The Importance of Having an Estate Plan in 2017
You probably plan for a lot of things, even if you don’t want them to happen. You wear a seatbelt and carry car insurance to plan ahead in case of an accident, even though you hope one never happens. You purchase a 100,000-mile warranty on a car, even though you hope the transmission lasts much longer than that. What are we getting at?
While no one wants to think about how quickly life can end, having an estate plan is a vital part of being prepared so that your loved ones are well taken care of if something happens to you in 2017. Here are a few basic things about estate planning that you may want to be aware of.
- How do I set up a trust? – It is as simple as a little paperwork, and you won’t have to worry about your beneficiary dealing with probate.
- Who keeps the documents? – The originals go with you, so be sure to keep them in a safe place.
- What is involved in estate planning? – An estate plan includes everything from living trusts to an advanced healthcare directive.
- What is the estate tax? – Estate tax affects estates that are over $5.49 million in value. However, we may be able to help you minimize taxes on amounts that exceed the tax threshold.
A New Year, A New Estate Plan
If you do not year have an estate plan, or if you need to make changes to your present plan, contact Petrov Law Firm. Our estate planning attorneys are ready to help you plan ahead for the benefit of your family. Call 619-344-0360 to begin today.
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Situations that May Call for a Psychiatric Care Directive
Advanced medical directives help maintain a person’s right to self-determine and to make medical decisions in advance while in the proper frame of mind so that health decisions can be carried out in accordance with his or her wishes if unconscious or no longer in a proper state of mind to make such decisions. One type of medical directive is a psychiatric care directive.Who can benefit most from this type of legal document?
Who Benefits from a Psychiatric Care Directive?
First of all, it is important to note that one does not to be suffering from any form of mental illness to have this type of directive. The document is in place to determine a person’s desires should he or she ever suffer from a mental disorder in the future. It can outline things such as desired forms of treatment as well as name persons who can make healthcare decisions on his or her behalf should the need arise.
If an individual suffers from a mental disorder, it is important for the person to be in the right frame of mind when the document is executed in order for it to be legal. If a person is deemed mentally incapacitated at the time the document is executed, it may be considered void.
Legal Advice Regarding Advanced Medical Directives
If you intend to execute any type of advanced medical directive, the estate planning attorneys at the Petrov Law Firm will be happy to help. This will ensure that the documents are executed properly, and your wishes will be upheld during a medical emergency whether psychiatric or otherwise.
