Often when people use trusts to leave money to family in their estate plans, they don't designate specific dollar amounts. They will designate that whatever assets are in the trust at the time of their death be divided -- sometimes equally and sometimes not. If you're the beneficiary of a trust, finding out how much you'll receive may take some research -- and patience.
Many of us have at least one family member we love but who has been lost to us due to alcohol and/or drug abuse or perhaps a series of bad life choices. When people are creating an estate plan, there are ways to set up a trust for someone like that so that they don't get money they'll only use to harm themselves.
There are times when you will want to have a trustee who oversees your trusts. However, there are also times when you should consider not having a trustee at all.
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.