Numerous California residents create revocable living trusts every year, but not all of these individuals will take advantage of their numerous benefits. In fact, it's not uncommon for individuals to waste the amount of money they spend on trust creation by never reaping their full advantages.
Women and men are equal under the law, but there are some unavoidable characteristics that make them very different from one another. From an estate planning perspective, the most important difference is the fact that women tend to live almost five years longer than men. As such, women often die after their husbands have passed.
California parents love their children more than anything -- well, almost more than anything. Many parents arguably love their pet dogs and cats just as much as their human children. The problem is, dogs and cats are considered property under the law and they can't, themselves, own property. As such, this creates some challenges for those who want to ensure that their animals are well taken care of following their deaths -- challenges that could be resolved via a pet trust.
Setting up a special needs trust is virtually a necessity for parents of children with special needs. Having one in place means that your child will benefit from solid financial resources, be able to afford the level of care that he or she deserves and still qualify for valuable government benefits.
A testamentary trust is written within a will, or it's written within another document that has been incorporated into a will by reference. Such a trust goes into effect at the death of the will creator (a.k.a, the settlor). One of the primary reasons why estate planners seek the benefits of a testamentary trust is because it protects a minor child's bequeathed assets.