What Californians Need to Know About Wills, Trusts, and Asset Transfer
When it comes to estate planning, one of the most common myths we hear is: “I have a Will—so everything I own is covered.”
Unfortunately, that’s not always true.
While a Will is an essential part of your estate plan, it’s not a catch-all document. Many people in California are surprised to learn that a Will doesn’t control everything you own—or how it transfers when you pass away.
Let’s break down the truth behind this myth and explore what your will can and cannot do.
What Your Will Does Cover
A will allows you to:
- Name beneficiaries for some of your assets, which must be approved through Probate Court
- Appoint guardians for your minor children
- Designate an executor to manage your estate
- Express funeral or burial wishes (though these are not legally binding)
In California, your Will must meet certain legal requirements to be valid, such as being in writing, signed, and witnessed by two people. A properly drafted Will ensures that your probate assets are distributed according to your wishes—but again, only probate assets.
And a Will that is not connected to a Living Trust must be probated – subjecting your loved ones to unnecessary costs, delays, stress and taxation – and becomes a public record which anyone can review.
What a Will Doesn’t Cover
Here’s where the myth gets busted: a will does not control every type of asset. In fact, several types of assets bypass your will entirely. These include:
- Assets with Beneficiary Designations
- Life insurance policies
- Retirement accounts (IRAs, 401(k)s, pensions)
- Payable-on-death (POD) or transfer-on-death (TOD) accounts
These pass directly to the named beneficiary, regardless of what your will says.
- Jointly Owned Property
Assets held in joint tenancy or as community property with right of survivorship automatically transfer to the surviving co-owner.
This is particularly relevant in California, a community property state—which means spouses often share ownership of assets acquired during marriage. If you intend for your share to pass to someone other than your spouse, you need to plan carefully.
- Assets in a Trust
If you’ve created a revocable living trust, any assets funded into the trust are governed by the terms of that trust—not your Will.
Trusts are a common tool in California for avoiding probate, reducing delays, and maintaining privacy.
Why This Matters in California
California’s probate process is known for being slow and expensive. Even a simple estate with a will could take 24-36 months to administer through probate—and legal fees are set by statute based on the gross value of the estate.
That’s one reason why many Californians use a trust-based estate plan instead of relying solely on a Will, especially to protect our homes and other real estate.
The Bottom Line
Your Will is just one part of a comprehensive estate plan. If you’ve assumed that your will covers everything you own, it’s time to take a second look.
Without proper planning:
- Assets could end up in the wrong hands
- Probate costs could eat into your estate
- Your wishes may not be carried out as intended
A well-rounded estate plan should coordinate your Will, Trusts, beneficiary designations, and property titles—especially here in California, where laws around community property, probate, and trust administration are particularly impactful.
Let’s Talk About Your Plan
At Herbert Law Office, we help California families build smart, complete estate plans that actually work. Whether you need to create a Will, review your beneficiary designations, or set up a Trust to avoid probate, we’re here to help.
Contact us today at (661) 273-9007 to schedule your FREE consultation and make sure your estate plan covers everything it should.