One of the biggest mistakes that people make with estate planning is thinking that all estate planning is about is what happens when you die. Your estate plan should include contingency plans for during your lifetime. Here’s something many people miss, and a quick fix for it.
Planning for Incapacitation
It’s a scenario we forget to plan for because we don’t like to think about it. What if you ever become mentally incapacitated during your lifetime? It could be due to an accident or illness that leaves you unconscious for a period of time or simply due to the mental degradation that sometimes accompanies old age. But it raises the question: Who will make financial decisions for you if you are no longer of sound mind to do so yourself?
Naming a power of attorney in your estate plan is the perfect way to ensure the courts don’t end up having to appoint a conservatorship to care for things for you. You get to select someone you trust to carry out your wishes rather than their own. And you don’t have to worry about undue influence affecting you if your judgment ever becomes less than sound. This can prevent your estate from becoming tied up in a long legal battle.
Planning for the Future in Southern California
From selecting a power of attorney to setting up revocable living trusts, Petrov Law Firm can help you select the estate planning options that are best for you. Speak to one of our estate planning attorneys to learn more. Call 619-344-0360 today to get started.Read More
You may be looking for a way to leave your assets to heirs without the added time and expenses involved in probate. If so, a living trust could be exactly what you have been searching for. But does this mean that you are turning over control of your assets to a trustee?
If you set up a revocable living trust, then you are the trustee while you are still living. This gives you complete control over the trust. You can add assets or remove them from the trust at any time. It is a great way to leave property and other assets to your heirs and have them avoid probate without giving up control during your life.
However, when you pass away, your revocable living trust becomes irrevocable. At this point, a successor trustee will take over. He or she will then carry out your wishes for the trust in accord with any instructions that you have left behind. This makes it important to determine in advance what you want a successor trustee to do.
Providing Instructions for Your Successor Trustee
If you are a California resident in the San Diego area, Petrov Law Firm is your source for the best estate planning lawyers to help you leave instructions for your successor trustee that ensure your wishes are carried out when you are no longer here to do so yourself.
To learn more about how to set up a revocable living trust with a successor trustee in order to avoid having your estate go into probate, contact Petrov Law Firm at 619-344-0360. Our attorneys will be happy to help you get your affairs in order, regardless of how large or small your estate may be.Read More