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
One mistake that many people make when estate planning is either leaving it up to the state to pass an inheritance on to the right people or preparing a will and then never looking at it again while going through many life changes in the meantime. Here are a few things to consider to ensure that your possessions will reach the beneficiaries you have in mind.
- Don’t leave it up to the state – The best way to avoid conflict and make things easier on your family is you have documents prepared in advance to explain who will receive your assets.
- Check your beneficiaries regularly – Once a year, you should go over all of your beneficiaries, from wills and trusts to retirement plans, POD bank accounts, and insurance policies. Make sure that all the names are spelled correctly and that the individuals listed as your beneficiaries are the ones you want to be named.
- Consider life changes that have taken place – The traditional family structure in the US has changed dramatically. If you are married to your first spouse, and all your kids are from your marriage, you are in the minority. If you have multiple spouses and kids from different relationships, you have to plan ahead in order to ensure everything doesn’t just go to your current spouse and the children the two of you have together.
Estate Planning Support in Southern California
It doesn’t have to take a lot of time to get your affairs in order. Contact Petrov Law Firm at 619-344-0360 to schedule a consultation with one of our experienced estate planning attorneys. We can help you to ensure that your possessions pass on to the right people.Read More
Estate planning often involves leaving one’s possessions and assets to living relatives or perhaps to a charitable organization. However, what if you don’t have any relatives or are estranged from them? Can you leave your legacy to anyone you choose?
California Law That Dictates Beneficiaries
In the US, you don’t have to worry about things like forced heirship which many European nations use to limit beneficiaries. In the US, you can leave your assets to anyone you choose with very few restrictions. If you want to go to the Whitepages website and pick names at random, California doesn’t care for the most part.
The only real exception will be if you are holding the asset as community property with a spouse. But even then, you could leave your 50% to a random person.
Of course, if you leave a will that outlines random recipients of your estate, you are making things really tough on the executor, who may spend a lot of your estate simply locating the random beneficiaries. Then, you have to include long probate proceedings, especially if a randomly selected heir has passed away.
Again, it’s unlikely that anyone is looking to give their hard-earned money to just anyone. The idea is that you can if you want to, and it is nice that California doesn’t restrict what you can do with your things when it comes to passing assets on to the next generation.
Estate Planning in San Diego, California
Whether you want to leave your assets to family members, charity, or even to your favorite pet, Petrov Law Firm can help you to prepare for the future. Contact our California estate planning attorneys today at 619-344-0360.Read More