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Ventura County Estate Planning Law Blog

What mistakes do people make when creating a trust?

From an estate planning perspective, creating a trust may be the best decision you can make. As you begin to learn more about this option, it's important to focus on what you should and should not be doing.

Here are some of the many mistakes that people continually make when considering or creating a trust:

  • Assuming that a will is better than a trust. This may be true for some, but you shouldn't make this determination until you learn more about the details of both.
  • Neglecting to update your trust. Just the same as a will, you may need to make changes to your trust as the years go by. You should expect this to be the case.
  • Ignoring other aspects of your estate plan. Although you may be happy with what a trust can do for you, don't overlook other aspects of your estate plan, such as a power of attorney, that are just as important.
  • Choosing the wrong person to administer your trust. This is no simple task, so you need to be careful about who you choose to take on this big responsibility.

Can a debt collector contact you after a loved one dies?

When a loved one passes away, it goes without saying that it will take quite some time to get your life back on track. As you grieve, you may be responsible for tackling a variety of tasks.

Don't be surprised if a debt collector contacts you in an attempt to discuss a debt your loved one was carrying.

Understanding a conservatorship

A conservatorship may sound like a good thing, but it can actually lead to an expensive and time-consuming court proceeding.

In short, a conservatorship is the legal authority for one person to make decisions regarding another's living situation, finances and health care.

What’s the best way to care for a pet after your death?

As you create an estate plan, you'll spend a lot of time thinking about what will happen to your loved ones after you are gone. For many people, this also means their pets.

There are many ways to ensure that your pets are cared for after your death, with these three options among the most common:

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.

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