As the cost of educational expenses continues to soar for California residents, it is clearer than ever how important a college fund can be. The 529 college savings plan is one way to address this issue. Parents or grandparents (or anyone) can create a 529 plan to help a loved one pay for education. As the nation's current economy proves, it is never too soon to start a college fund. While the 529 plan is effective, it can also be problematic if not setup correctly.
Creating a last will and testament is one of the most important steps in proper estate planning. The will plays a critical role in how a person's property and assets are distributed upon death. With a sound will, you have the opportunity to decide precisely how to divvy up your property so that your heirs and even your favorite charities get a fair share. To help you launch your own estate planning endeavors, this blog post will provide basic information about wills and the laws that govern them in California.
The death of music legend Prince on April 21 remains mysterious and baffling in many ways, among these the fact that he left no will. This has caused much confusion over who is responsible for overseeing Prince's estate. It also created uncertainty over his heirs, as several people have stepped forward to make inheritance claims.
Many residents of California have begun exploring the use of trusts as a way to leave family members instructions and inheritance guidelines upon their death. Trusts are an extremely effective way of protecting assets or inheritances from misuse.
As far as anyone knows, Prince left no will when he died on April 21, 2016. This means that no instructions regarding the distribution of his significant estate exists. Experts say it could take years to sort out the value of Prince's assets, which are estimated to exceed $100 million. Tyka Nelson, Prince's only full sibling, filed an emergency motion requesting the appointment of a special administrator to gather and protect the musician's assets.