Beneficiaries in California may have a lot to learn about their role and responsibilities, depending on whether or not they've been in the position of a beneficiary before. This position does come with certain expectations, however. These expectations can only be determined through careful examination of the exact details of your role as beneficiary and what it means for you.
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.
Estate administrators in California have many responsibilities on their shoulders. It's also up to them to accomplish a number of different role-specific tasks. These duties and responsibilities can last for years, and are integral to the estate management after a loved one has passed away.
California residents who have lost a loved one will be dealing with a bundle of new terms that may be entirely new to them. The term probate could be one of these, and it's a crucial term to understanding how wills are processed and handled.
In order to understand the fundamentals of a trust in California, you may want to consider the following illustration. Suppose you own a valuable diamond ring. You do not owe payments on the ring and there are no liens against it. It is not collateral for any loan. You own the ring outright, as is said. Under the law, you have a simple, undivided property interest in the ring. Since this ring is your property, you have title to it: you can wear it, store it, sell it or otherwise use it or dispose of it in any manner.
Everyone knows that probate is inevitable and that it is annoying in several ways - costly, time-consuming, and subject to suspense and surprise.