After San Jose residents spend a substantial amount of time thinking about, creating and executing an estate plan, they often hope that is the end of the process so they can stop thinking about it. For many of the documents included in an estate plan, that could be the case. However, when it comes to trusts, the work is not done after one is created.
When California residents want to use their estate plans to protect their assets, they have multiple options they could use to do so. In particular, they could utilize trusts to remove assets from the estate and into the ownership of the trusts. Of course, someone also needs to be appointed to manage the assets.
Many California residents want to find ways to give back during their lives. They may make donations during the year or volunteer or carry out a number of other actions to help the community or otherwise contribute. For some, the desire to create a legacy or continue to help may be so great that they want to arrange to continue the giving even after they are gone. Fortunately, charitable trusts may be able to help accomplish that.
Each person has his or her own ideas of what to include in an estate plan. For many, utilizing trusts can offer them the privacy and asset protection they desire. This planning tool may not be as obvious as creating a will, but it can benefit California residents looking to make their plans.
Trusts are often a key element in one's estate plan in California and elsewhere. After reviewing one's financial situation with an experienced estate planning attorney, a plan will be agreed on that may include testamentary and/or living trusts. The creation of a revocable living trust may be a central focus of the estate plan.