who wants to distribute his/her estate after his/her death to the persons or organizations he or she chooses to give. A will is a testamentory document, which means it will take effect only after the death of the testator. Therefore, before the testator dies, he or she can amend his or her will at any time as the testator deems necessary. In order for a will to be valid and legal, it is important that the will should be made according to the local law. In
California, for example, a will should be signed by the testator and be witnessed by at least two third party witnesses.
There are several other type of estate planning which allows a person to dispose his or her estate while he or she is still alive. The most popular method
of estate planning is to set up living trust. By setting up living trust, a person (trustor) may transfer his or her personal and real properties into the trust, then becomes the trustee or beneficiary of the trust. At the death of the trustor/trustee, the trust will survive the
decedent and no probate is necessary to carry on the trust. This is a better way to insulate the personal wealth from the risk of personal liabilities, and at the same time to enjoy all the benefits of the personal wealth during the life time.
Attorney Ma can advise clients on their estate planning matters, such as how to make a will, how to set up a living trust, and how to make other testamentary disposition of the client's property. If you need professional assistance in a non-probate proceeding, please contact attorney John J. Ma at [email protected] for help.
Note: Estate planning involves complicated tax matters which depends on each individual person's special situation. Attorney John J. Ma does not provide tax consultations on this matter. Each client shold consult a estate tax specialist for the potential tax consequences.
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