California residents have a variety of tools at their disposal when it comes to estate planning. Some of these tools involve granting individuals or entities powers of attorney. The three main powers of attorney are the health care power of attorney, HIPPA power of attorney and the durable power of attorney.
California residents who wish to donate their estate to a charity may be interested in learning how a charitable trust works and how it may benefit them. Charitable trusts, as outlined in the Internal Revenue Code, are non-exempt trusts exclusively made for charitable interests and that are entitled to a charitable contribution deduction allowance. Unless charitable trusts meet the qualifications of a public charity status, the IRS considers charitable trusts to be private foundations.
As some California residents may know, there are times when a will is challenged. The petitioner's reason for doing this is filed in probate court and served on a personal representative or other individuals who may answer the objection to the will within a predefined time limit. The contestant is then able to answer the response in probate court. Understanding the reasons a will is usually challenged and the likelihood of success may be beneficial prior to entering the objection in court.