A living trust is given the designation of "living" because it is created while the trust creator is alive. Living trusts begin before death, they may be used during the creator's lifetime to manage their assets and establish inheritance plans for how the trust assets will be distributed at the time of the creator's death.
Most people do not like to think about their mortality, so they may put off estate planning. However, an estate plan does more than dictate that your sister gets that oil painting. An estate plan ensures your property is dispersed correctly, your family is taken care of and that your wishes are respected regarding medical care. A properly executed estate plan protects you, your family and your assets. Still, meeting with your estate planning attorney for the first time may provoke feelings of nervousness or anxiety. Understanding the information your attorney will likely need can help you prepare and relieve tension.
The traditional American family of a mother, a father and several children is slowly disappearing as the standard household in California and other states throughout the nation. As individuals become parents without marriage, divorces separate families and new marriages create new unions, the make-up of families is changing to become more inclusive and representative of how people actually live. With all of these changes, though, planning for the future can become complicated when families blend, separate and reorganize in new groupings.
Your health and age circumstances may make it necessary for you to designate someone to handle your affairs. If you become unable to make decisions, identifying an individual you trust leaves you feeling safe and confident in him or her.
Most people understand the basic idea of an estate plan, which is to share your possessions with those you love after you’ve passed away. While that’s a fundamental part of what estate planning is about, an effective estate plan requires a thorough approach. The basic mission may sound simple, but one has to follow strict legal regulations to avoid scams, loss of value and family disputes.