Many people probably remember Actor Luke Perry from his years on the teen drama Beverly Hills 90210. His fans and supporters, needless to say his personal friends and loved ones, were likely shocked and saddened by his recent death brought on by a series of strokes.
As one media outlet reported, the actor's family ultimately decided that he should be removed from life support, which he had been on since suffering a massive stroke at the age of 52.
While many people think of trusts as a way to avoid probate, there are actually a number of ways by which trusts can benefit a Redding, California resident who is trying to formulate an effective estate plan. For instance, trusts can help with tax-related issues, issues involving eligibility for benefits and the like.
They also can allow a person to retain some control over his or her wealth, which may be a smart move in the right circumstances. For instance, control is the point of what is commonly referred to as a spendthrift trust.
While some in the world of law treat probate as a kind of a dirty word that inevitably spells years of time, money and emotional heartache, the term actually refers to the process of distributing a person's property after he or she dies.
For a lot of historical and other reasons, this process is typically overseen by the court, at least to some degree. It does take some time to settle affairs after someone dies in a lot of respects, and probate is no exception to this rule.
When many Redding, California, residents think of estate planning, the first thing that may come to mind is getting a lawyer to help them prepare a will. A will is indeed a very important part of a California resident's overall estate plan since it legally specifies who gets a person's property after they die. However, a will is only one document a person might need as part of a complete estate plan.
For example, a person needs to plan not only for what will happen to their property after they die but also needs to decide who will make decisions regarding their property, and even their health care, as they age and become more likely to suffer a decline in health.
Trusts can be tailored to help with a wide range of estate planning goals. However, there are certain mistakes that could compromise this estate planning tool’s ability to serve its intended purposes.
One type of error that can lead to this are missteps in setting up a trust. What terms a trust contains when it is formed can greatly affect what goals it would be able to help with. So, a trust lacking the right terms can cause it to not function as intended.
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