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Principals and agents are the two groups of people who make up the basic power of attorney relationship. The principal is the person who creates the POA document -- or has it created by a professional. The agent is the person who is given power of attorney privileges...
In past weeks, we've talked about why you might want to consider having a trust and the benefits that can come from including a trust in estate planning. Once you decide that a trust is right for you, you might have to work with your legal representative to decide...
When it comes time for estate administration and probate, have you ticked all the boxes that will help your family proceed? If you haven't planned at all, your heirs will have to rely on the courts to disburse assets according to the law. If you've only planned a...
If you read about trusts online, one of the first things you'll notice is that a lot of people claim that a trust keeps you out of probate. This is actually a very general statement that isn't quite true. Yes, some trusts can keep certain assets out of the probate...
A few weeks ago, we discussed how adult children -- or anyone in a family setting -- might approach uncomfortable topics related to an aging relative's inability to care for himself or herself. We noted in that post that guardianships or conservatorships might be an...
When a will does the job, why would you go the extra mile and set up a trust in California? The quick answer is that a will doesn't always do the job, and there are some benefits of setting up trusts that can be important depending on your situation.One of the most...
For many people, an important step in the estate planning process is talking to family members about financial situations and what the plans for the future are. Money can be a volatile topic no matter how much you have, and many people are nervous to broach such...
When you think of estate planning, you probably think of considerations such as wills, funeral plans and what you want to leave behind for heirs. While all of those are valid considerations for your estate plan, don't forget to make plans for the years before those...
A Form 1041 is a form published by the Internal Revenue Service that provides the executors of estates or administrators of trusts the ability to report estate or trust income. Note that reporting estate or trust income is different than reporting income for a...
Depending on the circumstances, family reactions to a loved one passing away can differ greatly. If someone dies at a very old age, grief is often softened by the knowledge that the person is no longer suffering. If the death is sudden, family and friends can be in...