When a Sacramento resident takes their first steps toward preparing a personal estate plan they may be eager to get all of their ideas down on paper and to ensure their loved ones receive the bulk of their wealth when they pass on. While the drafting of estate planning documents is a critical component in the process, it can be very helpful to both individuals who desire to create estate plans and their estate planning attorneys to begin inventorying important information before document drafting begins.
It seems like every family has one: a person who cannot manage their money or who spends money in a loose or even reckless manner. They may be well-intentioned, but Californians who wish to leave such individuals assets from their end of life estates may fear that the beneficiaries will squander their inheritances and dispose of their accumulated wealth in an irresponsible manner.
Admittedly, a will is not an exciting testamentary tool. Although movies and television programs sometimes sensationalize the reading of characters' wills to add drama and intrigue to family conflicts and to add wrinkles into complex storylines, in actuality a will is more or less a list of instructions for what a person wants to see happen with their belongings once they are dead. Even though most wills do not provide individuals with excitement, it is important for all Californians to consider the value wills provide to those who choose to execute them.
To answer the question posed in the title of this post, readers of this California estate planning blog must understand the different roles that individuals may play in the administration of the trust. The following paragraphs will discuss three main roles a person may take on with regard to a trust, but those with questions about trusts and trust administration are asked to discuss their inquiries with estate planning lawyers in their areas.
A will is a useful testamentary tool for outlining how a person would like their property disposed of upon their death. It can be used to serve other purposes as well, but if a will fails to satisfy the statutory requirements set forth by the California legislature, it may not be recognized as valid. This post will briefly discuss the requirements of California wills, but readers are reminded that they must seek their own legal counsel when preparing their wills, as this post does not give legal guidance.