Pick the perfect trust
Trusts are a complex aspect of the estate planning process for many people in California. The person considering a trust must look at the purpose of that trust and where they want their money to eventually go in order to choose the perfect trust. Purpose of trust The first decision to make when considering the […]
Multiple reasons could justify a trustee’s removal
A variety of reasons motivate people in California to establish trusts. In order to operate, a trust must have a trustee. This individual or institution oversees asset management and distributions to beneficiaries. The position involves a great deal of legal responsibility. Shortcomings in a trustee’s performance or conflicts with beneficiaries could lead to cause to […]
Learn more about setting up trusts in California
Trusts are a useful tool when it comes to estate planning, so if you’re looking for a way to reduce taxes and ensure that your funds are used in the way you want them to be, you should learn more about them. You might find trusts that are ideal for many people who are interested […]
What is a generation-skipping trust, and what are its benefits?
There are plenty of options for leaving assets and property to your loved ones in California. Among them is a generation-skipping trust. If you are interested in this option, it’s crucial to understand what it entails and the benefits it offers. Understanding generation-skipping trusts A generation-skipping trust allows you to pass on assets and property […]
What is probate and why should I try to avoid it in California?
Probate is the legal process in California, that oversees the settlement and distribution of the assets in a person’s estate after death. This process guides the legal acceptance of the will and formally recognizes the executor if the estate documents have already been named. However, many try to avoid probate altogether by setting up trusts […]
When you should remove a trustee in California
Many people incorporate trusts into their estate plans. Trusts can be used to provide for your loved ones long after you’ve passed away. Trustees are the people entrusted to manage the trust’s assets, usually on behalf of a beneficiary. It’s not impossible for a trustee to also be the beneficiary of the trust — but […]
What should every California estate executor know?
If a deceased person leaves behind a will, they will choose an executor for their estate. If no will exists, a California probate court appoints an executor. This person takes on the financial responsibility for sorting the estate’s debts and assets. Fiduciary duty Every estate executor maintains a fiduciary duty to the estate and its […]
Advantages and disadvantages of revocable trusts
A revocable trust can be an outstanding estate planning tool under the right circumstances for people in California. You remain in control of your estate with a revocable trust, unlike an irrevocable one. There are other advantages and some disadvantages. Advantages of a revocable trust While people generally think of spending assets from a revocable […]
Are executors liable for unpaid probate taxes?
Did you know that if you are the executor or the personal representative of an estate in California, you are responsible for paying any associated federal and estate taxes? That duty extends further than you may think. Here is what you need to know when you agree to take on that role. Executors have personal […]
What happens to the debts owed by a relative who has died?
Many California residents have debts they owe to creditors. In some cases, a person might die before they’ve paid back their creditors. It’s fair to wonder what happens with those debts if you are a relative of the deceased. Does debt go away when a person dies? If a person dies while in debt, it […]