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Ventura County Estate Planning Law Blog

What are the top mistakes made by executors?

Serving as an estate executor is easier said than done. This may appear simple and straightforward on the surface, but things can soon become complicated if you don't know what you are doing.

Here are some of the top mistakes made by executors:

What does trust administration entail?

A growing number of people are creating trusts, as opposed to relying on simple wills. While there are many benefits of moving in this direction, you need to answer this question: What will happen with your trust once you pass on?

This is when the trust administration process begins. If you are named a trustee, you have no time to waste. You need to know what this means, what is expected of you, and how to make the right decisions at every turn of the road.

It’s good to know what happens in probate

As you create an estate plan, you may want to learn more about the probate process. If nothing else, you should learn what happens and where you fit in.

Although every situation is unique, probating an estate typically includes the following:

Create a special needs trust for peace of mind

Are you currently caring for a child or another loved one who has special needs? Do you worry about what will happen to this person once you pass on?

If you have these types of concerns, it's important to learn more about the benefits of a special needs trust. This may not be something you create right away, but learning more will put you in position to move forward when it makes sense.

What is an irrevocable trust?

When creating an estate plan, it's imperative to understand the finer details of each strategy. Although you may not use every tactic available to you, it's a good idea to consider each and every one.

An irrevocable trust is something that is often overlooked. There are many reasons for this, including the fact that some people are confused about what it can do for them.

Questions to ask when choosing a guardian for your child

Do you have a child under the age of 18? Are you concerned about what would happen to this person if you and your spouse were to pass on?

If you find yourself thinking about this, it's imperative to name a guardian in the near future. This is a big part of your estate plan, so you don't want to put it on the back burner any longer.

Power of attorney planning

When it comes to estate planning, there is never a good time to hesitate. Instead, every detail, no matter how big or small, should be taken care of without delay.

There are many strategies to consider, with many people focusing strongly on the use of a power of attorney. In short, this allows you to designate another person to make decisions on your behalf if you become incapacitated.

Is a revocable living trust better than a will?

As you go through the process of creating an estate plan, it's imperative to consider each and every strategy that is available to you. This is the only way to ensure that you are 100 percent comfortable with your situation.

Many people have come to find that a revocable living trust is better for them than a will. While this doesn't hold true for everyone, it could be just what you're looking for.

Details of a durable financial power of attorney

Are you in the process of creating an estate plan for the first time? Are you updating your estate plan to better suit your needs? If you find yourself in either position, it's important to learn more about a durable financial power of attorney.

With this, you give permission to someone else to manage your finances if you become incapacitated. Known as a financial agent, this person could be responsible for a variety of tasks. You, however, have the right to set limits on what your agent is permitted to do.

What are the benefits of a health care power of attorney?

Many people create a will or trust to ensure that their assets end up with the right people upon their death. But have you ever considered the fact that there is more to estate planning than what happens once you are gone?

For example, a health care power of attorney is something to consider. This is a legal document that allows you to express your medical care preferences in the event that you are incapacitated, such as due to an injury or illness.

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