It is a good idea to review personal legal documents included in an individual's estate every few years. Families go through changes including death, divorce and remarriage. Sometimes laws change, and a provision in an old will or trust may have consequences that were not intended at the time the document was prepared.
A trust is an extremely versatile tool for estate planning in California. Last week's post discussed some of the advantages of the living or inter vivos trust. There are other types of trusts, however, each having their own advantages and ability to be tailored to meet a client's specific needs.
When Sacramento residents are organizing financial assets, a concern that often arises is how the property will be allocated and whether a trust is a sound strategy. This is important for both the trustor and the beneficiary or beneficiaries. One tactic that is often used is an inter vivos trust, also known as a living trust. Before considering this option, it is imperative to have a grasp on what it entails.
Most people in California have good intentions when it comes to estate planning. They know they have to get around to it someday. Unfortunately, for too many people that "someday" never comes, and they die without leaving a trust or will that directs how they want their estate to be distributed.