Taking control and being responsible for administering a trust can be an overwhelming task. The role of a trustee is a significant one. If you fail to fulfill your duties effectively and efficiently, you may be personally responsible for any errors made during the administration process. Beneficiaries will have the right to seek compensation for any resulting losses they experience by filing claims against you in a California civil court.
Thinking about your future means much more than considering what job you want, where you want to live, how many children you will have, where you want to go on vacation and when you will retire. While the information collected from these questions can be helpful when taking steps to protect your future, and estate plan requires an individual to look much deeper at the details of his or her life. Although many residents in California and other states associate estate planning with elderly people, this is a misconception. Additionally, a person does not need to be wealthy to enjoy the benefits of an estate plan.