Californians may have seen a recent article that discussed the financial implications of divorce, especially for women. Whether male or female, divorce usually constitutes a major life shift, and though there are plenty of considerations one has to take into account during this time, there may be no more important objective than maintaining financial well being.
Readers of the blog and California residents have probably seen the coverage of the fight between the girlfriend and estranged wife of deceased painter Thomas Kinkade. The two women are both claiming their supposed rights to their share of the famous artist's estate, and the winner may be decided by the court's decision on the validity of a handwritten will brought forth by Kinkade's live-in girlfriend.
Estate planning for a California blended family can be a challenging to try to create something that is fair to both spouses and their children. A revocable living trust is one means of accomplishing that goal. This type of revocable trust becomes irrevocable upon the death of one of the spouses. The trust can be altered or revoked during a lifetime, depending on the grantor. After death of one of the spouses, the property is transferred pursuant to the terms of the trust.