Residents in California who have been divorced or widowed may well choose to get married again. The opportunity to start fresh with a new partner may bring someone great joy for many years. However, couples in this situation should also take the time to plan what they want to have happen to their estates after one or both partners die.
As a resident of California who is caring for someone with special needs, you will also have to handle unique areas of litigation that many others may not have to within their lifetime. Even matters involving trusts can differ. In fact, there are special needs trusts that are available specifically for people in your situation.
As part of creating a will in California, you designate an executor, the person you want to carry out the provisions of your will after you die. You can choose anyone you want to serve in this capacity, but you should carefully consider all of the things that (s)he will need to do to take your estate through probate. You, therefore, should choose someone who is not only willing to do this work but also is capable of doing it. In other words, you should pick someone who is trustworthy, stable and financially responsible.
When you decide to set up a trust in California, you may not always consider how this trust will be taxed. Taxes can be different depending on the kind of trust you establish, so it is important to understand how this difference affects your taxes.
When you administer an estate in California, you may think that your job starts once your loved one has died. Sometimes, though, your duties may start before your loved one's death if you have been granted power of attorney.
When you become an administrator of a trust in California, you may not initially realize how much responsibility you are taking on. It is important to understand your duties as a trustee and how you should administer the trust.