Naming a personal representative to handle one's affairs when needed can be a challenging decision. Will this power go to a parent, an adult child, one's spouse or a close friend? This is a very personal decision, one that every person will treat differently. What happens, though, if after the decision is made, that trusted individual turns out not to be so trustworthy? Do California laws allow for powers of attorney be terminated?
When you pass away, your loved ones will have a lot to deal with. They certainly don't need to have to deal with difficulties related to your estate. The fact of the matter is that these mistakes can be costly and time-consuming, which aren't what you want your loved ones to have to deal with while they mourn your loss.
Numerous California residents are without estate plans. In the event of death or incapacitation, this leaves them, their families and their assets vulnerable. It is possible to ensure self and family protections, as well as asset preservation by taking the time to plan one's estate.
Being named a successor trustee in a loved one's or friend's estate is a privilege that comes with great responsibility. When the time comes to fulfill your role, will you be ready? After all, how complicated can administering a trust in the state of California be?
Most people understand the concept of a will. But ask them about what a trust is and how it can be useful, and many will not even hazard a guess. Long thought to be the domain of the rich who were looking for ways to pass large amounts of money and assets on to their heirs, a trust is a helpful estate planning tool that can be used in a variety of different circumstances by people of varying financial means.
If one's biggest asset is a home and there are no debts or tax concerns that need to be settled in court, it may be possible to take certain measures during the estate planning process that can help surviving family members avoid litigation following one's death. Avoiding probate is a goal for many California residents. No one wants to put their loved ones through it if it is not necessary. In some cases, a simple change while one is alive is all that is needed to have his or her estate avoid probate.