Having a well-organized estate plan is one of the most important decisions that a Sacramento resident can make for the good of his or her family. While this is generally understood, many people are lacking the in-depth information to make the best decisions to suit their specific situation. A trust is an example of this. There are various kinds of trusts including a revocable trust and an irrevocable trust among others. Knowing how a revocable trust can be beneficial is a wise step before using it.
California has long been one of the more progressive states when it comes to marriage equality. The increased acceptance of same-sex unions has allowed many couples to prepare for the future with their estate plan. However, that does not alter the reality that there can be complications with a same-sex relationship. There are certain factors that should be remembered with such complicated estate planning.
Estate planning in California will have multiple issues that must be accounted for, but one that is a frequent cause for concern is guardianship. There are two kinds of probate guardianship in California and these must be understood by those who are concerned about a loved one after death. When drafting estate planning documents, it is essential to know whether there should be a guardianship and which kind is applicable if one is needed.
In California, it is not uncommon for people to marry more than once. Certain matters must be handled when in this situation, and one that many people forget is how to deal with drafting estate planning documents to account for the new marriage. This is especially worrisome if it is a blended family with children from both spouses' previous relationships becoming part of the equation. There are certain issues that might be forgotten, but are not any less important.
For those that have significant wealth and blended families, drafting estate planning documents is especially important if the person wants to avoid probate and disagreements among their family members after death. These circumstances apply to many people in California, whether they are in the entertainment industry, in business or in some other endeavor that has led to them having substantial assets. It is an unfortunate reality that even if the person was diligent in estate planning, there can still be legal battles over the estate. Such is the case with the late actor and entertainer Alan Thicke.