If all you have is a last will and testament (or worse – nothing at all), then when you pass on, your estate will have to go through probate court. Of course, probate is there for a reason. It’s not all bad. However, there are some excellent reasons to try and pass as much as possible to your heirs without this provision. Here are a few reasons:
- It can affect how much your beneficiaries receive – Probate court isn’t free. The longer the money stays tied up, the more court costs will consume, leaving less for your loved ones.
- It is a matter of public record – Sadly, we have to worry about scams and thieves. That is the world we live in today. If it is on public record what you left to your family members, it could result in criminals targeting your heirs.
- It can result in delayed receipt of assets – Your beneficiaries may not even receive their inheritance for months or years after you pass away. This is especially true if there is no will or if the will was poorly written, and it ends up contested in court.
Estate Planning Attorneys in San Diego
You can keep much of your estate out of probate court by having your estate planning handled professionally. Call the experienced attorneys of Petrov Law Firm today at 619.344.0360 to learn more. Whether you need to start your estate plan from scratch or update an existing plan, we’re here to help residents of southern California.Read More
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
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
Probate court isn’t always a bad thing, but it can sometimes mean that your heirs will have to wait a while to get their inheritance. It can also be expensive since creditors may get their share and the courts will, of course, take a cut for fees. So how can you use your bank accounts to avoid probate? Here are a couple of ways.
- Payable on Death (POD) Accounts – If you make your bank account payable on death to a specific beneficiary, then you cut out the middleman and get your money directly to the heir. The only negative is that you will need to change the name of the beneficiary right away if you have a change of circumstances or just want someone else to get the money.
- Joint Savings or Checking Accounts – If someone else’s name is on your bank account with you, then they can continue to use the account as usual when you pass. The money is already theirs in the eyes of the bank anyway since the account is shared. This is an easy way to leave funds to someone who you trust not to take anything from you while you are alive.
California Estate Planning Attorneys
If you need help planning for your estate in the state of California, the experienced attorneys at Petrov Law Firm can help. To schedule a consultation, give our San Diego office a call today at 619-344-0360. We look forward to helping you plan ahead for the future of your family.Read More
Probate court can be beneficial when a person dies without any estate planning in place. However, when you are planning for your estate, part of the goal is usually to keep your assets out of probate court. Here are a few of the reasons why.
- It can be a long process – You want your heirs to benefit from your estate as quickly as possible. However, probate court can tie up funds and other assets for months or even years in rare cases.
- It can get expensive – The longer things drag on, the more court costs will mount up. This can result in major court fees that can make a significant dent in your estate before your heirs even get to enjoy it.
- Everything is public record – When your estate goes through probate, it becomes public record. This may open your beneficiaries up to attacks from scammers or other criminals who now see how much you left to various family members or friends.
Protect Your Estate with Professional Estate Planning Services in California
At Petrov Law Firm in San Diego, we specialize in helping California residents to protect your estate and preserve it for future generations rather than for court fees. Our attorneys are experienced in helping clients to set up trusts and directly leave their estate to heirs in other legal ways. To schedule a consultation, call us today at 619-344-0360. We look forward to helping you plan successfully for the future of your household.Read More
California probate court is where decisions are made regarding the estates of both those who die with no will and those who have a will. What do you need to know about California probate court so you can do your estate planning accordingly?
If I Don’t Have a Will, Does Probate Court Appoint an Executor?
Not exactly. There is someone who will be appointed to handle your affairs, but an executor is someone whom you appoint in a last will and testament to take care of these matters for you.
What Happens to Taxes or Debts That I Owe?
Probate court ensures that all of these debts are paid from your estate. Thus, whatever is left over and goes to your heirs will be theirs without the worries that a bill collector will come knocking at the door later on. Since there is only a brief window for collectors to receive anything, this may encourage some of the debts to be forgiven.
Is Probate Public Record?
Yes. If you rely on probate to care for your estate, anyone will be able to go and look up who your beneficiaries are and what they received. This can make them targets of scams.
How Long Will My Estate Be Tied Up?
It depends. Funds can be stuck in court for months or even years depending on whether it is very clear who should receive your assets. This can be a huge financial drain on the estate as well.
Where Can I Get Estate Planning Help to Avoid Probate?
If you want your assets to avoid probate in California, Petrov Law Firm in San Diego can help. Our experienced attorneys can help you to set up the right type of trust fund so that your beneficiaries can receive assets much faster. To learn more, call 619-344-0360 to schedule a consultation.Read More
You cannot just assume that the right people will benefit from your assets when you pass on. Estate planning is required in order to ensure that your wishes are carried out. Unfortunately, many people make the mistake of thinking they can do nothing and that their mate and children will automatically get everything. Here’s the issue with that mentality:
The traditional family structure is becoming less common in the US.
If you and your mate have only ever been married to each other and all of your kids are naturally born to the two of you, you may actually be correct in thinking that your loved ones will inherit everything. But how many families are like that?
If you are raising grandkids, have children from multiple spouses, have adopted children, or have been married more than once, you may have no idea what the line of succession will be for your family. On top of that, family members may have different ideas as to how to care for you medically if you become incapacitated later in life. There can also be fights over funeral arrangements.
Lovingly Caring for the Future of Your Family
The loving way to care for the future of your family is to have an estate plan in place. Petrov Law Firm is your source for estate planning attorneys in southern California. Get in touch with our San Diego and Chula Vista lawyers today by calling 619-344-0360. We can help you plan for your future.Read More
The words probate court probably have you envisioning huge wait times and losses for your heirs. While this is not always the case, it can be, so we’re going to look at a simple way to cut out the middleman, as it were. Here is how you can use bank accounts to avoid probate.
- POD Accounts – You can set a bank account to be payable on death. This allows the account to transfer directly to the named beneficiary without going through probate. Keep in mind that you need to remember to change the beneficiary if you have a change in circumstance and want a different person to inherit the account. Otherwise, this will go to the named beneficiary, regardless of how your wishes may have changed.
- Retirement Accounts – Retirement accounts generally require a named beneficiary. These also transfer automatically when the account holder passes away. This is another situation that involves reviewing and updating your estate plan regularly to ensure the right people are listed as your beneficiaries.
- Shared Bank Accounts – Anyone you share an account with would obviously still have access to it if you pass away. The main downside to this type of account is that the other individuals could do whatever they want with the money even while they are still alive.
Planning for Your Estate and Probate in California
To help money transfer quickly and seamlessly to your heirs in California, contact the Petrov Law Firm today. You can speak to an experienced estate planning attorney in San Diego by calling 619-344-0360 and scheduling an appointment.Read More
The short answer is no. For legal purposes in the state of California, all of your documents need to be printed and signed. California courts will only accept the original documents as evidence. So does that mean you shouldn’t have an electronic copy of your estate plan?
The Simple Way to Review Your Estate Plans
The fact is that you should be reviewing your estate plan annually to ensure everything is in harmony with your current desires. This also allows you to account for major life or income changes. If you get married, divorced, have a child, lose a business account, gain a large sum of money or a piece of property, or experience any other major change, the first thing you should do is go over your future plans. A digital copy of your estate plan can make it simple for you to review matters without having to get your planning documents from a fireproof safe, safety deposit box, or wherever you may store the original documents.
Planning for Your Estate in the State of California
To understand estate planning in California, all you have to do is call the professional estate planning attorneys at the Petrov Law Firm. We are happy to put our experience to use in assisting you to ensure your final wishes are met and that your estate assets are distributed just as you desire. To learn more, call our San Diego office at 619-344-0360 and schedule a consultation.Read More
Probate is the process that determines how a person’s assets and properties are distributed after he or she passes away. When a person dies without an estate plan, California probate court makes the decisions regarding what happens with a person’s belongings.
A last will and testament allows you to designate an executor who acts as a go-between for your beneficiaries and the court system. This can help to speed up the process and may save some of the estate from going on legal fees. It also gives you more control over who your estate is assigned to and how it is distributed.
However, if you want to avoid the time and expense of the probate process altogether and give your beneficiaries a larger cut in a more expedient way, you can set up a revocable living trust. While you are alive, you can control what goes into the trust and who it is left to. You can also designate a successor trustee who takes control of the trust and the proper distribution of it when you die. This is often the preferred way to leave a larger estate to heirs.
Planning for Your Estate in Southern California
To plan ahead successfully for your future, be sure to enlist the help of the estate planning attorneys at Petrov Law Firm. We have the knowledge and experience to help California residents meet their estate planning goals. To learn more, call 619-344-0360 today!Read More