When children have special needs, California parents usually devote many resources to their care. Sometimes children may need care for the rest of their lives. In this situation, parents may want to set up a trust.
When you establish your estate plan in California, you may think that a will is sufficient. There are some times, though, when it might be beneficial to set up a trust.
For you and many other Californians, your pets are members of your family. However, the law does not see it that way, meaning that you cannot simply leave your property to your animals in your will. Instead, pets are viewed as property themselves. This does not mean you will be unable to have your beloved pet’s needs cared for if Max or Fluffy outlive you.
Going through probate court in California is often a complicated process involving the intents and requirements of multiple parties, such as the state, trustees and the decedent. As such, many families make every effort to simplify and accelerate these inheritance procedures before entering into court, or to avoid probate entirely. Estate planning might prove an integral part of such an attempt— a process that often involves the establishment of trusts.
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.
People have many options when they begin to set up their estate plan in California. One of these is a revocable living trust.
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.
If you are one of the California residents who has made the choice to put an estate plan in place, you should be proud of yourself. This is a very important and responsible step and is one that can give you and your family members a lot of confidence by knowing that your estate will be properly handled after you die. A big part of making sure this happens is about being very clear and detailed in your will. Another component involves your wise selection of the executor of your will.