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.Read More
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.Read More
One thing you will come across when researching estate planning is the ability to use a living trust to control your assets while you are alive and then leave them to your family later. Is this really a beneficial method of estate planning? Yes! However, there are some misconceptions that cause people to shy away. Let’s debunk a few.
- Myth: It’s too expensive – While it is true that an attorney will charge more to draft a living trust than a standard will, the savings will come for your family. Rapid transfer of assets without the costs of probate court makes an initial fee more than worth it.
- Myth: My estate isn’t large enough – If your estate isn’t huge, that is all the more reason to leave it all to your family and not to the court system. Probate court will absorb a larger percentage of a smaller estate, and it will waste valuable time.
- Myth: I will lose control of my assets – Not with a living or revocable trust. You are free to do whatever you want with your things while you are still alive. An irrevocable trust is a different story, but the tax advantages are beneficial if you do have an extremely large estate.
Preparing an Effective Estate Plan in Southern California
Petrov Law Firm has the estate planning attorneys to help you prepare for the future of your loved ones. Let us assist you in finding the most efficient way to leave behind an estate of any size. Call 619.344.0360 to get started today.Read More
Any significant change in your life circumstance should lead to a review of your estate plan. This is particularly true when your family changes size. A divorce certainly qualifies since you now have one less family member – your spouse. Here are a couple of reasons to immediately review your estate plan after a divorce.
- Some things don’t go through probate – If you have a POD bank account, a retirement account, a trust, or a life insurance policy, the assets will go to your assigned beneficiary without passing through probate court. Therefore, you are required to change the beneficiary while you are still living. If you die and your ex’s name is still on any of these documents, they will get the inheritance despite the divorce.
- You want to take care of your kids, even if you get remarried – Getting a divorce when you have kids adds another layer to estate planning, especially if you ever get remarried. Natural succession in California will pass everything to your new mate, so if you want kids you had with an ex to get an inheritance, it now has to be explicit in your estate plan.
San Diego Estate Planning Attorneys
Petrov Law Firm has the estate planning attorneys to help walk you through this process in the state of California. Whether you have recently moved into the state, experienced a life change, or just have never put an estate plan in place before, we’re here to help. Call 619.344.0360 to get started today.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
Procrastination is common, especially when what we have to accomplish seems like a giant we need to slay. That can happen when it comes to estate planning. It may seem like a monumental task that is best left for another day. Or you may simply not want to think about your own mortality. However, you don’t want to make one of the three classic blunders regarding this crucial task. Here are three things to avoid:
- Waiting until it is too late – From car accidents to illnesses, there are so many things that could result in a healthy person being tragically taken or incapacitated. You need to have your estate plan in place now, just in case.
- Failing to review your plan after life changes – From a wedding or birth to a divorce or death, you need to review your plan every time you experience a major change in life circumstances. Moving to a new state also counts since your plan with have to reflect state legislation.
- Using a DIY will off the Internet – When you are planning for the future of your family, you don’t want to leave anything to chance. A professional can help ensure that your estate goes to your heirs instead of the government.
Estate Planning Professionals in Southern California
Don’t delay. Get help with your estate plan now. The pros at Petrov Law Firm can help you develop an estate plan from scratch or review and amend an existing plan. Call 619.344.0360 to get started today!Read More
Having a child is a momentous occasion in the life of a family. Whether this is your first or you have several little ones running around the family home, you have reasons for joy. You also have reasons to revisit your estate plan. Here are some things you may need to change now that you have children in the household.
- Legal guardian planning – No parent wants to think about their child having to go through the loss of a parent at a young age. However, accidents can happen, and the loving thing to do is to be prepared. That means assigning guardianship of your minor children should anything cause you and your spouse both to pass away at the same time.
- Putting a trust in place for each child – A trust is a great way to ensure that your child will be well taken care of, even if you die before they reach legal age. The money will be protected in the trust, and a loyal successor trustee can ensure that the funds are used to care for your child until he or she is old enough to accept the assets themselves.
Don’t Wait to Begin Estate Planning if You Have Children
Now is the time to get your estate planning squared away, and don’t forget to review your plan every time you add a new member to the family. Petrov Law Firm is here to help. Just call 619.344.0360 to ensure your family is protected.Read More
When your beneficiaries have preexisting health conditions, this can have an effect on your estate planning. In what ways may the plan be affected? Here are a few tips when it comes to leaving behind assets in trust for an ill family member. Keep in mind that these suggestions apply for family members with all sorts of chronic ailments, including mental illnesses.
- Your successor trustee will play a crucial role – Choose someone who you trust to be able to handle the delicate situations that may arise when carrying out your instructions regarding the dispensation of the trust.
- Your instructions need to be crystal clear – If your instructions are clear, this empowers your successor trustee to handle matters with the proper compassion, while also protecting the estate for your loved one. When it comes to financial matters, sentimentality can often be a detriment, whereas logical thinking can result in the best fiduciary decisions.
- Include disbursements for medical care – Make sure your loved one can get the medical care that he or she needs by allowing early disbursement of funds. This is especially vital if your beneficiary is a minor who may not otherwise have access to the money.
Compassionate Estate Planning in Southern California
For all of your estate planning needs, especially if your family faces a delicate situation, contact Petrov Law Firm. Call 619.344.0360 today to learn how our estate planning attorneys can help you to craft a plan that meets the unique needs of your family.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
Many people put off estate planning because no one likes to consider their own mortality. It can also be a little confusing if you try to do your own planning without the help of a professional. However, if you want to be sure that your assets go to your loved ones, then you need to be prepared. Here are two of the most important things to do regarding estate planning.
- Don’t wait any longer – If you haven’t done any estate planning or you haven’t received help from an attorney, now is the time to get your affairs in order. While California has laws regarding succession, you don’t want to rely on the state to be certain that your beneficiaries receive what you want them to get. Good estate planning will ensure your heirs get what they deserve in an efficient way without the expense and time of the court system.
- Review your documents regularly – Even if you already have an estate plan in place, you need to go over your documents annually. Every state has its own laws regarding estates, so if you move across state lines, that means going over your plan. Also, make sure that your named beneficiaries on insurance, retirement, and bank accounts and policies are accurate and up to date.
Estate Planning Experts in Southern California
Petrov Law Firm in San Diego has the estate planning attorneys to help you set your family up for the future. Contact us today at 619.344.0360 to learn more.Read More