A previous post on this blog talked about the advantages of revocable living trusts. These types of trusts, and living trusts generally, can help residents of Redding, California, keep their estates out of a lengthy, costly and often stressful probate process. The probate process is also public, so living trusts can help keep a family's financial affairs confidential.
Many people in and around Redding, California, have probably heard of revocable living trusts, as they are a rather popular estate planning device these days.
Many people in Redding and other parts of Northern California probably have someone in their family with special needs due to some sort of disability, illness or injury. These special needs can include the need for medical care and other treatments. In some cases, the person with special needs may require assistance going through daily life. Sometimes, they may even need to live in a place where they can receive full-time professional care.
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.
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.