Estate Planning Attorney Tag

Updates to Your Estate Plan When You Become a Parent

If you already have an estate plan in place before becoming a first-time parent, you are ahead of many other families. However, adding a family member is a major life change that requires an update to your estate plan. Especially when you become a first-time parent, whether the child is newborn or adopted, you need to think about the following scenarios:

• Planning ahead for legal guardianship – As long as your child is still a minor, you need to have plans in place for legal guardianship should an untimely accident befall you and your mate simultaneously.
• Setting up a trust – If something does happen to both parents of a child, just having a will is not sufficient. You want a trust in place that will protect the estate until your child reaches legal age. Be sure to choose a trustworthy successor trustee who will protect the estate for your child.
• Review life insurance policies – You may decide that you now need to carry more life insurance. This will ensure that your mate and child do not experience hardship if something should happen to you, especially if you are the family’s primary breadwinner.

Updating Your California Estate Plan

Any major change in life circumstances should result in a review of your estate plan. If you are now living in southern California, Petrov Law Firm can help you to update your plan in accord with state regulations. Give us a call today at 619.344.0360 to get started with an experienced estate planning attorney.

Don’t Make These Mistakes When It Comes to Your Estate Planning

When it comes to estate planning, there are many dos and don’ts. Here are three of the don’ts so that you can avoid the mistakes that people commonly make with this essential preparation.

• Mistake 1: Doing it yourself – Estate planning should not be a DIY project. Since the laws vary from state to state, you need an estate planning attorney in your state to help you draft documents accurately.
• Mistake 2: Delaying – People in their 20s, 30s, or even 40s will often put off estate planning. Unfortunately, we always think we have more time to make these vital decisions, but this is not always the case. Plan now for the unexpected, and don’t leave the future of your family up to chance.
• Mistake 3: Not doing it at all – Some people think that estate planning is unnecessary just because they don’t have a lot of money. That actually makes leaving things to your family the right way even more essential. You also can use estate planning to make medical decisions in advance and to appoint someone to handle financial or medical matters for you if you ever become incapacitated. Estate planning isn’t all about money.

Southern California’s Estate Planning Attorneys

When it comes to planning for your California estate, you want the professionals at Petrov Law Firm in your corner. Give us a call today at 619.344.0360 to learn more about what our estate planning attorneys can do to help you protect your family.

Medical Decisions Regarding End of Life

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.

Why a DIY Will Is Never the Right Estate Planning Option

There are a lot of things that can be fun to do yourself. In fact, many home projects can save you a ton of money if you learn to take care of them on your own without the help of a paid professional. However, when it comes to your estate planning, you don’t want to take any chances. Here are three reasons:

• Mistakes – Even if you go to a legal website that offers a form will and legal support, there are still mistakes that can easily be made. Whether it is something that is omitted that should have been in your will or perhaps wording that is not valid in California (since legal matters vary from state to state), you just want to be sure that your planning is valid.
• Dispute resolution – Don’t let your life’s work end up tied up in probate court for months or even years before your beneficiaries are left with what hasn’t been spent on court fees. The wording is key when it comes to estate planning. You want to be sure that things are ironclad, so no one can challenge your decisions.
• Confidence – Hiring an attorney can give you peace of mind because you won’t have to worry if your DIY will is good enough to get your wishes carried out.

Southern California’s Premier Estate Planning Attorneys

If you are ready to prepare your estate plan with confidence, then it is time to call the pros at Petrov Law Firm. Dial 619-344-0360 today to get the help you need in being prepared for the future.

How Estate Planning Can Protect Your Minor Children

We hope that your children get to enjoy your loving care for many years to come. But what if an unforeseen accident should occur in your life? You can use your estate planning to protect your minor children. There is no substitute for you, but there are ways to look after your kids, even if you pass away unexpectedly. Here are a few important tips:

• Appoint a legal guardian – The children need to have somewhere to go if left without parents. A good family friend whom the children like and that is up to the responsibility is important.
• Set up a trust fund – A trust fund can allow you to provide financially for your children. While the bulk of the funds may not become available until the children come of age, you can allow dispensations for certain events such as if your child graduates early and needs money for college before he or she turns 18.

Don’t Leave Your Child’s Future to Chance

Sure, it will be better if your estate planning doesn’t take effect for many years because you live to see your children grow up, get married, and have kids of their own. But you can’t leave things to chance. Planning ahead will protect your child in case you are tragically taken from their life by an accident or illness.

The compassionate estate planning attorneys at Petrov Law Firm will be happy to help walk you through the process of setting up an estate plan in California. To learn more, call our offices today at 619-344-0360.

Common Mistakes People Make When Estate Planning

When it comes to estate planning, there are some common mistakes that people make. Here are some of the big ones, and why you don’t want to make the same errors.

• Leaving it for later – An accident can happen to anyone. Don’t leave your legacy up to chance simply because you don’t like thinking about your own mortality.
• Never doing it – Some people have the mistaken impression that estate planning is only for people who have millions of dollars. Regardless of the size of your estate, you should be planning ahead for the future. Estate planning is about more than just money.
• Not planning for medical emergencies – Sure, you have plans for when you die, but what about if you live? Whether you are in a coma or are just temporarily incapacitated, you want a plan in place so that someone can look after your material possessions until you regain the ability to do so or you leave them to your beneficiaries. It is this in-between gap that many people fail to plan for.

Planning for Your Future the Smart Way

If you want to plan ahead for your future in southern California, then enlist the help of the qualified estate planning attorneys at Petrov Law Firm. We can help you to avoid the pitfalls of estate planning so that things go as you plan, even if you are not there to see the plan through yourself. To get started, call 619-344-360 and schedule a consultation today.

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.

The Big “What Ifs” to Consider When Estate Planning

Usually, people are encouraged not to waste their time worrying about things that may never happen, but when you are working on an estate plan, you do have to think about certain scenarios that may be unlikely but that would seriously affect your plans. Here are three “what ifs” that your estate plan should account for.

• What if there is a family conflict after I die? A big inheritance can bring out the worst, even in families that are very close-knit. The best way to protect your loved ones is to be very explicit about who gets what. You may even choose a non-family member as your executor.
• What if my mate and I die together? If a tragedy should occur such as an accident or a disaster, this is a possible scenario. Plan ahead by outlining succession in your estate plan and be certain to include plans for the care of minor children should they lose both parents at once.
• What if I die in another country? If you regularly travel or live in another country for part of the year, be sure that dying in another country will not affect your estate plan. You may need the assistance of a lawyer from the country you spend a lot of time in along with your local estate planning attorney.

Crossing the T’s and Dotting the I’s in California

For California estate planning, contact the attorneys at Petrov Law Firm. Our experienced and compassionate lawyers can help you to plan ahead for all of the “what ifs” so that you can have the peace of mind you deserve. Call 619-344-0360 to get started today.

Will the Right People Benefit from Your Estate?

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.

Tips for Personalizing Your Estate Plan

The Internet is filled with generic wills that you can download and just add your information to. However, if you want your estate plan to be personalized, you may require the assistance of an estate planning attorney. Here are a few tips for customizing your estate plan, so that your heirs gain the most benefit.

• Leave something to charity – What is really important to you? By leaving some of your estate to charity, you can show future generations the causes that meant the most to you. Plus, you have the peace of mind of knowing that some of your estate is going to a good cause that can really create a legacy for your family.
• Pass on heirlooms – Rather than just combining all of your physical possessions to leave to a relative in one lump sum, determine some of the things that have the most sentimental value to you and turn them into family heirlooms.
• Create a narrative – By using everything from letters to video recordings, you can tell your story to the next generation. Passing on money is one thing but passing on your knowledge and experience can help the next generation to use the things that you have amassed in a wise manner.

Estate Planning Attorneys in San Diego

To help you customize an estate plan that will meet your needs and benefit future generations, contact Petrov Law Firm today. Our estate planning lawyers can help you to understand how federal and California laws affect your planning efforts. Get started today by calling 619-344-0360.