In California, there are many laws governing trusts. Who are they used for? Who can they benefit, and how can you set one up? These are just a few of the valid questions you may be asking yourself. Today, we will examine who can benefit from a trust.
If you agreed to be the executor of someone’s California estate or the trustee for a trust someone set up, this makes you a fiduciary. FindLaw explains that as a fiduciary, you must act in the best interests of the estate or trust and its ultimate heirs or beneficiaries. You may not and must not act in your own interests.
You may know that certain wills and trusts have different benefits. However, as we at the Law Offices of Roshni T. Desai, are aware, different types of estate planning in California can also have limitations.
At the Law Offices of Roshni T. Desai, we understand that there are many ways to plan your estate, ranging from writing a last will and testament to setting up a trust. As you and other California residents may know, there are many types of trusts you can consider, which can benefit you and other family members in many ways. One type of trust, the special needs trust, is meant to protect the assets of someone with disabilities and allow him or her to stay eligible for Medicaid and other forms of government assistance.
As a Californian resident who is dealing with matters of trusts or trust administration for the first time, it's easy to get overwhelmed. Which option is right for you? What are the legal ins and outs of trusts? Today, we'll take a look at testamentary trusts.
Californians have a number of options available to them when they want to build a trust. One of these potential options is a revocable living trust, which has unique properties.
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.