As you work on your estate plan in California, you will likely come across a range of planning documents that you are not familiar with. This can cause confusion and possibly even lead you to make decisions that are exactly right for your situation. Your best bet is to understand your options up front, so you can make an informed decision about your estate plan and what to include in it.
One option you may have is to create a revocable trust, which Forbes defines as a type of trust that you can change and control while you are alive and even after your death. This is because the trust will continue on to carry out your wishes as you dictated when you were alive.
A revocable trust allows you to have a lot of control over your assets. It also has many perks. Starting with privacy. You can keep all the details from going public, which may be important to you. Furthermore, it will not have to go through probate, so it also offers a way to provide for your loved ones right away as soon as you die without any delays.
It also allows you to do what you want with your assets. You can have other assets added to the trust upon your death, such as retirement benefits. You can also set rules and limitations for the distribution of your assets. You may decide to give to charity, which is made easier with this type of trust.
Above all, remember that while you are alive, you can continue to add to the trust or make changes as needed, so it can evolve over your lifetime. This information is for education and is not legal advice.