An estate plan is crucial for anyone with a family. Perhaps you had an estate plan in place before even having any children. If you have now added a new member of the family, whether through birth or adoption, here are a few things you should review on your estate plan.
- Adding a trust in the child’s name – You can set up a successor trustee who will be in charge of dispensing the funds for your child should you pass away before they turn 18 (or even after if you don’t want your child to have direct access and control over the funds).
- Naming a legal guardian – You don’t want to think about leaving a minor child behind, but if you and your spouse pass away at the same time, you need to be sure your child is well-cared for. Assigning a legal guardian for your child in the case of your untimely death is certainly a weighty responsibility.
- Consider updating your life insurance policy – Before having children, your life insurance policy may have taken into consideration your burial expenses and perhaps some additional funds to help support your significant other. Now, you need to think about the upbringing of a child. This will likely call for increasing the amount of insurance you have.
Estate Planning Attorneys in San Diego
Petrov Law Firm can help you to keep your estate plan up to date for all of the changes that come your way. Whether you’ve recently added a member of the family or recently moved to California, give us a call today at 619.344.0360 to learn more.Read More
If you hire an estate planning attorney, what are some of the services that you can look forward to receiving? Here are some of the vital estate planning services you can expect:
- Drafting a will – The most basic estate planning document is a last will and testament. Remember that estate planning laws vary from state to state, so you will need an experienced attorney in your state to prepare the document properly.
- Preparing medical care documents – Not all estate planning involves your wishes for after you die. Some involve your care if you become incapacitated. In this case, medical care documents can allow you to make decisions in advance and to designate a power of attorney specifically for medical care.
- Establishing a power of attorney – Besides medical care, you can also establish a power of attorney to care for specific financial matters or to be responsible for all of your financial decisions should you no longer be able to make them for yourself.
- Draft trust and other arrangements to avoid probate – If you want to keep the inheritance out of probate court for your beneficiaries, a will is not enough. An estate planning attorney can help you to establish trusts and learn other ways to keep your estate out of probate.
Estate Planning Professionals in Southern California
Petrov Law Firm in San Diego has the estate planning attorneys you can trust to draft your documents legally in the state of California. Whether you need to execute a new estate plan or update an existing one, give us a call at 619.344.0360 to get started.Read More
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
Estate planning is something that often gets pushed off for another day (or year) for many reasons. Mostly, we just don’t want to think about our own mortality or the idea that a serious accident or illness could leave us incapacitated. However, unexpected events can strike anyone at any time, and that is why you want to be prepared. Here are three tips for estate planning success.
- Don’t put it off – your family will be grateful that you had the presence of mind to put an estate plan in place if anything ever happens to you. This isn’t something you do for yourself – you do it for your loved ones.
- Review your plan annually – You should also review your plan any time that you experience a major change in life circumstances such as marriage, divorce, the birth of a child, adoption of a child, death of a beneficiary, move to another state, etc.
- Never try and do your own estate planning using downloadable documents from the Internet – Even if they were prepared by a real lawyer, you still need to understand how estate planning works in your specific state to ensure that your documents are all legally binding. It’s so much safer to hire a local attorney.
San Diego’s Estate Planning Attorneys
If you live in southern California, contact the estate planning professionals at Petrov Law Firm. We can help you to plan for the future of your family. Call 619.344.0360 to get started today!Read More
Whether you are new to California or just new to estate planning, an experienced attorney can help you to plan for the future of your family. Here is a checklist of things to consider if you are ready to get started with this essential process.
- Inventory both tangible and intangible assets so you know what you have to protect – tangible assets include things like houses and cars, while intangibles include retirement accounts and ownership equity in a business
- Determine your beneficiaries, insurance policies, guardians (if you have minor children), and medical wishes
- Hire an estate planning attorney in your state – this is vital because state laws on estate planning will vary
- Schedule your estate plan review – even before your estate plan is done, you should determine how often you will review it to ensure that your current wishes are specified
Your estate planning attorney will help you to evaluate your assets and the future needs of your family so that you can structure your estate plan in the most efficient manner possible. Remember that your estate plan is about more than just your assets. This is also about how you make your wishes known for everything from medical care (if you become incapacitated) to how you want your funeral/burial to be handled.
Hire the Right Estate Planning Attorneys in San Diego
Petrov Law Firm can help you to set up an estate plan in California or to update your existing plan if you have moved into the state. Call 619.344.0360 to get the help you need.Read More
A living trust is an essential component of a modern estate plan that protects your assets for your family or other beneficiaries. However, if you had your living trust drafted years ago, there may be some elements that will do more harm than good. Here are some reasons why you should review and update your trust periodically.
- Are new assets in the trust? – When you first formed the trust, you had to add your assets into it. However, if you have new accounts, properties, and other assets since then, you need to add them.
- Special needs of beneficiaries – Review the wording regarding your beneficiaries. Most people don’t want assets going to an adult child’s ex-spouse (unless they have the grandkids). Be careful with the structure of the trust if your loved one receives a government check (for example, if they are on disability). You don’t want your generous gift to negatively impact their income.
- Changes in your retirement accounts – It could be the accounts attached to the trust, or just the sheer amount of assets if you have done really well in recent years, that impact your estate planning. Remember that laws regarding how much time your beneficiaries have to take the assets from your retirement accounts has changed, and this can have major tax implications.
Get the Help You Need to Update a Living Trust in California
Petrov Law Firm has experienced estate planning attorneys who can help whether you need to set up a new estate plan or modify an existing plan. Call 619.344.0360 to get started today.Read More
You may already have an estate plan in place, which is a good way to show your mate you want to care for their future. However, having children should result in changes to your estate plan. Here are a few of the reasons.
- Preparing for the possible need for a legal guardian – When holding your newborn, you probably aren’t thinking about where they would be if you and your spouse were suddenly gone. However, every parent should prepare for legal guardianship of their child in the event of a tragedy.
- Set up a trust for dispensing inheritance – For everything from college tuition to buying a house for the first time to getting married, you want to set aside funds for the big events in your child’s life. A trust can allow you to set aside assets that your child will be able to use in the future, whether or not you are there to provide support in person.
- Increase your life insurance – When it was just you and your mate, you may not have felt the need to carry a large policy. However, if something happens to you now, you want to be sure to have a large enough life insurance policy to support a single parent. This may mean increasing your life insurance policy, especially if you provide the family’s main income.
California Estate Planning Attorneys
Petrov Law Firm can help you to update your existing estate plan or to develop a new one from scratch. Call our San Diego office at 619.344.0360 today to get started.Read More
What benefits can you expect to receive when you hire an estate planning attorney? Here are some of the services provided.
- Draft a last will and testament – This is the most basic form of estate planning but should still be drafted properly by an attorney in your state as each state has its own laws of succession.
- Designate beneficiaries – You also want to review your beneficiaries periodically or when you experience a life-changing event (birth or death in the family, divorce, marriage, etc.).
- Set up a DPA (durable power of attorney) and designate a medical DPA – This can allow someone to make financial or medical decisions for you if you become incapacitated.
- Find a workaround for the estate tax, as needed – For very large estates, this is essential so that your heirs don’t pay exorbitant tax rates.
- Reduce or eliminate the need for your estate to go through probate court – Probate can get expensive and increase the amount of time it takes for your beneficiaries to receive their inheritance.
- Establish living trusts so you can control your assets while alive but ensure they go to the right individual(s) when you pass away.
Estate Planning Attorneys in San Diego
If you live in southern California, you can easily obtain all of these benefits by contacting Petrov Law Firm. Call 619.344.0360 to speak with an estate planning attorney who is experienced with California state laws. We can help you to begin a new estate plan or review an existing plan to ensure your wishes will be properly carried out.Read More
A living trust can help maximize the benefits your family gains from your estate planning. Here are some of the advantages of this method of financial planning.
- Affordable – While it is much cheaper simply to have a will than to set up a trust, you still have to factor in things like the time and money that will go to probate court. A trust gets the money to the right heirs faster and with minimal costs.
- Flexible – Some people avoid trusts because they think their estate is too small. However, this is a very flexible form of estate planning. The size of your estate doesn’t really matter – it won’t be too large or too small. Plus, if you have a sudden change in the size of your estate, a trust is equipped to handle it.
- Retain control – A living trust allows you to keep control of all your assets while you are still alive. It is not shared, such as when having a family member’s name on your accounts. The money or assets are not locked into the estate. You can add or remove what is in the trust at your own discretion and buy or sell as you please.
Southern California’s Estate Planning Attorneys
Keep in mind that the laws of succession are different from state to state, so you will want to find a local estate attorney, especially if you have just moved to California from another state. Petrov Law Firm in San Diego can help. Give us a call at 619.344.0360 to start your estate plan or review and update an existing plan.Read More
Estate planning is something that always seems to get pushed off until tomorrow. However, you never know when tomorrow may be the day your family needs that estate plan in place. Therefore, we’ve come up with a list of three things you can do today to get your estate plan rolling.
#1 Take Inventory of Your Assets
Even if you don’t think there is enough to your estate to justify planning ahead, a tangible inventory will convince most people otherwise. Think about your home, property, vehicles, collectibles, and other personal possessions. Then add in bank accounts, investment or retirement accounts, and insurance policies. Do you own a business? You may realize you have a lot more to leave behind than you thought.
#2 Think of What Your Family Will Need
Are you the primary breadwinner in the household? Do you have minor children who will need a first car and tuition for college? How much does a proper funeral and burial cost in your area? Once you think about things your family will need when you are not there anymore, it becomes clear that you need to plan ahead and that there are specific events you should be planning for.
#3 Contact an Estate Planning Attorney in Your State
Estate planning law varies from state to state, so you need an attorney who is experienced in local law. In southern California, you can trust the experienced estate planning attorneys at Petrov Law Firm. Give us a call today at 619.344.0360 to schedule a consultation.Read More