While Californians are advised to take the necessary steps to have a coherent and well-organized estate plan, the basics are sometimes lost on them. The most foundational matter after moving forward with the document itself and having all the "I's" dotted and the "T's" crossed is to know where it is and be prepared for the time when heirs will need to find these documents. It might sound like a silly dispute, but litigation can result if the estate plan documents are nowhere to be found. With this in mind, there are certain steps to take.
For Californians, estate planning might be perceived as a dual-edged sword. On one hand, it is a strategy to make sure that loved ones are cared for and assets are allocated as the owner wants. On the other hand, it is acknowledging one's mortality and preparing for the inevitable. However, there are certain methods that are beneficial and should be considered even if it is difficult to contemplate. One is a trust. Specifically, a living trust (inter vivos trust) is a tactic that is useful. Knowing its benefits and potential drawbacks is key before deciding.
While many Sacramento residents might be aware of the need for trust planning, but do not know how to go about it in the necessary and smartest ways for avoiding probate, thinking about health care and organizing it appropriately. There are numerous issues that are integral for estate planning and trusts. Probate and inheritance taxes are problematic if they are not accounted for and legal help is essential toward that end. Health issues can throw a wrench in the works and cause worry that is often unnecessary. Knowing the important issues to consider is imperative.
When we discuss living trusts and other estate planning documents, we often focus on how they can help and how to set them up. But we often overlook details about what happens once the plan is in place.