Making your own decisions is an important part of the estate planning process. After all, it is your future, and the whole point of estate planning is to ensure that your wishes are carried out regardless of whether you become incapacitated or pass away. But a do-it-yourself will based on an online template poses several risks.
- Leaving out important details – An estate planning attorney will know what questions to ask. Do you need to change your beneficiaries? Have you opened new accounts since you last looked at your will? You don’t want a 20-year-old will to outline wishes that you don’t even agree with anymore.
- Loopholes – When you leave money or other assets to family and friends, you don’t want to leave loopholes mistakenly. This could result in a greedy or vindictive family member dragging out a long probate battle, exhausting much of the funds and tying up what isn’t wasted.
- Taxes pitfalls – You don’t want your beneficiaries getting stuck paying most of your estate out in taxes. An estate planning attorney can help you to pass along the funds the right way and even help you to leave advice for beneficiaries.
Handling Your Affairs the Right Way in Southern California
The San Diego based attorneys at Petrov Law Firm can help you to handle your affairs the right way so that no details are left out, all the loopholes are closed, and tax concerns are handled properly. For peace of mind in the estate planning process, call 619-344-0360 today.Read More
Estate planning is about being as prepared for the future as you possibly can be. With that in mind, we’re going to tell you about three of the mistakes people commonly make, so you can avoid them.
Mistake #1 – Not Planning at All
The biggest mistake you can make is deciding estate planning is not for you. People make all sorts of excuses – I’m too young, I’m in good health, I don’t have that much money – but the fact is that it hurts the ones you leave behind if you don’t have a plan in place.
Mistake #2 – Not Keeping the Estate Plan Up to Date
There are certain events that should always trigger a review of your estate plan. These would include life-changing events such as a marriage, divorce, birth, adoption, the death of a successor, and the like. It would also include major financial events like suddenly receiving or losing a large asset or sum of money.
Mistake #3 – Not Preparing for Incapacitation
Many people only make plans for death and not for temporary incapacitation during life. Should you be affected by mental illness, become unconscious due to an injury or accident, or even suffer from dementia later in life, you want plans in place for the sake of both your finances and your medical care. That means appointing individuals to implement your wishes for you.
Getting Your Affairs in Order in Southern California
If you live in San Diego or any of the surrounding communities, the Petrov Law Firm would be happy to help you plan effectively for your future. Talk to our estate planning attorneys now by calling 619-344-0360. We can help you to avoid the pitfalls of trying to plan for your estate on your own.Read More
Even once you have an estate plan in place, your job isn’t over. You need to regularly maintain and review your estate plan to make sure it accurately conveys your present wishes. We’re going to give you five tips to help you review your plans successfully without making it a burden.
- Scan the Plan Annually – Every year you should at least look over your estate plan to make sure you don’t need to change beneficiaries, power of attorney, or other vital things such as these.
- 3 to 5 Year Review – Every few years, you should do a more thorough review to go over your financials. Make sure you haven’t taken on any new assets that have not found their way into the plan somehow.
- Review Income Changes – If you have a sudden influx of income or suddenly have significantly fewer assets, you will want to review your plans to make sure they still make sense.
- Major Life Changes – Marriage, the birth of a child, the death of a successor or beneficiary, or any other major life event will require changes to your estate plan.
- Change of Mind – Any time you change your mind about anything related to your estate plan (who gets what, funeral arrangements, medical wishes, etc.), you will want to look over your estate plan again.
Help in Making Estate Plan Adjustments in California
If, after careful review, you discover that you need to make adjustments to your estate plan, contact Petrov Law Firm in San Diego. Our estate planning attorneys can provide you the assistance you need to keep your future plans up to date with your current wishes. Call 619-344-0360 today to schedule an appointment.Read More
The jury is out on probate court for some since there are occasional circumstances where it can be beneficial. However, in most situations, it’s just an unnecessary drain. Here are three primary reasons you should try to keep your estate from going into probate.
- It Costs a Lot of Money – You want to leave your estate to your family, not the court system. However, a drawn-out probate battle can drain the funds from your estate rapidly. Don’t let your beneficiaries get stuck with a mere fraction of what you worked hard to amass during your lifetime.
- It Can Take a Long Time – Another issue is that your loved ones may have to wait months or years before they see any of the money that you want them to enjoy. Bypassing probate altogether is the best way to get your estate to your heirs quickly and intact.
- It Is a Matter of Public Record – You don’t want everyone knowing what you had and who you left it to. That could be dangerous for family members who suddenly have a lot of money for the first time and could become the victims of scammers. It could also cause hurt feelings among those who received a smaller portion of the estate. It is no one’s business what you decide to give or to whom you choose to give it.
Assistance to Legally Keep Your Estate Out of Probate
If you are looking for an experienced estate planning attorney in Southern California who can keep your estate assets out of probate court and get it into the hands of your loved ones, contact Petrov Law Firm today at 619-344-0360.Read More
Estate planning is about more than just deciding what kind of funeral you will have or who will receive what from your personal belongings. Long-term care, which is often necessary at the end of a person’s life, is a vital consideration. Why is this the case? Here are three reasons:
- It Happens to a Lot of People – While only about 1 in 10 people will spend over three years in a nursing home, over 40% of people will be there for at least some time. Whether you end up in a nursing home or an assisted living facility, failure to factor it into your estate plan can be devastating to your benefactors.
- It Costs a Fortune – An assisted living facility can cost upwards of $3,500 per month. As you can imagine, that can drain the estate of most seniors rather rapidly. A one year stay in such a facility can take over $40,000 from your estate. Even if you have millions, you didn’t earn it to give it to a private care facility, and estate planning is the right way to minimize costs.
- Your Health Benefits Probably Won’t Cover It – Many older ones make the mistake of thinking it doesn’t matter how much extended care facilities cost because they have Medicare, Medicaid, or some form of private insurance. You can choose to protect yourself with a long-term care insurance policy. Just be sure you don’t end up paying for the care in advance by means of exorbitant premiums.
Helping You to Prepare for the Future in Southern California
At Petrov Law Firm, we want all of our clients to enjoy their golden years and still have something to pass on to their family. Contact our experienced estate planning attorneys today by calling 619-344-0360 to get started on an estate plan that will meet your needs.Read More
DIY has become a buzzword with fewer and fewer people wanting to pay someone else to do something that they think they can handle themselves. That’s great when it comes to most things. However, planning for your future and for the benefit of your heirs is one of the times that you don’t want to take chances. Here are three reasons to pass on using a DIY will for your estate plan.
- Interpretation Disputes – You may be an eloquent person, but that doesn’t mean your every word will be interpreted correctly or the same way by two different people. If there is a dispute over what something you say in your will means, it can tie your estate up in probate court for years and result in a great deal of your assets going to the court system rather than to your beneficiaries. That isn’t what you’ve worked so hard for all your life.
- Mistakes – Even if you get a little online legal assistance from a site that helps you put together a will, you don’t get the personal attention that you would from a local estate planning lawyer who is specifically experienced with the laws in your state. Mistakes in wording or even in omitting something (like failure to name a healthcare agent) can lead to major issues.
- Peace of Mind – You shouldn’t have to wonder if your will is going to be good enough. Hiring an estate planning attorney can provide you with peace of mind. You will know that all of your bases are covered and that your family’s future is secure.
Hire the Right California Estate Planning Attorneys
If you are planning for the future in the state of California, Petrov Law Firm has the estate planning lawyers you want on your team. Our compassion and experience will make the process as simple as possible and provide you with the peace of mind you want. To get started, call us today at 619-344-0360.Read More
No one wants to think about the end of his or her life. However, if you have anything to leave behind to your loved ones, you have probably at least gone through the mental exercise of deciding who gets what. There are other elements of an estate plan, however, that require engaging the emotions. Here are a few things to consider:
- Protecting the emotions of survivors – When you pass away, there will be people who mourn you. Your estate plan can make things easier for But you need to consider now what emotional burdens your family may face so you can plan accordingly. For example, will it save infighting if you detail how you want the funeral to be arranged?
- Keep private matters private – A last will and testament becomes public record when you die. So if you don’t want everyone being able to look into your business, it is better to consider other estate planning options such as leaving assets to your loved ones by means of a trust. This can keep anyone from having hard feelings over knowing who received which parts of your estate.
- Leaving behind a legacy – You may wish to leave private letters or videos for your beneficiaries to provide advice or just to say goodbye and give them a memento. Your estate is a great way to pass on heirlooms, family lore, and other priceless history that may not have monetary value but plenty of sentimental value.
California’s Compassionate Estate Planning Attorneys
If you want estate planning attorneys on your side who can help you to navigate both the logical and emotional side of planning for the future, you want the compassionate lawyers at Petrov Law Firm in your corner. Contact us today at 619-344-0360 to start planning how to leave your loved ones something truly special.Read More
Some people are willing to take the chance that everything will pass to their spouse and kids. Others are content to draw up a will and let the courts have their part in matters. But if you want your family to receive your estate with an increased degree of certainty and without the courts causing delays and expenses, there are two things you need to include in your estate planning.
- Trusts – A trust can allow your heirs to skip probate. You can manage the trust while you are alive and appoint a successor trustee to carry out your wishes and disseminate the trust in your absence. It gives you the flexibility you need while you are alive and provides your beneficiaries with the convenience of fewer court fees and the excessive time it may take to receive funds if probate is involved.
- Power of Attorney – Whether you are appointing a healthcare agent to make medical decisions should you become incapacitated or a power of attorney to make financial decisions, this is a great way to block courts from stepping in and appointing a conservatorship to take care of matters for you. You can outline your wishes in advance and appoint someone you trust to carry out those wishes as opposed to whomever the court may grant guardianship to.
Smart Estate Planning in Southern California
Petrov Law Firm offers smart estate planning options to residents of San Diego and the surrounding areas. If you are ready to take control of your future rather than leaving it in the hands of the court system, give us a call today at 619-344-0360.Read More
When it comes to estate planning, trusts are an excellent way to protect your family from drawn-out court proceedings and expensive probate hearings. We’re going to look at two of those options, and how they may be able to add a level of protection to your estate plan.
Revocable Living Trust
A revocable living trust is a great way to leave your estate to your beneficiaries without having it go through probate. You can even serve as the trustee while you are still alive and control what goes into the estate personally. Then you can appoint a successor trustee to distribute things to the right heirs at the right time. Some people even decide to make the revocable living trust the beneficiary of their life insurance policy. That makes it payable to the trust beneficiaries and no one else.
Irrevocable Life Insurance Trust
This type of trust helps you to administer the benefits of one or more life insurance policies for your beneficiaries. It provides tax benefits and protects the insurance money from creditors. You can also fund the trust with other assets besides just your insurance policies. Those assets can be used to pay the insurance premiums.
Planning for Your Estate in California
If you have an estate to leave to beneficiaries in California, even if it is primarily your life insurance policy, you can still benefit from the professional advice of the estate planning attorneys at the Petrov Law Firm. To get started, give our San Diego office a call at 619-344-0360.Read More
You are to be commended if you already have an estate plan in place. It shows that you care about your beneficiaries and you want things to go as smoothly as possible for them once you are no longer here or even if you become incapacitated for a time.
However, things come up in life that require changes to an existing estate plan. If you come across any of these life experiences, it is time to change your estate plan as soon as possible.
- Marriage – Whether you have a previous marriage or not, you want to be sure that there is nothing in your estate plan that would keep your new mate from inheriting his or her fair share of your assets.
- Birth or Adoption – This would include your children or any grandchildren. Don’t forget that if you divided everything evenly between several kids and grandkids that you will have to add in the latest child or grandchild so no one gets left out.
- Divorce – It is unlikely you want a former mate to receive anything, or at least not the same share he or she would have received while you were married. Don’t forget to change the name of your beneficiary on your retirement funds or life insurance policies.
- Death of an Heir – There are times when sadly we outlive our successors. It is especially important to select a new executor or successor trustee quickly should one of them pass away.
- You Move Out of State – Different states and countries have varying laws. So if you have moved to a new state or country, you need to review your estate plan. If you have moved to California, give Petrov Law Firm a call.
San Diego’s Estate Planning Attorneys
Petrov Law Firm has the estate planning attorneys you need to help you enact or update an estate plan. Call us today at 619-344-0360 to get started!Read More