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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...
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...
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...
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...
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...
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...
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...
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...
When a person dies in California, the probate process can be long and expensive. For that reason, many people look to use legal instruments to pass assets to their heirs outside the reach of probate. One way to do that is to use a transfer on death account, or TOD...
A will outlines your wishes for how your estate will be managed and distributed after you die. However, if you die without this important document, there can be a crisis for your loved ones as they scramble to manage your estate without any guidance. Understanding...