Trusts generally form a major part of any California estate plan. You may be unaware that, as explained by U.S. News, these stand-alone legal entities and the assets in them are separate and apart from you and what you own personally. In addition, trusts contain legally enforceable provisions.
When California residents create their estate plan, they may sometimes find it difficult to determine if they should set up a trust or use a will. In some situations, people may be able to use both of these options by establishing a testamentary trust.
As we have discussed in recent posts, your will planning can be more complex than the straightforward end-of-life wishes you may be accustomed to hearing about. There are some types of wills that can be upheld in California probate court but may still not be a good idea because they can be easily contested.
Estate planning is an important part of an individual's long-term goals for both personal and professional assets. Financial and legal experts too often see common mistakes in handling a person's or couple's affairs, leading to complicated probate and potentially litigious battles.
You know that you need to address your estate planning, but you’re a busy person. You might feel like you don’t have time to talk to a professional about writing your will. Can you write your own will, and will the court honor it after you pass away? You and other Californians should understand the potential complications that could arise if you write your own will.
Estate planning is vital if you wish to safeguard your interests while you are alive and protect the inheritance you wish to leave to your loved ones. Therefore, you know that it is important to wisely choose an executor or trustee – the person you designate to carry out your wishes with your will or trust. Since this is such an important decision, you and other Californians might benefit by knowing how to choose the best person for the job.