If you are a California resident who believes that estate planning should be a major part of your life, you may have heard about living wills and wondered what they are and how they differ from regular wills. Actually, as FindLaw explains, a living will is not a will at all. Whereas a regular will allows you to state who you want to receive your assets and various pieces of your property upon your death, a living will allows you to state your medical treatment preferences if you are terminally ill or suffer an injury or illness that leaves you in a permanent vegetative state.
If you are a California resident who is concerned about how your financial decisions will be made and who will make them in the event you are unable to make them yourself, you may wish to consider creating a durable financial power of attorney. As FindLaw explains, a financial power of attorney is a document you sign that grants someone else the authority to take care of your financial matters if and when you are in a position where you cannot do it yourself. This person usually is called your financial agent or your attorney-in-fact.
At the Law Offices of Roshni T. Desai, we understand that you want the best for your loved ones. For this reason, it is never a bad time to begin your estate planning or update an existing will or trust. However, estate planning might seem overwhelming if you are just starting to think about it. This holiday season, you and other Californians might find it useful to talk to your family members about estate planning while you are together celebrating.
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.
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.