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3 Specialized Types of Trusts in L.A. County You May Find Useful
You may already know that there are multiple types of trusts you can use, such as revocable trusts or irrevocable trusts. In California, there are even more specialized types of trusts you can use for specific purposes. Whether you are mostly concerned with minimizing your tax liabilities or probate expenses, or worried about providing for a loved one with special needs, there is likely a type of California trust that will meet your need. A qualified estate planning attorney can discuss your options with you and determine what types of trusts are right for your estate plan.
Trusts That Meet Specific Needs
Many estate plans involve the use of more than one trust for a number of reasons. Separate trusts may be created for different beneficiaries, or to meet different needs. Some estate plans use both revocable and irrevocable trusts to pass different assets. For other needs, one of these types of trusts may fit nicely into your estate plan:
Do I Need a Pour-Over Will?
Nowadays, trusts, rather than wills, are the predominant way posthumous transfers are made. Trusts offer a number of benefits, but avoiding probate is often at the top of the list. There are pitfalls to living trusts, however. One is that the trust can only control property that it owns, so any assets that have not been transferred to the trust at the time of the grantor’s death may be out of its reach. Pour-over wills can be used as a sort of failsafe on a trust by posthumously transferring the grantor’s remaining assets into the trust. If you are unsure whether your estate plan needs a pour-over will, you should consult with a local attorney.
How Do Pour-Over Wills Work?
Pour-over wills exist to back up a trust. When the grantor of a trust dies, any assets of his that have not made their way into a trust already cannot be governed by the trust. A pour-over will simply exist to gather up and control any assets that were left out of the trust for whatever reason. Using a pour-over will, the testator devises all his remaining non-trust property to the trust.
What Can a Living Will be Used to Control?
A living will, which you may also hear called an “advance directive,” is one legal document that everyone should have. In the event that you are not able to express your wishes due to injury or illness, a living will can be used to govern what types of medical care you will receive. It is important to make a living will, because it is the best way you can make your wishes known in advance. This document generally covers things like whether you would want to be resuscitated, or receive life-prolonging care if you are terminally ill. An attorney can help you decide what provisions to include in your living will and other healthcare planning documents.
What Does a Living Will Include?
A living will makes your wishes known regarding the types of medical treatment you do or do not want in the event that you become incapacitated and can no longer make decisions. It may include provisions related to:
New California Real Estate Laws Now in Effect
Every July 1st, there are usually a handful of new laws that California lawmakers have passed that go into effect. Included in the list this year were several real estate laws. The following is a brief overview of each of these new statutes. If you have questions about how any of these new laws may affect your situation, a California real estate attorney can help.
New Buyer Fire Notice
AB 38 was passed to protect new home buyers from purchasing a property without being aware the home is located in a high fire risk area. It requires a seller to provide a list of all items that are not fire-resistant and that could be at risk in the event of a wildfire. This specific document must now be part of the closing package that a buyer must sign to confirm they have been informed of the risk. The form also provides information on how a buyer can prepare their home for wildfires. This is referred to as fire hardening.
The Importance of Updating Your Estate Plan After Moving to a New State
According to national statistics, approximately 31 million Americans move each year. Some move across town, while others move across the state. However, about four million move to a different state. Out-of-state moves can be stressful to coordinate, especially if you have a family and an entire household to move. There are also all of the things you need to do when you arrive in your new state – including finding out about your children’s new schools, finding new doctors, dentists, hair salons, grocery stores – the list goes on. But what many people never think about is that by moving to a new state, they also need to update their estate plans.
Estate Laws
If you have had a qualified estate planning attorney help you with your estate plan, it likely contains a variety of documents that stipulate how you want your assets and property to be distributed upon your death. Estate plans can contain a will, living trust, advance directive (living will), and power of attorney, along with other documents, depending on your own personal situation.
Important Roles to Appoint in Your California Estate Plan
One of the benefits of creating an estate plan is ensuring that your wishes are honored throughout the rest of your life and after your death. Through your will, trusts, powers of attorney, and other estate planning instruments, you can lay out a clear plan for your assets and your end-of-life care. However, you will need people to help you carry out the terms of your estate plan when you are no longer able to do so on your own. An important part of estate planning is choosing the right people to fill a variety of roles.
Naming Your Chosen Representatives
As you work on your estate plan, here are some of the roles that you may need to appoint:
- Estate executor - After your death, your estate executor will be your representative throughout the probate process and the administration of your will. The executor will be responsible for safeguarding your assets, resolving outstanding obligations to creditors, and distributing your assets to your named beneficiaries. You can designate your executor in your will, and it may be a good idea to name an alternative in case your first choice is unable to perform their duties.
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