In California and elsewhere, people tend to be confused when discussing the difference between a will and a living will. It is important to know how the two documents differ so that one can see how each of these legal instruments is vital to a full estate plan. When meeting with an estate planning attorney, all of the different documents that make up the arsenal of legal protections will be explained and discussed.
If you have been asked by a loved one to be the executor of their estate you might be wondering what your eventual responsibilities will be. In the most basic sense, you will be responsible for ensuring that property and possessions are distributed according to someone’s will.
In California and other states, a certain amount of paper work must be completed with respect to one's homeowner's association when a home is being sold. The seller is required in such real estate transactions to inform the HOA that the transaction is going to occur. As a double-check on assuring that transfer of information, the title company or closing attorney will usually get in touch with the HOA for notification purposes and to inquire whether any outstanding fees are due by the current owner.
Estate planning in California is not something just for the wealthiest residents of the state. All adults need to consider an estate plan due to a number of very practical reasons. For one thing, when there are minor children, a couple can hardly fail to take some basic estate planning steps to assure a secure future for the children should both parents die unexpectedly while the children are minors.
An estate plan for a California resident is a dynamic program that continues to change and grow with the individual's family and financial goals and needs. Estate planning is a dynamic process that includes areas of preparation for the future and even for the maintenance of one's current finances. With living trusts, for example, one's assets may be turned over to a trust that will function in accordance with the maker's wishes while the maker is still alive.