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.Read More
Being a successor trustee is a weighty responsibility. You want to be sure that person you select will do what is best for the trust and ensure a good financial future for your beneficiaries. However, there are some common pitfalls that a successor trustee could fall into. Here are a few ways to provide help that may prevent the most common pitfalls.
- Bookkeeping errors – Is your trustee level-headed but not the best with numbers? An accountant can help ensure that no mistakes are made. Plus, a second set of eyes keeps everyone on the straight and narrow.
- Crossing the line – A successor trustee can fall into think that he or she plays a larger role in how the assets are preserved than you intended. Leaving precise instructions will help your trustee to remember what his or her proper function is.
- Envy – Your trustee sees what you are leaving to your beneficiaries and is the one doing all the work. In order to avoid feelings of envy or jealousy from clouding the trustee’s judgment, it is a good idea to provide adequate compensation.
It is also important to be objective when selecting your successor trustee. The best way to avoid problems is to select the best person for the job rather than allowing sentiment to get in the way.
California Estate Planning Experts
For more assistance with trusts, contact the estate planning attorneys at Petrov Law Firm by calling 619-344-0360. We are happy to help California residents plan for the future with confidence.Read More
You may seem to have two goals that are at odds. You want to set aside a nice nest egg for your future heirs to enjoy. However, you also want to build up funds so that you are comfortable after retirement, even if you live to a very old age. How can you make your estate planning and retirement planning work together? The secret may be to make your trust the beneficiary of your retirement fund.
Mistakes Heirs Make with a Retirement Fund
It may seem to make sense just to leave your retirement fund directly to a beneficiary. After all, the funds won’t go through probate. However, there are some mistakes that a grieving heir may make which could seriously affect a retirement fund. For example:
- Taking the funds too soon – Your beneficiary may not realize there are large penalties for taking the retirement money too soon.
- Taking the funds all at once – Taking the fund in such a lump sum could result in half of what you saved going to Uncle Sam instead of your beneficiary.
Leaving the funds to a trust means that you can appoint a successor trustee to help dispense the funds at the right times. This allows you to leave the fund to your loved ones but not the responsibility of knowing when best to withdraw the money.
Wise Planning for Your Family’s Future
If you have assets, including a retirement account, to leave to your heirs, contact Petrov Law Firm today by calling 619-344-0360. We can help you to settle your affairs today so that your family can enjoy a comfortable future.Read More
California probate court is where decisions are made regarding the estates of both those who die with no will and those who have a will. What do you need to know about California probate court so you can do your estate planning accordingly?
If I Don’t Have a Will, Does Probate Court Appoint an Executor?
Not exactly. There is someone who will be appointed to handle your affairs, but an executor is someone whom you appoint in a last will and testament to take care of these matters for you.
What Happens to Taxes or Debts That I Owe?
Probate court ensures that all of these debts are paid from your estate. Thus, whatever is left over and goes to your heirs will be theirs without the worries that a bill collector will come knocking at the door later on. Since there is only a brief window for collectors to receive anything, this may encourage some of the debts to be forgiven.
Is Probate Public Record?
Yes. If you rely on probate to care for your estate, anyone will be able to go and look up who your beneficiaries are and what they received. This can make them targets of scams.
How Long Will My Estate Be Tied Up?
It depends. Funds can be stuck in court for months or even years depending on whether it is very clear who should receive your assets. This can be a huge financial drain on the estate as well.
Where Can I Get Estate Planning Help to Avoid Probate?
If you want your assets to avoid probate in California, Petrov Law Firm in San Diego can help. Our experienced attorneys can help you to set up the right type of trust fund so that your beneficiaries can receive assets much faster. To learn more, call 619-344-0360 to schedule a consultation.Read More
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.Read More
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.Read More
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.Read More
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.Read More
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.Read More
In our years of estate planning expertise, we’ve just about seen it all. This allows us to help our clients avoid the common pitfalls that affect many estate plans. Here are a few things to watch out for.
- Not Doing It – No one wants to think about his or her own mortality, but you are only hurting your loved ones by not having a plan in place. You don’t have to wait until you are a senior citizen to plan ahead for your future. And should some tragedy cut your life short, having an estate plan in place can make things a lot easier on the people you care about most.
- Neglecting Medical Planning – Estate planning is not all about assets. You also want to make advanced medical decisions. This gives you the opportunity to appoint an agent to champion your medical decisions or to make decisions for you should you become incapacitated for a time.
- Never Reviewing Your Plan – Our lives can change in an instant. A birth, a marriage, an adoption, a divorce, a financial reversal – these are all things that can have a profound effect on an estate plan. Be sure to review your plan every year to make sure it still accurately reflects your wishes and review it immediately when you experience a major life event like those listed above.
Plan for Your Future the Right Way
Petrov Law Firm offers the experienced California estate planning attorneys that you need in order to plan ahead for your future and protect your assets and rights. To learn more, contact us for a consultation at 619-344-0360 today.Read More