The role of a trust protector is basically what the term states -- to protect the trust. Trust protectors became popular in the 1990s as offshore trusts boomed. However, now it's considered wise for just about anyone who sets up a trust to have one.
You and your spouse have worked hard all of your lives. You've given your kids everything they could have wanted and more. Unfortunately, because they've been so fortunate, they haven't learned how to properly handle money. Saving hasn't been a priority for them, nor has sticking to a budget.
Many people think of trusts as something that only people with considerable assets have. However, many California estate planning attorneys recommend revocable trusts for clients who have average-sized and small estates.
Many California estate planning attorneys recommend that their clients set up living trusts. There are a number of advantages for your heirs if you place your assets in this type of trust while you're still alive.
One of the main reasons individuals elect to set up a living trust is to ensure that their assets can be passed on to their loved ones per their wishes without having to go through probate.
Nearly everyone here in Southern California has stayed at a Marriott hotel at some point. The Marriott company is the world's largest publicly-traded hotel chain. However, all is not well with the family behind it.
Having an estate plan is wise for those who want to ensure that their wishes for the dispensation of their assets are carried out after their death. With an estate plan, you can also designate who will make decisions regarding legal, financial and health matters for you if you are unable to do these things for yourself.
You want to leave your adult children an inheritance or perhaps give them a large chunk of money while you're still alive. However, you don't want to risk having half or more of that money go to their spouses should they end up divorcing.
You're the trustee of a trust for a beneficiary who owes money to creditors. Can you be required to use assets in that trust to pay that beneficiary's debt? Under California law, you may be able to avoid having to do that. However, it depends in part on how the trust was established.
Developing an estate plan is essential to making sure that your wishes are carried out after your death regarding inheritances and donations to charity. It's also important for detailing your wishes should you become too incapacitated to speak for yourself.