Few things in life are certain. An old adage states that there are only two things in life one can be sure of, death and taxes. That statement is certainly true and one more that can be added is that one's wealth and property cannot accompany one to whatever an afterlife brings in California. Having a will or a trust can protect one's wealth and property left behind from undue taxes and ensure that one's heirs receive bequests as stipulated.
Wills and trusts are common terms when discussing estate planning in California. The differences are not always clearly understood. Where a will can transfer assets only after one's passing, a trust can do more.
It's almost mid-February, and perhaps one is sitting back and reflecting on a year that he or she believes is off to a good start in California. The often delayed task of estate planning has been completed. But has it? Has an estate plan actually been created or are there now estate documents where before there were none? And what is the difference?
So the New Year has passed, the parties are over and planning for all of those resolutions are well under way. One resolution many people make in California is to review their wills or to create one if it does not already exist. Life changes, such as the birth of a child, can cause a person to create a will. But what about the couple without children? Is a will really needed in that instance?