If you are someone with significant wealth, you might have concerns about how your children will spend their inheritance, particularly if they come into it shortly after becoming legal adults. You are not alone in your worries. Other families have dealt with this...
wills and trusts
What should you consider when choosing an executor?
Naming an executor is an essential aspect of a solid estate plan. This person is responsible for carrying out numerous tasks, including paying creditors, locating assets, and dispersing inheritances. Your selection must have certain qualities to carry out these tasks...
When to make changes to a will
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...
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...