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August 2014 Archives

The importance of leaving behind a written will

While dealing with the loss of a loved one is never easy, California residents know that the process can be a bit easier when the deceased family member leaves behind a will. According to a recent report, many individuals today do not have a written will prepared in the event of their death. In fact, the report noted, only about 30 percent of individuals below the age of 34 actually have a written will.

Learn the details of Robin Williams' estate plan

Fans of late actor Robin Williams may be interested to learn the fate of his two California homes and other assets. Although Williams was reported to be worth $130 million in 2012, that number may have changed significantly as a result of his two divorce settlements. In an interview, Williams reportedly said that he was close to bankruptcy and had made a return to TV in order to "pay the bills." Williams' publicist, however, has said that those comments were not serious and he was in no financial trouble.

Involvement of various parties in a living trust

Because the probate process in California can be drawn out and difficult, many residents may consider living trusts as an alternative to a will. However, it is important to understand the difference between a revocable and an irrevocable trust due to the long-term implications of each. For example, some people may think that an irrevocable trust protects an estate from creditors, but such benefits could change in the future. At the same time, changes to an irrevocable trust may be difficult to accomplish because of the nature of this type of estate planning document.

Exploring the reasons for setting up a comprehensive estate plan

California residents who have an interest in estate planning may be interested in an article discussing why it is needed. By following a few principles, a plan can be set up to help ensure that a person's estate is disposed of as they wish.

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