Many people make a trust to ensure responsible parties handle their assets. Per California law, a trust is valid if the settlor establishes it and if said trust involves property and a beneficiary. Though you can establish a trust alone, you could consider sharing it...
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Estate Planning
When should you update an estate plan?
Your estate plan tells your loved ones what you want to happen with your assets when you pass away. It also sets up the plan for what happens if you become incapacitated. Many adults don’t realize that creating an estate plan isn’t a one-time deal. If you’re one of...
The advantage of using a discretionary trust
When you create a trust as part of your estate plan, you get to decide how much discretion the trustee is actually going to get. In some cases, they get almost none at all. For instance, you may set up an educational trust fund with instructions that the money is only...
How can you plan for incapacity?
Creating an estate plan is a responsible step to take to help protect your loved ones when you pass away. Many people don’t realize that estate planning is about more than just planning for death. You can also use your estate plan to provide instructions and...
Why use a medical power of attorney?
You already wrote an advance directive for your doctors. It tells them the type of care that you want. More importantly, It tells them about the type of care that you don’t want. If there’s ever a time when you can’t make these decisions due to injury or illness, the...
Don’t make these 2 common mistakes with your estate plan
Making your estate plans can be one of the most rewarding things you can do not only for yourself but for your family. The estate planning process typically involves totaling all your assets and setting instructions for how they should be divided. The first time you...
Is it wise to do estate planning later?
Estate planning is something that’s going to be needed by everyone eventually. Most people understand this, which is why the majority of people say that it’s important to have an estate plan. However, studies have also found that the majority of people do not have an...
Why you need a California Advance Health Care Directive
One of the most important documents to include in your estate plan in California is an Advance Health Care Directive. Actually, it’s wise for any adult to have in place, even if they’re not yet ready to develop a full estate plan. An Advance Health Care Directive...
POD accounts skip probate
Are you interested in ways that you can skip the probate process? Maybe you've been thinking about estate planning, and you just want things to happen as efficiently as possible. You also want to avoid any costs that could come along with probate. You're trying to...
How can you disinherit a child while estate planning?
There are many reasons a parent may decide to disinherit one of their children. They may have had a falling out with that child and no longer have a relationship. Their child may have serious issues, like substance abuse problems, that would make an inheritance...