You likely have already made a California will, but do you need to make a new one? You may if you have established a living trust. As FindLaw explains, only a pour-over will can ensure that your living trust works the way you intend it to work.
As you started your estate planning journey, you may have come to realize that what you thought you wanted with your plan differs from what you truly want. This type of revelation is common when it comes to estate planning as many people do not have enough information regarding their planning options and what an estate plan can really do for them.
Before you can set up a special needs trust to benefit your California child, you must determine if (s)he qualifies for such a trust. As you likely already know, “special needs” is an umbrella term that covers a wide variety of illnesses and conditions.
For California residents who are dealing with matters of an estate for perhaps the first time, there are a lot of good questions you likely have. Today, we'll focus on trusts, and what their benefits can be for you and your estate.
At the Law Offices of Alice A. Salvo in California, we provide advice, counsel and legal representation to many clients in need of planning for or help with issues they face as they age. If you or a loved one is approaching your golden years, or already has achieved senior citizen status, we thought it would be helpful to explain some of the ways in which you, too, can benefit from taking action now before you need to reap the rewards of careful estate and elder care planning.
It is impossible to predict the future or know what will happen to you and your California family in the months or years ahead. However, there are certain steps you can take to secure your interests and give you and your family peace of mind. One of these things is having a strong and thoughtful estate plan in place.