The Importance of Having an Estate Plan in 2017

The Importance of Having an Estate Plan in 2017

You probably plan for a lot of things, even if you don’t want them to happen. You wear a seatbelt and carry car insurance to plan ahead in case of an accident, even though you hope one never happens. You purchase a 100,000-mile warranty on a car, even though you hope the transmission lasts much longer than that. What are we getting at?

While no one wants to think about how quickly life can end, having an estate plan is a vital part of being prepared so that your loved ones are well taken care of if something happens to you in 2017. Here are a few basic things about estate planning that you may want to be aware of.

• How do I set up a trust? – It is as simple as a little paperwork, and you won’t have to worry about your beneficiary dealing with probate.
• Who keeps the documents? – The originals go with you, so be sure to keep them in a safe place.
• What is involved in estate planning? – An estate plan includes everything from living trusts to an advanced healthcare directive.
• What is the estate tax? – Estate tax affects estates that are over $5.49 million in value. However, we may be able to help you minimize taxes on amounts that exceed the tax threshold.

A New Year, A New Estate Plan

If you do not year have an estate plan, or if you need to make changes to your present plan, contact Petrov Law Firm. Our estate planning attorneys are ready to help you plan ahead for the benefit of your family. Call 619-344-0360 to begin today.