One of the primary objectives for many estate plans is ensuring that assets are passed on to their intended beneficiaries, and not diminished or wholly taken by creditors. Commonly, this end is achieved using an irrevocable trust. Simply put, trusts allow individuals to transfer assets out of their own ownership and place them in the care of another person, so that they cannot be pursued as personal property. With these estate planning tools, it is possible to make sure that your wishes and legacy are honored as you intend for them to be.
Let's face it. Estate planning is rarely a favorite topic of discussion. It deals with death and money, and most people would rather wait until later. This attitude leads to some common misconceptions and myths when it comes to planning for the future, including after you pass away.
Recently, we explored the issue of dealing with a lost will, which can be most easily remedied by drafting a new one. However, there are many reasons why a person may choose to change one's will. If you find that one or more of these areas applies to you, you may want to consider making this important update in California.
No one wants to die without a will, leaving one's family to sort through the details and contend with probate, but sometimes even those who have made a will at one time may find themselves facing some of those possibilities. If you have made a will and can no longer find the original document, or if you believe the attorney who was keeping the document no longer has it, some of these remedies may help.
During a divorce, your attention is on things like alimony, custody, child support and property division. You're wondering what will happen to your marital home and vacation property, where the kids will live, and other challenges that come with the dissolution of a high asset marriage.
Being appointed as a trustee is a great honor and great responsibility. If you have been appointed as a trustee for someone's estate, this means that you have been chosen presumably because you have been deemed both capable of the various responsibilities entailed in being a trustee and also trustworthy to carry them out. Being a trustee is not only about handling a grantor's affairs when he or she passes or become incapacitated, it is also about handling his or her assets while he or she is still living. If you are feeling unsure or overwhelmed by this new role, don't worry — you don't have to do it alone.