Many people think of estate planning as something only needed for wealthy families. However, future security and end-of-life planning is something that is needed by all California families. A common misconception is that a will is the only document needed to relay end-of-life wishes. While wills are a great way to ensure that assets are distributed as desired, trusts are just as useful in life as in death. There are several reasons why families may want to consider a trust.
Regardless of income level, everyone should have an estate plan. Having a strategy in place will make the transition of assets smoother and less stressful for loved ones. A beneficial way to secure an estate in California is with a trust. A trust is basically a document that determines how assets are handled in the event of death. Arguably the most popular type of trust is a revocable trust.
Contrary to popular belief, estate planning is not about dying but rather controlling assets and the distribution of those assets. In California, one of the most effective ways of ensuring an estate is properly protected is a living trust. By creating a trust, assets can be kept safe inside the family and away from lawsuits, bankruptcies and other creditors.
Contrary to popular belief, estate-planning is not something just for rich families. Those in California with assets should develop an estate plan to have control of what happens to these assets in the event of death. One way to do this is to establish a living trust, also known as a revocable trust. These trusts are amendable and effective estate-planning tools with many benefits.
In estate planning, it can be helpful and very beneficial to have lawful protection of assets in writing. This can be done in the form of a trust. In California, trusts often have a reputation as a tool for the wealthy. However, anyone can use trusts to provide a better future for loved ones and ensure asset protection. Trusts can be confusing, as several different types of trusts exist.
Families in California with disabled loved ones may have questions about providing supplemental financial care for them. Those who are disabled may be receiving government benefits, but these benefits are designed to meet only essential needs. It is common for families to provide supplemental funds to make sure all needs are met. A special needs trust allows parents and other family members to contribute money for the benefit of a disabled loved one and ensures that the money is spent wisely on things such as medical care.