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Creating a trust in California does not complete the estate planning process. To make a trust effective, it must be properly funded. Funding a trust means transferring ownership of assets into the trust's name. Without this step, the trust may not help avoid probate...
Most people establishing estate plans have specific goals. Some people want to maximize what certain beneficiaries receive from the estate. Others hope to prevent their loved ones from fighting over their property. Regardless of personal goals, there are certain...
Life insurance usually skips probate, but in some situations, it can be sent there unexpectedly. Probate may step in if your policy names your "estate" as a beneficiary or lacks updated details. Knowing these scenarios helps you ensure your loved ones get their...
Many believe that a will is the only estate planning document you will ever need to ensure the proper distribution of your assets. In reality, this limited approach can lead to unintended consequences, unnecessary stress and even costly legal battles for your loved...
Few experiences make people more aware of their mortality than having children. People who may have previously invested very little time in thinking about the future may suddenly become preoccupied with concerns about what could happen. The idea of leaving minor...
Providing long-term care and financial security for a family member with special needs can be a complex challenge. One solution is a special needs trust. This financial tool can provide numerous benefits, but it is essential to understand when it might be necessary...
Creating a trust is a responsible step towards securing your family's financial future. Still, without proper safeguards, beneficiaries who may not share your financial discipline may squander your hard-earned assets. This is where a spendthrift clause in a trust can...
We inevitably lose loved ones, sometimes due to old age or sometimes because of illness or an accident. In any case, the pain and heartache of losing them can be beyond challenging. Often, our elders can prepare for their passing and draw up a will to handle the...
Many people establishing an estate plan use one particular testamentary instrument. They may choose to draft a will or to establish a trust. Factors including the age of beneficiaries and the value of personal assets can influence which testamentary instrument a...
The power of attorney is an essential part of estate planning. This document allows you to legally designate someone to act on your behalf and make decisions with your best interests in mind. Medical vs. financial powers of attorney Two types of powers of attorney...