It's not uncommon for a decedent's heirs to question how they're going to keep on going once their loved one dies. Death is especially difficult for minor heirs. They may be prone to burning through what you leave them unless you put something in place to make sure that they utilize their financial resources responsibly. A testamentary trust can ensure that your final wishes are carried out as you'd hoped once you've died.
When it comes to estate planning, you never want to sell yourself short. You should do whatever you can to protect the well-being of you and your family, both now and in the future.
There are a lot of estate planning tools at your disposal. While most people think that a simple will is enough to meet their needs, this oftentimes isn't the case. While a simple will may provide some estate protections, they often don't go far enough to distribute assets in a way that totally aligns with an individual's wishes. This is why many individuals choose to incorporate other legal documents into their estate plans, such as trusts.
Recently on the blog we discussed spendthrift trusts and how they can fit into your estate plan. This type of trust isn't right for everyone, though.
Estate planning can serve many purposes. In most cases, though, those who engage in estate planning simply want to provide for their loved ones as much as possible. Fortunately, there are many estate planning tools that can help further that goal. But estate planners need to be careful in which approach they take so that their estate doesn't end up being squandered.
We've set it on this blog before, but it is worth saying again. There is a lot at stake in estate planning.
Trusts are powerful estate planning tools that Californians can utilize to help bring their vision of the future into reality. In order to successfully do so, though, they must understand how trusts work and how to utilize them to their advantage.
A common misconception amongst Californians is that estate planning is reserved for those who have reached the later stages of their lives. Although older individuals should ensure that their estate plans are suited to their wishes, younger people can and should utilize the estate planning tools at their disposal, too. Those who realize this often turn to a simple will to ensure that their bases are covered, but those who have children may be leaving their estate vulnerable by doing so.
Laying out an estate plan is no easy feat. The challenges that often arise can come up in a variety of contexts, too. Those with blended families, young children, and a desire for asset distribution that is anything other than evenly divided amongst loved ones need to carefully consider how their estate plan is drafted to obtain desired results. While this may mean the creation of a will and a number of trusts, estate planning is about much more than just determining how one's assets will be distributed upon his or her death.
Many California parents worry about their children's futures. This can be especially true when a child has special needs. These children often need additional support that is both emotional and financial in nature.