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
We’re going to take a look at three often unforeseen events that can threaten to ruin a person’s estate plans. How can you develop a plan that is protected against these potential dangers?
#1 Family Conflict
Sometimes an inheritance can come between even the closest of family members. With that in mind, it is important to be specific about who gets what in your estate planning. You may choose to have an executor or trustee be an unbiased non-family member if you anticipate any possible issues.
#2 Simultaneous Death of Both Mates
If you plan on leaving everything to your surviving mate, you need an alternate plan in place should you both pass away together. This may occur in an accident if the two of you spend a lot of travel time together, so it is best to plan ahead just in case, so tragedy isn’t compounded by confusion over what happens to your estate.
#3 Death in a Foreign Country
If you don’t live in the country where your estate plan was formed, or you intend to travel to another country, it is important to see if anything in your estate plan conflicts with the laws of the other country you will be in. This will help things to go smoothly should you pass away while overseas.
Planning for Your Future With an Estate Planning Lawyer in California
Petrov Law Firm is here to help you include all of the contingencies you may require from your estate planning documents. To learn more, contact our San Diego or Chula Vista offices today by calling 619-344-0360.Read More
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
Estate planning is an important way to ensure the future of your loved ones and protect them from having to make difficult decisions without knowing your wishes. However, there are some common pitfalls that many fall prey to when it comes to estate planning. Here are some of the biggest estate planning mistakes.
- Waiting – No one wants to think about death. And the younger a person is, the more he or she is likely to put off estate planning. However, life is uncertain. If a tragic accident were to befall you tomorrow, what would happen to your family? Estate planning is a kindness to your loved ones, and the sooner you take care of it the better.
- Never Changing It – Our lives change. Things like divorce can dramatically affect how your estate plan should be set up. You don’t want to accidentally leave something to a beneficiary whom you no longer have a personal or business relationship with simply because you forgot to change the paperwork.
- Not Including Medical Wishes – Most people associate estate planning with financial matters and funeral arrangements. But having an advance healthcare directive is also vital. This allows you to make healthcare decisions in advance should you ever becoming incapacitated. It also allows you to select someone trustworthy to execute those decisions for you.
- Lack of Communication – Your executor shouldn’t see your will for the first time after you have passed away. Benefactors need to know how you have chosen to divide things so that no one is shocked or hurt by your decisions. When you clearly communicate with your family, there will be fewer disputes over your will.
Effective Estate Planning in California
Don’t make the common estate planning mistakes we’ve outlined here. Contact the Petrov Law Firm to speak with an experienced estate planning attorney in the San Diego or Chula Vista areas. Call 619-344-0360 today to get started.Read More
IRAs have become a popular form of retirement account. They offer tax benefits and are also convenient for a person who runs his or her own business. However, there are a few concerns when it comes to estate planning and IRAs. Here are three things you need to protect your retirement account against so your beneficiaries receive their full inheritance.
- Taxes – Sometimes when an IRA account owner dies, the account is liquidated, and the funds are sent as a check to the beneficiary. The problem with this is that accepting that check may subject your beneficiary to paying a ton of taxes, thereby negating any tax benefits you previously received from putting money into the retirement account.
- Divorce – With an IRA, you select a beneficiary. Thus, a divorce will likely mean changing the beneficiary on the account, a fairly simple process but one that is easy to forget. A 401(k) is a little more complicated because it automatically goes to your next of kin. That means if you pass away before the divorce is finalized, your soon-to-be-ex may end up getting the money.
- Creditors – While retirement funds don’t pass the same way a bank account would, it is also very different from a trust. Thus, creditors may have the opportunity to sneak in and get their cut.
Proper Estate Planning to Protect Your IRA, 401(k), and Other Retirement Accounts
To make sure the right person or persons benefit from your hard-earned money, trust the estate planning pros at Petrov Law Firm in San Diego. We offer the premier California estate planning services in the area. Call 619-344-0360 to get started now.Read More
There is something you need to know if you and your partner are not legally married. You can’t expect California state law to treat two people who are cohabiting the same way that it does a married couple when it comes to succession. As a result, if you don’t plan on getting married anytime soon, you need to think about the effect this will have on your estate planning. After all, you want your partner to be well taken care of if something happens to you.
How California Estate Laws Differ for Married and Unmarried Couples
When two people are married and one spouse dies, the other spouse has inheritance and property rights that automatically go into effect. This is not the case when there is not a legal union between the two individuals. However, this does not mean an unmarried partner is entirely without recourse.
In fact, as long as the petition is filed promptly, California law may even help an unmarried survivor to enforce verbal contracts that were made when both parties were alive. The term for this type of case is a Marvin petition.
Estate Planning in California to Avoid Complications
Of course, rather than relying on the ability to win such a case in court, the best way to make sure the person you love receives an inheritance is to fill out your estate planning documentation properly now. The estate planning attorneys at Petrov Law Firm in San Diego and Chula Vista would be happy to help you prepare your documents properly. To get started today, call 619-344-0360.Read More
When you name the beneficiaries in your will, your assumption is that you will pass away before your heirs. However, due to the general uncertainties of life, a beneficiary may sometimes die before you. What does this mean for the transfer of your estate? Here are a few things you need to know.
- California has an anti-lapse statute – This means that your estate can pass to the spouse or children of your kin. For example, if you leave money to your brother, but he dies before you, his wife or kids will receive the inheritance. This won’t work if you leave your money to a close friend who is not a blood relative.
- You can overrule the anti-lapse statute – Let’s say you want to leave $15,000 to your favorite nephew, but you have no relationship with his wife or children. You can include a clause in your will that he gets the money if he survives you, but that the gift lapses if he is not alive.
- The key is clarity – Include clear instructions on what is to happen if your beneficiary does not live to receive his or her inheritance This will ensure that your estate goes exactly where you want it to go.
Preparing a Will and Other Estate Documents in California
In order to ensure that your last will and testament along with other estate planning documents are all executed properly, contact San Diego’s estate planning professionals at Petrov Law Firm. To get started on your documents or to update existing estate plans, contact us today at 619-344-0360.Read More