What is a Last Will and Testament?

A Last Will and Testament is a legal document that is used to express an individual’s wishes with regard to his/her estate assets and what should be done with them upon the Testator’s (creator of the Will) death. Gifts made in a Will may be general or specific and may be made to as many different beneficiaries as the Testator wishes. Along with serving as a vehicle for making gifts of estate assets, a Will is the only opportunity the parent of a minor child has to nominate who the parent would want to serve as Guardian for the minor child if one is ever needed. In California, a Will is best used for persons who do not own any real estate and whose total estate value is less than $150,000. When those assets are present, a Will most likely may have to be administered following death through a costly and burdensome court proceeding known as probate.