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
Writing up a will is not the first thing on the mind of most people in their 20s. After all, you are probably in good health, and it is unlikely that you have amassed a major fortune that early in life unless it was left to you by the previous generation. So what is the point of estate planning in your 20s? Here are three reasons you want your affairs in place:
- Accidents happen – A car accident or some other fatal accident can affect anyone at any time. Having an estate plan in place is a kindness for surviving family members who will be bereft enough by the tragic and premature loss of such a young loved one.
- Medical decisions – A living will allows you to make medical decisions in advance. If you become incapacitated due to an accident, injury, or illness, you can make medical decisions in advance including appointing someone who can make choices for you.
- Keep the peace – This is a unique opportunity to have your funeral arrangements set out the way you would want them to be handled. Whether you want a burial or cremation, the family doesn’t have to wonder or fight over what you may have said to various family members or friends at one time or another.
Estate Planning Is for Everyone
At Petrov Law Firm, we believe that estate planning is important for everyone. So if you are a resident of Southern California, speak to one of our estate planning attorneys by calling 619-344-0360 today. We can help you to prepare for your future.Read More
The jury is out on probate court for some since there are occasional circumstances where it can be beneficial. However, in most situations, it’s just an unnecessary drain. Here are three primary reasons you should try to keep your estate from going into probate.
- It Costs a Lot of Money – You want to leave your estate to your family, not the court system. However, a drawn-out probate battle can drain the funds from your estate rapidly. Don’t let your beneficiaries get stuck with a mere fraction of what you worked hard to amass during your lifetime.
- It Can Take a Long Time – Another issue is that your loved ones may have to wait months or years before they see any of the money that you want them to enjoy. Bypassing probate altogether is the best way to get your estate to your heirs quickly and intact.
- It Is a Matter of Public Record – You don’t want everyone knowing what you had and who you left it to. That could be dangerous for family members who suddenly have a lot of money for the first time and could become the victims of scammers. It could also cause hurt feelings among those who received a smaller portion of the estate. It is no one’s business what you decide to give or to whom you choose to give it.
Assistance to Legally Keep Your Estate Out of Probate
If you are looking for an experienced estate planning attorney in Southern California who can keep your estate assets out of probate court and get it into the hands of your loved ones, contact Petrov Law Firm today at 619-344-0360.Read More
Establishing a trust is a great way to eliminate all of the problems that come along with probate. Your family won’t have to worry about the court fees or deal with an executor. This can prevent long delays in receiving the inheritance. However, it is still important to choose the right successor trustee in order to ensure that your estate is in good hands until it gets to your beneficiaries. Here are a few ways to keep your successor trustee from making the most common mistakes.
- Hire an Accountant – Unless your trustee is particularly good with numbers and understands accounting, this is the best way to ensure that there are no errors in the record keeping. Plus, having two people to check each other’s numbers keeps everyone honest.
- Outline Instructions Clearly – Sometimes a trustee can get confused about the role that he or she plays. To eliminate confusion, make sure your estate planning documents outline how you want your trustee to act, including how the assets are preserved until they reach your beneficiaries.
- Provide Adequate Compensation – Your trustee knows how much has been set aside for your beneficiaries. The trustee is doing all of the work. So while you may leave a relatively small percent of your estate to compensate the trustee, it should be enough to ensure he or she doesn’t feel cheated or isn’t moved to maneuver for a little additional compensation from your family.
- Be Objective – Sentimentality cannot guide your choice of a successor trustee. It has to be the person who is best suited for the job. Otherwise, problems are likely to come about.
Assistance in Developing a Trust and Other Estate Planning in California
The estate planning attorneys at Petrov Law Firm are experienced in helping California residents to plan properly for the future. To learn more, contact us today at 619-344-0360.Read More