Suppose you actually have an estate plan in place. This already puts you ahead of the game, as you are in the minority amongst most Americans. According to a recently released survey, 51 percent of Americans between the ages of 55 to 64 do not even have a will. However, even if you did get that will or trust in place ten, four or even two years ago, this does not mean estate planning is finished for you. It is very important to maintain and revise your estate plan after certain life events.
The debate and ongoing negotiations over data transfer laws both in the U.S. and internationally should be something businesses should be taking careful note of. With laws constantly changing and the way we view data and privacy a continual conversation, seeking ongoing business counsel should be at the top of the list.
Being able to give back to your community may be one of your estate planning goals and it is a commendable one. If you are looking for a legal instrument to help with charitable giving even when you are gone, a trust could provide that avenue for you. In California, charitable trusts and other types of charitable entities are governed under CA Code Sections 12580-12599.8. There are two basic types of charitable trusts.
You may have been given the role of "trustee" over someone else's trust. As the trustee, you are responsible for properly administrating the trust. This creates a legal duty called a "fiduciary duty." As the trustee it is very important that you administer the trust in a way that is in the best interests of any beneficiaries. If you do not meet this duty there are potential legal ramifications, such as a beneficiary suing you for improper administration and seeking damages. Hiring an experienced attorney can help to avoid such headaches and consequences.
One of the biggest headaches in administering an estate after the passing of a love one is probate. Probate is notoriously known for being long, expensive and stressful. When a person passes without a will or trust, the probate process can become especially burdensome for surviving loved ones.