California residents diving into estate planning for the first time may have a lot of questions. Why are things done the way they're done? What is the point behind many of the steps of estate planning? In this case, we at the Law Offices of Roshni T. Desai will explain the point of trusts and the benefits that they can have for your family well into the future.
While the purpose of each trust is designed to meet the specific needs of a person or family, there are characteristics common to all trusts. For example, each trust involves an interest in property that is held for the benefit of another. Notwithstanding certain elements common to all trusts, there are several different types of trusts. Trusts generally fall into one of two categories: revocable and irrevocable.
Everyone knows that probate is inevitable and that it is annoying in several ways - costly, time-consuming, and subject to suspense and surprise.
If you are one of the many people in California who is looking to get married for the second, third or subsequent time, you should pay special attention to your future estate plans and the time to do this is ideally before you walk down the aisle not after. That said, it is also important to review these plans on a regular basis as life hands many changes that may necessitate adjustments to your plans.
Before we address the main point of this blog post, we want to implore everyone out there to create a will. Many people don't ever create a will, and as a result their estate is thrown into chaos when they pass away. Having a will allows you to dictate how you want your property to be divvied up when you pass away, and it reduces the chance of unwanted litigation. It also protects your nest egg and all of the assets you have built up over your life.