A living trust is an excellent for many individuals interested in preserving their accumulated property, depending on their particular needs and what they desire to accomplish with their resources. Like any trust or estate plan, careless planning and execution can lead to difficulties in administration of a trust or unnecessary expenses down the road.
Basic information for setting up charitable trusts in California
"Giving back" has become an important part of many California residents' lives. As awareness about the needs of charitable giving continues to grow across the nation, people often ask attorneys for advice about efficient methods of charity. Setting up a charitable trust is one way people can give back. Setting up such a trust will also provide you with a few benefits as well.
Don't make mistakes when protecting your legacy
Protecting one's assets and life legacy for generations to come is not something California residents typically think about. In truth, the subjects of death and estate planning make many people feel uncomfortable. As a result, some people are hesitant to even get started. This in itself is common mistake people can make when protecting their estates.
What is the difference between testamentary and living trusts?
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.
Including a revocable trust in your estate plan
A revocable trust can fill an important role in your California estate planning efforts. Much like a will, a revocable trust can identify how you want your assets and personal belongings to be distributed when you die. Other ways a revocable trust can work for you is by specifying your wishes should you become seriously ill or incapacitated and by helping prevent probate for your heirs.
In what circumstances is a living trust a good option?
One thing about estate planning that can make it challenging is how so many people view the process as making "death arrangements." While planning out your wishes, your property disbursements and other personal issues does include end-of-life elements, it is really more about living. Taking control of your assets while you are alive usually enhances a person's quality of life. A living trust is just one of the estate planning tools that can give you the peace of mind necessary to enjoy the rest of your life.
The fiduciary duty of a trustee and potential consequences
So you recently found out that you have been named trustee to a loved one's trust. You don't think this is a big deal and that trust administration just means having your name on a legal document. However, this idea is absolutely incorrect.
Different kinds of trusts in California and their purposes
For those just embarking on the road to estate planning in California, the different types of trusts may seem as varied as the species of fish in the sea. In truth, there are not as many trusts as there are fish in the sea, but there are quite a few. When researching the trusts available to California citizens, it can feel overwhelming, but you should know that most people only need concern themselves with a few different trusts.
The important role an attorney fills in trust administration
The administration of trusts in California is an interesting element of estate planning. How a trust is administered can have a significant impact on an estate's beneficiaries. Some residents attempt to take on trust administration alone, but by and large most will see the wisdom in seeking legal guidance right away. An attorney with trust administration experience can offer a wide range of professional services to assist you in your important task.
