Burbank Estate Planning Lawyer

Throughout one’s life, especially as a resident of California, many people find themselves in need of a Burbank estate planning attorney. Estate planning is an essential part of managing one’s assets and ensuring that they are passed on according to your wishes after you pass away. It can also provide peace of mind, ensuring that loved ones are cared for and that your wishes are followed.

In Burbank, an estate planning law firm can guide you through the many different parts of creating a comprehensive estate plan tailored to your unique circumstances. With a population of over 100,000 people, Burbank is an area that can use the services of an experienced estate planning attorney.

Choosing Our Legal Team

Whether you are looking to create a simple will, set up a trust, plan for tax efficiency, or safeguard your assets from potential legal challenges, Robert G. Petrovich, Attorney at Law can provide the guidance needed to craft a plan that meets your needs. With years of experience and a reputation for success, our firm is here to assist you with every aspect of estate planning.

We understand the many reasons why estate planning is such an essential part of securing your future, which is why we encourage you to connect with us today.

What Is Estate Planning?

Estate planning is the process of preparing for the management and distribution of your assets in the event of incapacity or death. It involves creating a will or trust, as well as addressing other important elements such as healthcare directives, powers of attorney, guardianship arrangements for minor children, and minimizing the tax implications of your estate.

Estate planning ensures that your loved ones are taken care of and that your estate is administered smoothly, without unnecessary delays or legal hurdles. It can also minimize the potential for family disputes over inheritance, as a well-drafted plan provides clarity on your intentions.

Key Components of Estate Planning

When working with an experienced estate planning lawyer in Burbank, several essential components may be developed to ensure a complete and effective estate plan:

• Last Will and Testament: A will is a legal document that outlines your wishes regarding the distribution of your property and assets after your death. It also names an executor to manage your estate and can specify guardians for minor children. A lawyer may help you draft a will that complies with California law and accurately reflects your intentions.
• Revocable Living Trust: A revocable living trust allows you to transfer ownership of your assets to a trust, which is managed by a trustee during your lifetime. After your death, the assets are distributed to your beneficiaries without the need for probate. This can significantly shorten the distribution process and preserve your privacy.
• Durable Powers of Attorney: A durable power of attorney gives someone the legal authority to make decisions on your behalf in case you become incapacitated. A financial power of attorney allows someone to handle financial matters, while a healthcare power of attorney allows someone to make medical decisions.
• Advance Healthcare Directive (Living Will): An advance healthcare directive outlines your medical preferences if you are unable to communicate due to illness or injury. It can include instructions about life support, organ donation, and other critical healthcare decisions.
• Beneficiary Designations: Certain assets, such as retirement accounts and life insurance policies, may have beneficiary designations. It’s important to ensure these designations are up to date and align with your overall estate plan.
• Special Needs Trust: If you have a loved one with special needs, an estate planning lawyer can help you set up a special needs trust. This type of trust ensures that your beneficiary can continue to receive government benefits while also benefiting from the assets you leave behind.
• Property in Burbank: Residents can consult the Burbank Municipal Code for regulations that might impact property and estate planning.
• Tax Strategies: California has an estate tax, and federal estate taxes may also apply to larger estates. A skilled estate planning lawyer may help you structure your estate plan in a way that minimizes the tax burden in accordance with the law.The U.S. Department of Justice’s Tax Division actively works to shut down fraudulent tax return preparers and promoters. These actions highlight the importance of consulting skilled professionals for estate planning and tax matters.
• The U.S. Department of Justice’s Tax Division actively works to shut down fraudulent tax return preparers and promoters. These actions highlight the importance of consulting skilled professionals for estate planning and tax matters.
• Charitable Giving: If you wish to leave a legacy to a charity, an estate planning lawyer can help you set up charitable trusts or other instruments to fulfill your philanthropic goals while also providing potential tax benefits.

The Importance of Updating Your Estate Plan

It’s essential to regularly check your estate plan. It is very critical to do so, especially when there are significant changes in your life. These changes could include:

• The birth of a child or grandchild
• The marriage or divorce of a family member
• A significant change in your financial situation, such as acquiring new assets or starting a business
• The death of a beneficiary or executor
• Changes in the law, such as estate tax rule updates

An experienced Burbank estate planning attorney may help you make these adjustments to ensure your plan remains up-to-date and relevant.

Recent California Legislature

As of September 28, 2024, Governor Gavin Newsom signed several bills into law. While these bills do not directly modify estate planning laws, they may influence aspects of personal planning, such as privacy considerations.

Contact Us Today

Estate planning is a crucial process for protecting your assets, ensuring that your wishes are followed, and minimizing the burden on your loved ones. By consulting with an experienced Burbank estate planning lawyer, you may be able to create a plan that meets your needs and provides peace of mind.

With our knowledge of California law and estate planning tools, our legal team can help you navigate the complexities of estate planning and ensure that your legacy is preserved according to your wishes. If you haven’t created an estate plan yet, or if it’s been a while since you last reviewed your plan, now is the time to consult with Robert G. Petrovich, Attorney at Law to safeguard your future and the future of your loved ones.