If you have a loved one who suffers from mental illness, you may wonder how you can continue to provide loving support even after you have passed away. Your estate planning can help. Here are three ways to use estate planning to provide ongoing support for a mentally ill family member.
#1 Appoint the Right Trustee
If you want to leave funds to your family member but want to be sure they are used properly, selecting the right trustee is a must. This honest and caring individual can help to dispense the right funds at the right time and for the right reasons.
#2 A Trust That Covers Treatment
You can set up your trust to cover the expenses of any voluntary treatment your loved one decides to undergo. This can help to ensure that he or she does not forgo needed treatment due to feeling like it is too big of an expense.
#3 Provide Structure
If your loved one deals with things like anxiety, depression, or hoarding tendencies, a large inheritance may feel like more of a burden than a blessing. A well-structured estate plan can remove the uncertainties by only allowing dispensations for particular expenses. This relieves the loved one of the pressure to avoid misusing the funds due to some type of compulsion.
Setting Up a Discretionary Trust in California
If you want to provide ongoing care for a mentally ill loved one using your estate planning, Petrov Law Firm can help. Our compassionate estate planning attorneys can help you to set up a discretionary trust, will offer advice for choosing the right trustee, and can help you legally execute all of your documentation so that your wishes are sure to be carried out. To learn more, call our San Diego office today at 619-344-0360.Read More
When it comes to estate planning, the most dangerous attitude to have is that if you simply choose to do nothing your mate and children will automatically inherit everything anyway. First of all, there are a lot of exceptions to the rule when it comes to automatic inheritance. Second, estate planning is about so much more than who gets what.
Will the Right Loved Ones Receive Your Estate?
One of the biggest factors that people fail to think about when it comes to succession is that nearly a fifth of Americans are not in what was once considered a typical family structure. For example, many are on a second marriage (or perhaps more than that). There are adoptions, stepfamilies, and blended families. Grandparents may be raising grandchildren. In these and many other situations, you can’t rely on the state to pass along your assets to the people you want them to go to and in the amounts you view as fair.
What Else Estate Planning Prepares For
Even if your family is the most traditional of households, your estate planning will still benefit your loved ones. It can help them to avoid a lengthy and expensive probate process. It can also provide instructions for your healthcare should you become seriously incapacitated during your final months or years. It also allows you to dictate how you want funeral arrangements to be cared for, so there is no disagreement between grieving family members. Taking care of these matters in advance is both loving and kind.
Helping You Prepare Estate Documents in California
Petrov Law Firm is proud to help California residents prepare in advance for these and many other situations. If you live in the San Diego or Chula Vista areas, contact our estate planning attorneys today by calling 619-344-0360.Read More
Money isn’t everything when it comes to proper estate planning. We’re going to look at three ways you can put your personal stamp on your estate and pass on more than just material assets to the next generation.
- Tell Your Story – More than just saying which of your heirs receive property, bank accounts, or other assets, be sure to include something of emotional and spiritual value for your family. By recording events that comprise your own life story and leaving these documents, audio files, or videos to successors, you can also pass along a wealth of knowledge and experience.
- Family Heirlooms – Be sure to include specific direction regarding who is to receive certain family heirlooms and why they are special. Even something as simple as grandma’s pasta bowl that she brought over from the old country can take on greater significance when left to a relative along with the story of how it has been passed through the generations.
- Share Your Values – Modern businesses have core values, but really they are just trying to imitate people. What are your values? Have you shared them with your family? By planning your estate the right way, you can show the value you place on things such as education and charity.
Estate Planning that Is Uniquely You in San Diego, CA
If you are looking for estate planning attorneys in California, the experienced professionals at Petrov Law Firm can help you to create a Will or Trusts that meet your unique needs and wants. To learn more, contact us today by calling 619-344-0360.Read More
How do you want to be remembered? Someone who leaves lots of money to heirs may be remembered as successful or even generous. However, you may desire to create a greater legacy for yourself. How can you use estate planning to pass on more than just cash? Here are three ways.
- Audio and Video Files – The modern generation is all about technology. The best way to reach young minds and hearts is through digital media. Audio and video files that you leave behind allotting your wealth of life experience can make a great impact on your heirs and import vital values to those you leave behind so they don’t have to make the same mistakes that you did.
- Photos and Letters – Of course, there is a place for old-school media in an estate plan as well. Whether it is a family photo album with names and dates to share the family legacy or handwritten letters to family members, this gives you the opportunity to personalize the message you pass along to your beneficiaries.
- Specific Trusts – This is a great way to create a legacy. Leave funds in trust for a charitable organization you support. Create an educational trust for school-age Leave behind incentive trusts that are to be used for specific things so that funds are only dispensed when your nephew finally decides to open that restaurant, or your children take their kids on an annual family vacation.
Creating a Legacy Through Estate Planning
If you want to leave behind more than just money, Petrov Law Firm would be proud to help you develop an estate plan to meet your needs. If you are in the San Diego or Chula Vista, California areas, contact us today at 619-344-0360 to get started.Read More