As you likely already know, when you make a Last Will and Testament in California, in addition to naming the heirs who you want to receive your property upon your death, you also appoint an executor to carry out your wishes when the time comes. You can choose whomever you wish to act in this capacity, but before appointing someone as your executor, you should carefully consider his or her ability to do the job.
You may have always been someone who enjoyed taking on responsibilities. You may have done your best to thrive at your job and often took the time to organize family events. As a result, you may not have felt surprised when a loved one as you to act as executor of his or her estate.
If you are a Californian starting to think about the type of medical and/or end-of-life care you wish to receive, you may want to consider executing an advance directive that sets forth your wishes and desires. As the National Hospice and Palliative Care Organization explains, advance directives can go by several other names as well, such as a living will, medical power of attorney, health care proxy, etc.
If you are a sophisticated California estate planner, your estate plan likely consists of a will and several trusts. Have you ever wondered how many kinds of trusts you can choose from? As FindLaw explains, the answer is “many.” All of them, however, fall into two basic categories: revocable and irrevocable. All of them also have three basic parties: the grantor, the beneficiary or beneficiaries, and the trustee.
At the Law Offices of Alice A. Salvo in California, we help individuals like you devise an estate plan that meets their goals and objectives of providing for themselves and their families. No matter what you seek to accomplish by means of your will and trust(s), we can help you achieve it.
A generation-skipping trust is one methodology by which wealthy Californians can pass their estates down through the family without facing the double estate taxation that other methodologies often entail. As Investor Guide explains, a generation-skipping trust generally names the grantor’s grandchildren as beneficiaries of the trust. By bypassing the grantor’s children, the family saves the estate taxes they would have to pay if the children first inherited, followed later by their own children.