Most people in California have a basic understanding of what it means to execute a will. However, other areas of estate planning, such as trusts or advanced directives, tend to be a bit more complex and difficult to understand without legal guidance. Those who wish to craft as thorough an estate plan as possible may want to seek clarification on such issues before proceeding.
When one creates a trust, it means that a person or other entity has been legally named to hold assets or property for another person or parties. Many people implement trusts in order to plan for when they are no longer be able to make certain decisions regarding property or assets in the event that they become mentally incapacitated. Others choose trusts as means to avoid probate.
Sometimes, a trust is used to provide future financial assistance for a particular person. For instance, a fund may be set up to pay the college tuition for a grandchild or other heir. When a trust is specifically designated in such a way, it can not be used for any other reason or be given to any other person.
Understanding the types of trusts available, as well as the legal terms associated with the process is often made easier by taking advantage of a consultation with an experienced probate and estate administration attorney. In California, a person interested in learning more about such issues may arrange a meeting with a legal representative in the area. Through careful research and legal guidance, one is typically able to make informed decisions that protect one’s assets and provide for the future care of loved ones.
Source: everplans.com, “All You Need To Know About Trusts“, Accessed on June 1, 2016
