When creating a trust, it's critical to name the right person as your trustee. This is the person who will step in to manage and administer your trust upon your death. If you don't choose a trustworthy and honest individual, it could end up costing your loved ones in the long run.
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.
Nobody likes to think of their own mortality. Yet, it is an inevitability for us all. Instead of being afraid to confront this reality, Californians should prepare for it. Not only does this allow one to put his or her mind at ease, but it can also help alleviate any concerns possessed by an individual's potential beneficiaries. One way this can be accomplished is by creating trusts that seek to alleviate certain financial needs.
A living trust is a trust that a person creates while they are still alive. Unlike other trusts that are created at the time when the estate planner passes on, a living trust is one that is created by the estate planner and then is usually managed by that individual until the time that they pass away. Revocable living trusts are excellent estate planning tools for some Californians, because they allow individuals to maintain control over their assets, avoid probate and ensure that their end-of-life wishes are respected.
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.
The last thing any of us want to think about is our death. But as we know, death is inevitable, and we never truly know when our time is up. Even those who are healthy and take all the necessary precautions to assure a healthy lifestyle could be stricken with a sudden accident, injury or illness without warning. With this in mind, it is very important to be proactive when making decisions regarding one's estate planning.
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.