Some people cannot imagine their lives without the companionship and affection provided by the family pet. In order to show their love and appreciation for the pet, many people choose to include the pet in their estate planning. In California, it is possible -- with a little planning -- to transfer assets to provide for a pet's needs after one's own passing.
A disabled individual faces certain unique struggles in saving money for his or her needs. For the disabled individual who has been disabled for his or her entire life, a parent may wish to transfer assets to that person upon death and ensure that he or she will have all needs provided for in the future. In some cases, however, a large pool of assets can jeopardize the disabled person's benefits and may not be worth the risk. California residents have several options when choosing to save for the benefit of disabled individuals.
For many people, preparing for the future means making an estate plan. Instead of a will, some people choose to use a trust as a way to protect assets for heirs. One common trust preparation mistake is forgetting to transfer the title of assets into it. A trust is like a storage tote -- it only protects your valuables if you put them in it. California residents looking to offer the most benefit to their successors may find this reminder quite useful.
When it is time to plan for the passing of funds and property to others, many people wonder about their options for doing so. Some choose a will, but another option to transfer assets is the trust. Trusts are documents that can help a person determine how and to whom certain assets are disbursed, and they also have specific benefits for those California residents who choose to create one.
Those people who are looking toward the end of their lives are already one step ahead of the game. By laying down plans for an estate, a person is able to ensure that specific wishes for the distribution of assets are honored after death. Unfortunately, a person who makes certain estate planning mistakes may not get the desired outcome. Careful trust preparation can help one achieve one's goals. Luckily, informed California residents can be better prepared to make certain estate planning choices.
When it comes time to plan the gifts of inheritance, some individuals may find themselves a bit uneasy. If a person has accumulated a tidy little sum of wealth, he or she may have various reasons for apprehension when it comes time to transfer assets. One may be concerned about the heirs' ability to handle large sums of cash without harming themselves, or there may be concerns about how the money will be spent. In California, individuals with these types of concerns about their heirs may choose to use a trust to bequeath their estate.
Hugh Hefner, the Playboy icon who embodied the concept of a carefree, pleasure-seeking life, also saved time for sober, careful planning. At least it appears so to a couple of experts who have recently written about the issue. They say the famous California publisher took care with his plan to transfer assets.
After a person dies, there are usually many tasks for those left behind to be completed. It is important to select a person that can handle the technical and time-consuming responsibilities of handling estates, including trust administration. Individuals often choose a trust instead of the more traditional will to manage their estate, and when a person uses a living trust, a successor trustee must be selected. In California, the successor may be one of several types of entities, including an adult child, family member, friend, bank or professional fiduciary.
When people think of passing on and leaving their legacy behind to their heirs, they usually think of wills. But a trust is another way for individuals to transfer assets. Revocable trusts allow the maker to change the terms of the trust as well. A trust, properly established, allows a person a few extra advantages over using a will. Recently, one author shared some of those advantages in a news article that individuals in California may find interesting.
Is there a way to streamline the distribution of finances after death and also keep the information private? Yes, one important element of estate planning is the revocable trust. California residents who undergo trust preparation now can avoid lengthy probate of wills and having their will become part of the public record.