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.
A trust is just one estate planning tool that can be highly beneficial when it comes to managing your assets after you’re gone. However, selecting the right trustee to manage your affairs is usually a daunting task, especially when you have a complex financial situation. AARP recommends the following tips when looking for a trustee to ensure your best interests are kept in mind throughout the process.
When California residents begin setting up their estate plans, they may decide to leave some of their money to charity. In this situation, some people may want to set up a charitable trust.
When many people consider trusts, they may think this estate planning tool is only for the wealthy. However, middle-class Californians may also benefit from setting up a trust for their loved ones.
Sooner or later, California parents begin thinking about how they will pay for their child's college education. Some people may want to consider setting up an educational trust.
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 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.
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.