As far as the initial investment is concerned, it is cheaper to have a will and let your estate go through probate. So why do people spend the extra money to execute trusts and use other estate planning methods to cut out the court system as much as possible? Here are a few reasons.
- Probate court is public – A criminal could check the public records to see who inherits what and then target those people with scams, knowing that they recently experienced a loss and gained possessions of value. Keeping things off the record protects your beneficiaries and may help to preserve your estate.
- Probate court takes time – This is especially true if your will is contested. Your beneficiaries are not going to receive anything until the court decides who your estate rightfully belongs to. A vindictive person who was cut out of the will could tie the assets up for months or even years if they are they are able to make their case well.
- Probate court can get expensive – The longer your estate is tied up in court, the higher the court fees, lawyer fees, and executor expenses will climb. Your beneficiaries may lose out on far more than what you have to pay to take care of the paperwork now.
Get the Estate Planning Help You Need in Southern California
Petrov Law Firm has the experienced estate planning attorneys for you. Call 619.344.0360 today to get started on your plan or to update an existing one.Read More
Probate court is a provision set up by each state to assist with succession when a person dies without a will or if they have a last will and testament only. It can really help a person’s family if there was no estate planning in place. However, this can take time and cut into the ultimate amount received due to court fees.
On the other hand, with a little planning, you can bypass probate and get the majority of your assets to your loved ones without the wait and expense. Here are three reasons to take advantage of trusts and other estate provisions that go straight to your beneficiaries.
- They get the money faster – Even if the trustee has instructions on how and when to distribute the money, the only delays would be due to your instructions and not for time spent in court.
- They get more of the money – While you may pay your successor trustee to handle the funds, there is no way to know how much would be used up in court, especially if your loved ones need to hire a lawyer to get your estate.
- No one knows who gets what – Probate court is public record, so everyone knows how much your assets were worth and who they went to. Proper state planning keeps your inheritance private to protect your beneficiaries.
San Diego’s Estate Planning Lawyers
Contact Petrov Law Firm today to get in touch with the area’s top estate planning attorneys. Just call 619.344.0306 to learn more about what we can do for you.Read More
While California is taking rapid action to combat the spread of COVID-19, it is still vital for each of us to do what we can to protect our own family. One thing to consider is your estate plan, either developing one or reviewing your existing plan. Here are a few things to think about for those who are at high-risk.
- Is your advance medical directive in order? – If you end up on a ventilator, you want your medical wishes down in writing in advance, and you need to select an agent to help ensure those decisions are enforced.
- Do you have a will, trusts, or joint accounts set up for a clear transition of assets? – If something should happen to you suddenly, you won’t have time to scramble and get documents together. These decisions need to be made in advance.
- Do you have a contingency if you and your primary beneficiary both die? – Sadly, this disease has, at times, simultaneously claimed the lives of multiple members of a family. You need to be sure that there are secondary beneficiaries in place.
- Is your existing plan up to date? – If you already have an estate plan, it wouldn’t hurt to go over it, Make sure that your current beneficiaries are the ones that you want in place and make any changes that you need to right away.
Estate Planning Professionals in San Diego
If you live in the San Diego area, contact Petrov Law Firm for all of your estate planning needs. Just call 619.344.0360 to schedule a consultation with an experienced estate planning lawyer.Read More
A cookie-cutter last will and testament template from the Internet might be able to help you assign an executor, assuming it is worded properly for the state you live in. However, real estate planning requires the help of a local professional who understands state laws regarding succession. If you want to put your own personal stamp on your estate plan, here are a few things you won’t find in a generic template.
- Recordings – You’ve probably watched a movie or TV show wherein someone leaves a video message behind for loved ones to treasure. Digital storage makes for an even more lasting keepsake. Your video can be played over and over, even to introduce you to generations of your family that are born after you pass on.
- Charitable contributions – What better way to leave a legacy than to support your favorite cause? You can provide assistance for the community and provide your heirs with an object example in being generous at the same time.
- Conditional trusts – Conditional trusts allow you to support the hopes and aspirations of your beneficiaries. You can make the trust conditional on anything like an heir getting married, buying their first home, having a child, going to college, starting a business, going to rehab, or whatever else you want to support them in accomplishing.
Creating a Lasting Legacy for Your Family
Estate planning is so much more than just deciding who gets what. Petrov Law Firm can help you explore the options that are available to you in the state of California, call 619.344.0360 to learn more today.Read More
If you were to die in the state of California with no last will and testament in place, what would happen to your belongings? California, like other states, sets its own line of succession in regard to inheritance. Here is the initial line of succession, depending on family members who survive you.
- Spouse – Remember that this only applies to those who are legally married. If you have been cohabiting with the same person for many years, it may not be something you think about.
- Children – Things can get complicated if you have children with multiple people, so blended families shouldn’t rely on natural succession.
- Parents – If you are survived by your parents but do not have a legal spouse or children, they will be the next of kin.
- Siblings – If there are no closer relatives, your siblings should be contacted next.
Keep in mind that this line of succession depends on a court-appointed individual being able to identify and contact your next of kin. To ensure the line of succession or to change the order, you will have to perform your own estate planning. Also, planning ahead and executing the right documents will speed up the process and result in fewer assets going to the courts or state.
Planning Ahead for Succession in California
To ensure that your family receives what they deserve as soon as possible or to add charitable donations to your estate planning, you want the help of experienced estate planning attorneys. Call 619.344.0360 to contact the professionals at Petrov Law Firm.Read More
Is it worth it write a Last Will and Testament when you are still in your 20s or 30s? What if you are still single or don’t own your first home yet? The fact is that responsible estate planning isn’t about your age or how much you own. Here are three reasons millennials should have a will.
- You have the energy – If you don’t, imagine how much worse it will be in another 10 or 20 years. Now is the time to take care of things that consume time and energy but are necessities, and that includes estate planning.
- You should be making healthcare decisions in advance – Estate planning isn’t just about deciding who gets your stuff. You also need to make advance medical decisions and appoint someone to carry out your wishes if you are every unconscious or incapacitated.
- Accidents happen – We hope this never happens to you, but if you end up the victim of a tragic accident, you want to make sure your family is taken care of, and that means planning in advance for the worst-case scenario.
Care for Your Loved Ones with Estate Planning
Estate planning shows your love and concern for your family goes beyond just the time that you get to be with them. This is how you show your affection even after you are gone. Call 619.344.0360 today to speak with a professional estate planning attorney at Petrov Law Firm. Let us help you to plan ahead for the future in the state of California.Read More
If you have been named the executor of someone’s last will and testament in the state of California, then you have a weighty responsibility to carry out. Here are three tips to help you succeed.
- Communicate well – You are going to have to spend a lot of time on the phone negotiating the estate’s taxes, debts, and creditors. You also need to stay in constant communication with the court and with the beneficiaries.
- Stay organized – There is a lot to do as an executor, so being organized is a necessity. Be sure to keep track for the decedent’s wishes as well as important documents while you are working out the details for the heirs.
- Get help from an estate attorney – Estate planning attorneys have experience both helping people plan for their estate as well as helping executors to carry out the task that has been placed upon them. While you may worry about spending some of the estate on legal counsel, it’s far better than making a mistake that could cost the beneficiaries a large sum or tie up the money for months or even years.
Estate Planning Lawyers in San Diego
For the best estate planning lawyers in San Diego, North County, and Chula Vista, residents turn to Petrov Law Firm. We’re here to help you whether you are planning for your own future or carrying out the wishes that you have been entrusted with. Contact us today by calling 619-344-0360 and schedule an appointment at one of our three convenient locations.Read More
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.Read More
It is important to make advance decisions regarding your estate and your beneficiaries. However, it is advisable to have the assistance of an estate planning attorney. What are some of the risks of trying to write a will on your own?
- Estate taxes – While current estate tax laws allow for quite a large estate to pass on to heirs tax-free, you want to be sure that you keep up to date with current estate tax legislation so that most of your money doesn’t end up going to the government instead of your family.
- Missed details – It doesn’t matter how many times you double check your work if there is something you are unaware of that should be written in advance. Boilerplate wills that are available online don’t fit every situation, so you may be omitting important information.
- Legal loopholes – Every state is different when it comes to succession, so you want to be sure that you are working with an attorney who knows the legal language to use for the state that you presently live in.
California’s Premier Estate Planning Attorneys
If you live in the San Diego area, contact the Petrov Law Firm today to get the best legal help in planning your will, executing advance medical directives, setting up trusts, and more. Our assistance can allow you to have peace of mind, knowing that your wishes will be carried out. To get started on your estate plan, or to update an existing plan, call us today at 619-344-0360.Read More
A patient has a great degree of latitude when it comes making end of life decisions. For example, you can choose whether or not the medical team will preserve your life using machines if your condition is fatal, irreversible, or if there is a medical degree of certainty that you will never regain consciousness. You also have decisions that involve weighing certain forms of treatment versus the risks and side effects.
The way that you make these decisions in advance is by executing an advance health care directive. In California, you can make medical decisions in advance by means of this document, and you can appoint a surrogate to give voice to your wishes if you are unconscious or otherwise incapacitated.
When you make these kinds of decisions in advance, it shows concern and love for your family, who would otherwise have to make these decisions without you and maybe amidst a great deal of disagreement. Executing an advance medical directive provides clear instructions, which benefits decision-makers and ensures that your personal wishes are carried out.
Preparing an Advance Medical Directive in California
Every state has its own laws regarding advance medical decisions, so you should enlist the help of an estate planning attorney to ensure your document is worded correctly. The estate planning attorneys at Petrov Law Firm can help you to execute an advance medical directive and other estate planning documents. Call our San Diego office today at 619-344-0360 to learn more.Read More