If you are a reasonably wealthy California resident who desires to make a substantial contribution to your favorite charity, you may wish to consider creating a charitable trust. As Fidelity Investments explains, there are two different types of charitable trusts: charitable remainder trusts and charitable lead trusts. Both types split the assets you contribute between the charity and a noncharitable beneficiary of your choice.
If you are a California resident who has not yet made a will, you may have wondered about who will get your property should you die in an accident before you have had the opportunity to make your wishes known. The California Probate Code makes extensive provision for cases of intestate succession. This means that should you die without having made a will, the State of California determines who receives your property and assets.
Being the executor of someone's estate can turn out to be a lengthy and incredibly complicated process. However, some people prefer to try to go it alone without the help of an attorney. They come out of the process a lot wiser (and perhaps with a lot more gray hairs).
In a recent post on our blog, we discussed how probate court is a normal aspect of the estate administration process, and why it does not always mean something bad. However, there is another side to probate that you and other California residents may find unpleasant. This usually occurs when there is an estate dispute.
When you decide to create a trust to provide for your family after your death, you may be surprised to learn that there is more than one kind of trust. It is important to understand the differences among these trusts so you can set up the kind that will be best for your family.