Creating an estate plan is a vital task for adults. For those who live in California, writing out a will is one of the cornerstones of this plan. In order for it to be legally valid and enforceable, a will must meet the standards set by the state. There are a few...
Estate Planning
Charitable trusts: An option to support favorite causes
Charitable trusts are an option for people who want to include their favorite charity or charities in their estate plan. While giving to those causes is the purpose of these, there are a couple of ways this can happen. Unlike private trusts, which are established to...
Who will inherit from my estate?
You’re planning on making a will. With the use of this legal document, you can instruct how your estate should be handled after you pass away. This document contains a list of your assets and an executor of the estate. Typically, the main focus of this document is to...
4 reasons to discuss estate planning with your parents
Conversations with your parents about estate planning can be uncomfortable. You worry they might be offended by the topic and question your motives. But eventually, they will pass away, and there are a few reasons why you and your parents need to have an open and...
Why can incentive trusts lead to resentment?
An incentive trust can be useful if you want to influence a beneficiary’s behavior in the future. You can use the trust to give them certain incentives so they will live in a way that you approve of. This can also be used to protect the inheritance if you’re worried...
Should you wait until you have more assets for estate planning?
When you look into the statistics, you’ll find that most people don’t have an estate plan. There are a few different reasons for this, such as those who aren’t sure what paperwork they need or who find the process confusing and overwhelming. But one common refrain...
Is your will outdated? 3 signs to look out for
A will is one of the most important legal documents you can ever create and sign. With a valid will in place, you can have peace of mind knowing that your assets will be passed down to the right people when you die. To serve its intended purpose, however, your will...
What to look for in a trustee
When you set up a trust, you also have to pick someone to administer that trust. This person is known as your trustee, and it’s crucial that you choose the right individual. The trust sets up the regulations and rules that have to be followed, but it is the trustee...
A serious diagnosis may mean it’s time for estate planning
There are many different times when you may want to consider making an estate plan. For instance, maybe you just had a child, so you want to set up a trust or pick a guardian. Maybe you just acquired a significant amount of assets – starting a business, buying a...
Worried an inheritance will take away a child’s drive to succeed?
You will sometimes see interviews with excessively wealthy individuals, such as billionaires or multimillionaires, who say that they are not going to leave this overwhelming wealth to their children. They may leave them a small amount or they may leave them nothing at...