Probate court definitely has its place, especially when a person passes away with no last will and testament or when there are conflicts among a person’s heirs. However, if you are planning to leave your estate to your loved ones, there are a few reasons to try and keep your assets out of probate court.
- It’s public record – Do you really want just anyone to be able to look up what your family received? It could potentially make them a target for scams, so it is better to keep these matters private.
- It can drain funds – You intend your savings to go to your family, but if probate court becomes drawn out, much of the inheritance could end up paying legal fees.
- It delays your beneficiaries from receiving their inheritance – Until the court works out what needs to go for taxes and other liabilities against the estate and who should receive the rest, the assets are effectively tied up and unusable. While probate court usually handles matters within a few months, there have been cases that drag on for a year or even several years while heirs have no access to the dwindling funds.
California Estate Planning Attorneys
If you want your loved ones to get as much of your estate as possible as quickly as possible after you pass on, the estate planning attorneys at Petrov Law Firm can help. Call 619.344.0360 today and schedule a consultation at one of our three convenient locations in southern California to learn more.Read More
Being a successor trustee is a huge responsibility, and depending on the amount of funds left to you to help you carry out the assignment, there may not be a very big payoff. How can you be loyal to the trustor and carry out your duty in a fine manner? Here are a few tips:
- Get help with bookkeeping – You may have been selected because you are trustworthy, not for your math skills. In that case, it may especially be important to hire an accountant to help out. If it is a sizable trust, the beneficiary should be happy you have the extra help rather than being concerned that the accountant’s fee will mean there is slightly less in the trust for him or her.
- Avoid envy – This may not be as difficult if the trustor also left you a nice sum, but if you are doing all the work and the beneficiary is wasteful with money, it can be easy to give in to envy and think you deserve the money rather than him or her.
- Don’t go beyond your role – Your job is to carry out the wishes of the trustor. He or she believed you would put those wishes ahead of your own personal gain. That’s how you became the trustee in the first place. Stick to the instructions you’ve been provided.
California Estate Plan Assistance
For help from the estate planning attorneys southern California residents trust, call Petrov Law Firm today at 619-344-0360.Read More
Whether you are planning for many different aspects of your estate or you simply want to execute a will, an estate planning attorney is always a good idea. There are three reasons to hire an estate planning attorney rather than downloading a do-it-yourself template from the Internet.
- Avoid estate planning blunders – Your estate planning attorney will be able to give you personalized attention so that you don’t leave something out by accident or include something that adds confusion to the wording. Generic, downloadable wills rarely meet the specific needs of each person.
- Include additional estate planning documents – A downloadable will doesn’t make plans for things like medical decisions and emergencies. You need an advanced health directive. An estate planning attorney can help you to prepare for every situation, not just for the distribution of your assets after you pass.
- Choose the right executor, trustees, and other advocates – Your estate planning attorney can help you to recognize the importance of selecting the right individuals to carry out these roles. That means understanding what these appointed individuals are assigned to do, so you can select the people in your life who best fit the description.
The Estate Planning Attorneys for Southern California Residents
You also need an estate planning attorney who understands state laws regarding succession and healthcare matters. Contact Petrov Law Firm to have our experienced attorneys help you develop a customized estate plan to meet your family’s needs. Call us today at 619-344-0360 to get started.Read More
Whether you have a last will and testament or no estate planning at all, California probate court is going to play a role in the dispensation of your assets after you pass away. Here are a few things that you should know about probate so that you can plan for your estate the best way possible.
- You only have an executor if you prepare a will. The court will have someone handle the dispensation if you do not have any estate planning in place.
- Probate court makes sure that any existing tax debts are paid before the remaining assets are distributed to your heirs. This may reduce how much your beneficiaries receive, but at least they don’t have to worry about the taxman showing up and demanding money.
- Probate is public record, so if you don’t want everyone to know what you left to your family, then you need to find a way to keep it from going through probate.
- Probate can get expensive and tie up your assets for months or even years before your beneficiaries get anything. The best way to avoid this is to find alternative ways to leave assets directly to your family or to be very clear in your will rather than using a template from the Internet.
Estate Planning Assistants from the Pros in Southern California
The estate planning attorneys at Petrov Law Firm can help you to keep your assets out of probate court, so they are not wasted or held up. Call us today at 619-344-0360 to learn more.Read More
It is possible to make your retirement funds work hand in hand with your trusts and other estate planning. Making your trust the beneficiary of your retirement plan is one of the main ways to do this.
At first, the reason may seem obvious. You want to put everything you can into your trust so it doesn’t go through probate. But this is not the reason for making your trust the beneficiary of your retirement account. After all, your retirement account passes directly to the named beneficiary, so it will never go through probate. So what is the reason for making your trust the beneficiary? Here are two good reasons:
- Keeps your beneficiaries from removing the funds prematurely – If you pass away while your spouse is still under the retirement age, you don’t want them making a mistake that could cost a lot of money by removing the funds from the account too early and receiving a penalty.
- Keeps your beneficiaries from removing too much from the fund at once – Taking retirement funds in a lump sum can result in huge amounts of taxation. Your successor trustee can help your beneficiary to understand the consequences and to make better decisions.
Planning Ahead for Your Family’s Needs
The estate planning attorneys at Petrov Law Firm can help you to make things easier for your family. Call us today at 619-344-0360 to set up an estate plan that really works for your needs.Read More
Many people see estate planning as morbid. No one wants to think about death. However, estate planning is really about the future of your loved ones. That should make it easier to think about. With that in mind, here are the three worst things people do regarding estate planning (so you can avoid making the same mistakes):
- Not doing it – If you don’t have a house and millions of dollars, you may think estate planning serves no purpose. However, estate planning allows you to make advance medical and funeral decisions and saves your family time and expense when it comes to probate court. It’s the loving thing to do.
- Leaving it for “tomorrow” – We always think there is going to be more time. But what if you are in an accident, experience a natural disaster, or are just in the wrong place at the wrong time when the next mass shooting happens. It’s sad to say, but there is no one who is exempt from tragedy, so start on your estate plan today.
- Not hiring a professional – You may be able to print a cookie cutter will from the internet and fill in your wishes, but unless you have legal experience, you can’t really understand what you are signing. It’s far better to get the help of an estate planning attorney.
Estate Planning Attorneys in San Diego
At Petrov Law Firm, we assist families like yours to have a greater degree of certainty about the future by helping you make plans now. Call 619-344-0360 today to get started on your plans. Someday, your family will be grateful you thought of them.Read More
If you have young children, you are probably still fairly young yourself. As a result, you may not have given a lot of thought to what might happen to your family should you pass away. However, if you have minor children, you have to do your estate planning now. Here are two ways you can protect your kids with a good estate plan.
- Plan ahead for guardianship – Don’t leave it up to the state to determine who gets your kids if something happens to you and your spouse at the same time. Planning ahead shows love for your children and will give them the best situation possible if they have to deal with the trial of suddenly becoming orphans.
- Have a trust fund prepared – This will ensure that your kids will have the funds they need when they turn 18. It can also provide funds for the guardians. Or you can specify dispensations such as for college or for a wedding. This will make things easier for the trustee and will help your child to avoid squandering his or her inheritance.
Estate Planning Is a Must for Parents
You don’t have to be a millionaire to want your children to be cared for. No one can take care of your kids like you can, but with a little planning, you can make it easier on them should tragedy strike your family. Contact Petrov Law Firm today at 619-344-0360 to get your estate plan started, and let our experienced attorneys help you get things in order.Read More
Mental illness is a disease. If your beneficiary had multiple sclerosis or some other chronic ailment, you would no doubt take steps to ensure their comfort after you pass. The same is true when your beneficiaries deal with depression, anxiety, or even something like schizophrenia. Here are a few tips:
- Be careful when selecting a trustee – You need someone who is going to be genuinely understanding of your loved one’s health condition and who will handle the funds appropriately.
- Provide instructions for dispensation – Help your trustee to know when and how much to dispense from the trust by leaving detailed instructions. This can help your beneficiary to avoid squandering the money when the illness is acting up.
- Cover costs of voluntary treatment – It can be both embarrassing and expensive to have to get therapy, seek psychiatric help, or even check into a medical facility. Make it easier for your loved one by including coverage for voluntary treatment as a part of the trust.
This isn’t to embarrass your loved one or make them feel less competent. You are trying to protect your dear family member from the effects of a chronic illness, and that is a loving thing to do.
Estate Planning Assistance in San Diego, North County, and Chula Vista
Petrov Law Firm offers you assistance in all sorts of estate planning from our convenient locations in San Diego, North County, and Chula Vista. To learn more, call us today at 619-344-0360 to schedule a consultation.Read More
You want your estate plan to cover all of the possibilities. However, there are some things that are extremely unlikely unless you have specific circumstances. For example, we are going to look at two aspects of estate planning that will be especially important to you if you and your mate travel out of the country on a regular basis.
- What happens if you die while you are out of the country? – This is important to address if you regularly travel outside of the US. The expenses to repatriate your body can be extremely costly, depending on where you are when you die. Leaving instructions to your heirs can be very important.
- What happens if you and your mate die together? – If you always travel alone, you may not worry about this, but if you usually travel as a couple, making arrangements for this possibility is essential. After all, it was just in the past year that two brand new planes from what is arguably the most reputable aircraft manufacturer dropped out of the sky without warning. Now is the time to make the proper arrangements for the sake of your family should tragedy strike.
Helping You Plan for Any Eventuality in Southern California
It can be challenging to think about this sort of thing but think of how much harder it will be on your family if you don’t. Petrov Law Firm can help. Get in touch with our compassionate estate planning attorneys by calling 619-344-0360 today.Read More
Millions of dog bites occur every year across America. While there are many other more present dangers, you still want to remind your family of how to act around dogs to avert disaster. Here are a few important tips.
- Avoid dogs that are chained up – The owner has the dog chained for a reason. It is probably a watchdog and is very dangerous. In fact, 25% of dog attacks that turn fatal occur when a chained dog is provoked.
- Watch out for dangerous breeds – Pit bulls are the most well-known biters. However other breeds can also be very protective, especially German shepherds.
- Always neuter or spay family pets – It is far more common for animals that have not been neutered or spayed to bite.
- Compensation may be available – If a family member receives an injury from someone else’s dog, you may be able to receive compensation for medical bills. Insurance companies paid out more than $500,000,000 in 2017 for dog bite claims. You just need help in order to receive the maximum settlement that you deserve.
Dog Bite Lawyers in Southern California
If you or a member of your family has been injured by some else’s dog, give the dog bite lawyers at Petrov Law Firm a call at 619.344.0360. We can help keep the insurance company honest and make sure that they are offering everything that you deserve. From medical bills and missed wages to pain and suffering, we can help you calculate the right settlement.Read More