Trustees and personal representatives take on many responsibilities. They have to communicate with beneficiaries or heirs. They also need to properly manage the assets in the estate or trust. In some cases, their role may require that they sell trust or estate...
Estate And Tax Planning Law Firm
Estate Planning
Why is a special needs trust useful?
A special needs trust is a type of trust you can use in your estate plan. It allows you to set aside financial assets. You name an individual who has special needs as the beneficiary of the trust, and you also select a trustee who will handle the fund for them,...
Why the obvious trustee candidate is not always the best
For the average person in California, appointing a spouse, sibling or the eldest child as trustee is the automatic choice. However, what many do not realize is that the obvious choice may not always be the best one. Defaulting to this option can lead to delays,...
How a power of attorney protects you and your loved ones
Imagine suddenly being unable to make decisions for yourself due to incapacitation. Without a plan, critical decisions about your medical treatments, finances and other personal affairs will fall into the hands of strangers or overwhelmed family members. This is where...
Pros and cons of an incentive trust
An incentive trust is one way to leave an inheritance to a specific beneficiary. Instead of leaving them the money in your will, you fund the trust with that money and name them as the beneficiary, giving the trustee instructions to distribute payouts. The incentive...
How a pour-over will can help when an estate plan includes a trust
Adults establishing estate plans often choose between wills or trusts as their primary testamentary instruments. For some people, both documents can be beneficial. Trusts are helpful for people concerned about costly estate taxes, disputes among beneficiaries or...
What happens if someone in California dies without a will?
Adults should have a valid estate plan that outlines their wishes for their assets when they pass away. When they don’t have one, they die intestate, which means that their assets are handled based on the state’s intestate succession laws. In California, intestate...
Will a no-contest clause protect your final wishes?
When creating your will, you’ve carefully chosen who should inherit your home, your savings or a family heirloom everyone quietly covets. However, even the most well-thought-out will can fall apart if someone decides to challenge it. Many people turn to a no-contest...
When should you update your estate plan?
Most people make an estate plan with the intention of never having to look at it again, but that’s not what thought should be present. Instead, anyone creating an estate plan should prepare to review it periodically. As a general rule, estate plans should be reviewed...
Basing a trust around a beneficiary’s age
If you’d like to have a bit more control over what happens to the inheritance you are leaving to your beneficiaries, you may want to consider putting that inheritance into a trust. If you just leave it to them in your will, you can decide who gets specific assets, but...