#11 – What Can I Do If I Do Not Understand Something in My Will?
Ask a lawyer to explain it to you.
#12 – What is An Executor?
The person you name to collect your assets, pay your debts and taxes, and distribute your assets as the court directs.
#13 – Should I Require a Bond?
- You decide.
- A bond is a form of insurance to replace assets that may be mismanaged or stolen by the executor.
- The cost of the bond is paid from the estate’s assets.
#14 – What is a Guardian? Do I Need to Designate One?
- A guardian is a person who manages your children.
- If you have children under 18, you should designate a guardian to raise them.
#15 – What is a Custodian? Do I Need to Designate One?
- A custodian is a person you may designate for someone who is under the age of 25, and who receives assets under your Will.
- The custodian manages the assets and pays as much as the custodian determines is proper for the beneficiary’s health, education, maintenance and support.
- The custodian delivers what is left to the beneficiary when he or she reaches the age you choose (from 18 to 25).
- No bond is required of a custodian.
#16 – Should I Ask People if They are Willing to Serve as Executor, Guardian or Custodian?
Probably yes. They may not consent or be qualified after you have died.
#17 – What Happens if I Make a Gift in My Will to Someone and That Person Dies Before I Do?
If the person does not survive you, that gift fails and goes with the rest of your assets as set forth in your Will.
#18 – What is a Trust?
- There are many kinds of trusts, including trusts created by Wills (called “testamentary trusts”) and trusts created during your lifetime (called “revocable living trusts”).
- Both kinds are long term arrangements in which a manager (called a “trustee”) invests and manages assets for someone (called a “beneficiary”) on the terms you specify.
- You should see a lawyer if you want to create a trust.
#19 – What is Intestacy?
Someone died without designating who should receive their assets in a Will.
#20 – Should I State My Burial Instructions in My Will?
No. Your remains may be disposed of long before anyone reads your will.
If you missed the Top Ten questions in Part 1 of 20 Questions About California Wills, catch it here.