Family Legacy Building

Turning Your Estate Plan Into a Family Legacy

For some, the most important part of estate planning is keeping your assets out of probate court so that your beneficiaries don’t have to wait to get their inheritance (not to mention having the courts take their share). However, when you plan for the future of your estate, you may also decide that you want to create a legacy to leave behind for future generations. Here are a couple of ways to make that happen.

• Leave a donation to a favorite charity – One great way to leave a legacy for your family is to help out people in need. This shows your family what is important to you and provides an example of using wealth for philanthropy rather than solely selfish gain.
• Create new family heirlooms – Bequeath some of your most prized possessions to specific family members and provide a written or recorded video reason that you feel the item should become a family heirloom. Generations from now, your family may still be passing on those items along with your story to their children.

San Diego’s Estate Planning Experts

When you want more than a run of the mill estate plan in southern California, you want the help of our expert attorneys. Call Petrov Law Firm today at 619.344.0360 to get in touch with a professional lawyer who can help you create a lasting legacy for your family. We have convenient locations in San Diego, North County, and Chula Vista, so call today to get your estate plan started!

What Is Power of Attorney?

A part of your estate plan may involve setting up a trustworthy family member with power of attorney. What is power of attorney? Does your spouse automatically play this role? Let’s explain this legal process.

Power of Attorney Defined

When you give someone power of attorney, it means that you have signed a legal document giving them the ability to make certain decisions or the authority to sign particular documents for you. You can give one person complete power of attorney, which would let them do everything from signing your checks to selling your property. You can also give someonf power of attorney to carry out a particular task or for a predetermined period of time.

Can’t Your Spouse Do This for You Anyway?

Actually, no. While you are alive, your spouse doesn’t have control over your finances. If you share a bank account, of course, you can both make deposits or withdrawals and sign checks. But if you have a separate bank account, your mate would not have access. The same is true with property that is in your name alone and that you do not share ownership of. No one has power of attorney for you unless you legally grant it.

Assistance in Executing Power of Attorney

If you need to give someone power of attorney, even if it is just for a limited time or specific event – such as having a person sell a piece of property on your behalf while you are out of the county – the estate planning attorneys at Petrov Law Firm can help. Call 619.344.0360 today to schedule an appointment.

Tips for Using an Irrevocable Living Trust

If you are planning ahead for the future of your estate, one of the things you need to know about is the irrevocable living trust. There are many benefits that come with this estate planning provision. Here are a few tips.

• Use the trust to skip probate – When you set your estate up in trust for your beneficiaries, they don’t have to wait for probate court to distribute your assets. This is because you get to designate a successor trustee to care for the estate when you pass.
• Use your irrevocable trust to control your own assets – The nice thing about this form of trust is that you can be the trustee until you die. That means you have full access to the assets, and you determine what is included in the trust.
• Choose the right successor trustee – The trust becomes irrevocable when you pass. Your successor trustee’s job is to distribute the assets as you have determined beforehand. Make sure you select someone who is financially capable of carrying out this important task so that your beneficiaries receive the funds in the right way and at the appropriate time.

San Diego’s Estate Planning Attorneys

From Chula Vista to North County, residents in the San Diego area can rely on the estate planning attorneys at Petrov Law Firm. Call us today at 619.344.0360 to schedule an appointment at one of our three convenient locations. We look forward to helping you secure the future of your family.

California Allows You to Choose Anyone as Your Beneficiary

Who should inherit your possessions when you pass on? Most people immediately think of a mate or children. But what if you have no family? A close friend may suffice. But what if you have lived a long, full life and have outlived your close friends? Or what if you are just really eccentric and want to be a little more indiscriminate with your assets?

California state laws, along with federal laws in the US, don’t have any major requirements when it comes to selecting a beneficiary. It is expected that most people will choose family or friends, but it is not required.

The only time you lose the ability to choose who gets your assets is when they are considered community property. For example, if your mate’s name is also on your title or deed, you can only distribute your half of the property. You can’t give away your mate’s half.

Succession in California

If you don’t have a will or any other estate planning in place, California has laws of succession that dictate who will receive your belongings. Depending on who is still living, the line of succession usually starts with a spouse, then children, then any living parents, and finally siblings.

Estate Planning Assistance in California

Of course, you don’t want to leave things to chance, especially when it comes to blended families. Stepchildren are often cut out completely, and if you are remarried, your current spouse may not have to share anything with your children from a previous marriage. To avoid these types of issues, call Petrov Law Firm at 619.344.0360 to speak with an experienced estate planning attorney.

How to Know When to Make Your Life Insurance Beneficiary Your Trust

While it is not a common practice, there are times when it makes sense to have the beneficiary of your life insurance policy be a trust rather than an individual. Is this the best option for you? Here are a few ways to tell:

• You are concerned that your beneficiary and you may die simultaneously. You want to leave your life insurance to your mate, but what if you are traveling together and die in an accident? Who recovers the policy then?
• You already have a trust set up to avoid probate. Your life insurance policy goes directly to your beneficiary, not into probate. However, if you are already setting up a trust to protect your other assets, then you may want to include your life insurance policy.
• Your beneficiaries are under 18. Minor children won’t be able to collect on your policy until they come of age anyway. A trust can protect the funds and allow for special case dispensations (providing guardians with funds for educational supplies, healthcare, and things of that nature).

San Diego’s Estate Planning Experts

Rather than trying to figure out the best way to arrange your affairs on your own, why not give the professional estate planning attorneys at Petrov Law Firm the opportunity to help you understand your options. This will allow you to take better care of your family’s future. Call 619.344.0360 today to get the assistance you need when it comes to estate planning. 

A Few Things Married Couples Should Know About Estate Planning

Married couples can enjoy unique estate planning privileges that make it easier to prepare for the future. Here are some types of trusts that can help you protect one another financially.

• Survivor’s Trust – This is a trust that provides a clean transition if you want to leave everything to your mate. It’s very cut and dry but may not be the right option for individuals who get remarried to someone who is not a parent of their children.
• Survivor’s Trust with Qualified Terminable Interest Property – This is the right type of survivor’s trust for blended families (as well as for those with a smaller estate). It does offer nice deductions while you are both living.
• Marital Disclaimer Trust – Be sure to consult an estate planning attorney to see if this is right for you. In this case, the surviving mate has an option for a Bypass Trust. It’s a very specific type of trust for special circumstances.
• A/B Trust – This is a rare trust to provide shelter in the case of an enormous estate that would be subject to an estate tax. If you have such a large estate, be sure to ask your attorney about this type of trust.

California Estate Planning for Married Couples

Petrov Law Firm in San Diego can provide you with the estate planning advice you need. Get in touch with us today by calling 619.344.0360, and let us help you to ensure that your estate is in good order

How to Make Your Estate Plan More Personal

You can have a generic will drafted and insert the names of your beneficiaries. At least you are planning ahead and not leaving things up to chance for your family. But what if you really want to put your own stamp on your estate plan and make it personal? Here are a few ideas:

• Name heirs to receive particular heirlooms – You may not think that your family has any heirlooms because nothing sentimental was left to you. However, you can start an heirloom that gets passed on for generations to come. Leave your favorite piece of jewelry or other type of valuable to a specific family member who will cherish it.
• Donate to charity – You can make your favorite charitable organization a beneficiary of some of your estate. This can allow you to make a reputable name for your family and do good for the community.
• Share your experience – From photos and handwritten letters to digital pictures, videos, and audio files, you can leave a wealth of knowledge and experience to the next generation. Share how you were able to become such a success, and maybe future generations will follow.

Develop a Personal Estate Plan in Southern California

The experienced attorneys at Petrov Law Firm can help you to develop an estate plan that you are proud of and that will provide joy to your family during their time of loss. To schedule a consultation, give us a call today at 619-344-0360. We’re the estate planning attorneys that San Diego residents trust.

How to Turn Your Estate Plan into a Lasting Legacy

Most people think about two things when it comes to estate planning: (1) Leaving your assets to the next generation, and (2) Making sure that you have your medical wishes in order regarding end of life decisions and things of that nature. However, there is another important element to estate planning, and that is leaving a legacy behind. Here are a few tips:

• Photos and Letters – Leaving behind old family photos and handwritten or typed letters can allow you to pass on some of the family’s history to the next generation.
• Audiovisual media – By leaving recorded messages and videos for your family to watch, you ensure that future generations will not only remember you but will continue to benefit from your wealth of wisdom.
• Conditional trusts – Rather than just leaving funds directly to heirs, you can set up conditional trusts. Your successor trustee will then distribute funds when the conditions you require are met. For example, you can set funds aside for the grandchildren that will only be released for college tuition and other educational costs. Or you can encourage young entrepreneurs in your family by leaving funds to be distributed when they finally open that business they’ve been talking about for years.

Create a Family Legacy, Not Just an Estate Plan

The estate planning attorneys at Petrov Law Firm can help you in your endeavor. If you live in the state of California, give us a call at 619-344-0360 to get your estate plan started today.

Does California Have Restrictions on Naming Beneficiaries?

When you are planning for your estate, the people who come to mind are likely your relatives, and perhaps a charity that is dear to your heart. However, you may not have any close relatives, or at least not anyone you feel close to. What can you do then? Does California force you to leave your estate to blood relatives?

State Laws in Regard to Naming Beneficiaries

This question comes up because of certain European nations which have laws forcing heirship. In the US, such laws don’t exist on the federal level, and California has not done much to impose its own will on whom you may choose to name as an heir. There is only one primary exception.

When a couple holds an asset as a community property (e.g., you each own 50% of your home), you can only dictate who receives your portion of the asset, not the entire asset.

Can I Make My Beneficiary a Random Person?

Sure. While this is a rather unorthodox way to pass on your estate, you could technically look in the phone book and select names at random to place in your will. The main issue will come when your executor is trying to get in touch with these individuals. They may pass away before you, or they may have moved without you knowing, or they could potentially refuse to speak with the executor thinking the call is some kind of scam.

California Estate Planning Law Experts

Whether you want to pass on your inheritance to your closest blood relative, a charity, or even just a good friend, Petrov Law Firm can help. Contact our estate planning attorneys today at 619-344-0360 to schedule a consultation.

When You Have a Beneficiary with a Mental Illness

Mental illness is increasingly common in the world today. If a relative has an illness, it doesn’t make you love them any less or want to take care of them any less. Therefore, your estate plan needs to be able to help you provide the support you want your loved one to have while compensating for the fact that he or she may not be able to manage the money alone. Here are a few tips to help guide you.

• A loyal and compassionate trustee. By appointing the right trustee over any trust that you leave to your loved one, you can ensure that the funds will be used for your loved one at the right times and in the proper amount.
• Controlling what funds can be dispensed for. Perhaps your loved one doesn’t need someone to care for him or her, but is still concerned about things like impulse spending or squandering the inheritance in other ways? Structuring the inheritance so that funds are only released for certain types of expenses is a good way to protect your loved one.
• Covering voluntary treatment costs. You can structure the trust so that your loved one receives a dispensation when he or she seeks medical care relating to the condition. This may move your loved one to see the high value of proper treatment and may provide the funds necessary to get the right care without the guilt of how expensive medical treatment can be in the US.

Discretionary Trusts and Other Estate Planning Methods in California

At Petrov Law Firm in San Diego, our estate planning attorneys will be happy to help you plan for the future needs of your loved ones. To see what types of estate planning are best for your family, contact us today at 619-344-0360.