Many families may see estate planning as a task that they perform once. However, a family's circumstances may change over the years. People should update their will so that it always reflects their current situation. There are several reasons why families may need to...
wills and trusts
Assets that a trust may own and that a trustee may manage
By creating a trust, grantors form a separate entity that may own the assets transferred to it. As noted by the Superior Court of California, County of Santa Clara’s website, real estate titles may list a trust as a property’s owner. A trust’s grantor generally...
Who may inherit my assets if I die without a will in California?
California follows community property law. Each spouse owns half of the assets a couple acquired during a marriage. If you die without a will, your surviving spouse may take ownership of half of your shared assets under the California Probate Code. Separate property...
Choosing a trust style: 3 factors to consider
Many individuals create trusts as a part of estate planning, as these documents can assist with protecting money, as well as outlining the plan for dispersal of funds, while the creator of the trust is still living. However, deciding which type of trust suits an...
How do the various parties become involved with a trust?
Individuals often set up trusts so that their heirs will not need to go through the probate court to receive their assets. As noted by NerdWallet, by creating a trust, you become its grantor and can transfer your assets into it. If you own real estate, for example,...
Who can serve as a witness to a will?
In California, the law requires a standard will to have at least two witness signatures. These people must also meet legal requirements. If you fail to have the proper witness, your will may not be valid. The court could throw it out in probate, which means your...
What is the difference between a revocable and irrevocable trust?
Despite popular misconceptions, trusts are an essential estate planning tool for many people. You do not need to be ultra-wealthy or have numerous assets to make use of a trust. When used in conjunction with a will, the right trust can safeguard your estate even...
What is a simple will?
Millions of Americans have no will or final testament. Some Americans believe that estate planning is something they can put off until they are closer to retirement. Some Americans with smaller estates believe that estate planning is something only wealthy people need...
A closer look at advance directives
California residents who are thinking about estate planning will likely be instructed to create an advance directive. There are two main types that include the medical power of attorney and the living will. Understanding how to write one of these directives can help...
Different types of trusts and their uses
In its most basic form, a trust is a three-party financial arrangement. Those three parties are the trustor, the trustee and the beneficiary. Trusts in California and around the country are created by a trustor and managed by a trustee. They hold assets for the...