Thinking about your estate plan is something that many people avoid because they don't think that it is necessary right away. However, all adults should take steps to get their estate plan together.
Figuring out how to pass on one's estate can seem like an impossible task. There are those who do not know where to start and others who just want to put it off because they believe it can wait. No one knows when their time will be up, though, so waiting could result in one's estate being placed in a state of limbo after his or her death -- such as in the Prince estate case. By not at least having beneficiaries listed anywhere, the administration of his estate is going to take quite some time. This is something that California residents can easily avoid.
Getting an estate plan prepared and fully in place takes quite a bit of effort. If mistakes are made, it can make all the time spent worthless. One fairly common mistake made by people in California and elsewhere is not funding trusts. What good is a trust if assets are never placed in its care?
A vital step in ensuring that an estate is properly distributed to beneficiaries is making sure a will is valid. The will validation process can take time in some cases, while in others it may be completed rather quickly. California residents who need help with this can seek assistance from an experienced attorney.
Being responsible for a trust is no small thing. A trustee's role when administering a trust is significant and can be met with severe consequences if anything is done inappropriately. Those in California who are left with this responsibility need to know what exactly their role is and what they can do to protect themselves should anything go wrong.