Estate planning is often viewed as something that is only useful after death. Trusts in particular are considered good for avoiding probate, but the potential of these powerful estate tools is often underrated. People in California can use trusts to ensure that their assets are protected both in life and afterwards.
Most estate plans usually include many different documents. A last will and testament, health care directives and various trusts all come together to create the most comprehensive plan possible, providing guidance for both end-of-life care and how an estate should be handled after a person's death. Living trusts can be incredibly useful for most people in California, especially during asset distribution.
Pet owners in California understand that their four-legged friends are more than just animals -- they are family. For how much love most people shower on their beloved pets, many fail to adequately prepare for their future care. A comprehensive estate plan can provide necessary instructions and finances for a pet after his or her owner has passed away.
When people in California create a trust, they likely do so to ensure that their estate is distributed according to their wishes. In order for this to happen, they name someone to help facilitate trust administration. However, those with little experience administering a trust can easily become overwhelmed as they attempt to understand their duties and authority and try to ensure that all necessary paperwork is completed in a timely manner.
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.
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?