Millennials and young professionals are more wealth management savvy than people may think. According to Wealthfront, an investment management group, millennials (roughly all young people born in the 1980s) have control over an estimated $2 billion in liquid assets. While television, film and the media may portray millennials as college grads living in their parent's basements, this is far from the truth for many young professionals.
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.
You may have heard this legal term before of an estate going through "probate." You may have even heard friends or family say this is something you want to avoid. But have you ever wondered exactly what probate means in California? Below is a quick summary of probate, the probate process and what assets can be excluded during the probate process.