When an individual in Sacramento passes away, the directions that he or she laid out in his or her estate plan kick into effect. Whether a will, trust or some combination of both is used in an estate plan, the administration of the estate and its trusts can be challenging. After all, trusts and other estate matters that are mishandled can result in the imposition of personal liability.
We've spent a considerable amount of time on this blog discussing the various trust options available to Californians. Deciding on trust options that are right for you can be critical to the success of your estate plan, including the financial well-being of your heirs and the trust beneficiaries. This usually means that you and your heirs want to keep a close eye on how these trusts are managed, but sometimes that's not in your best interests. Sometimes, in fact, it might be wise to have absolutely no idea about how a trust is being managed.
No one likes to think about their inevitable mortality. Therefore, it can take a lot of will power and bravery to create an estate plan. Those in California who are able to successfully create a plan may feel like they have achieved something major, which they have, at least to a certain extent. However, estate planning is never truly done. The legal documents through which an estate plan takes shape need revisiting from time-to-time, but even the process through which the plan is discussed with beneficiaries and heirs can have a significant impact on the plan's success.
Wills can be powerful estate planning tools that can ensure that an individual's estate in California is distributed in accordance with his or her wishes upon death. However, in order for a will to be valid, certain legal requirements must be met. While the vast majority of wills meet these requirements, there are some instances when a wills validity can be called into question. However, when a will's legality is at issue, only certain parties can formally challenge it.
Planning for your future can be a challenging endeavor. Planning for the future of your estate, then, can seem even more difficult. However, with proper guidance and some motivation, California residents can create an estate plan that works well for them and their loved ones. Assets can be protected, taxes and fees can be minimized or eliminated, and peace of mind can be obtained. Although this planning includes addressing physical assets such as one's home, bank accounts, retirement accounts and vehicles, it also often involves intangible assets, such as social media accounts, cryptocurrency, other digital accounts and even copyrights, trademarks and patents.