Leading Wills & Trusts Attorney Sam Price Reveals Why Estate Planning Is A Vital Component Of A Person’s Life– Redlands, CA
Oct 2, 2023
Key Takeaways
- Estate planning should be a vital component of a person's life, regardless of their financial standing or age.
- Estate planning involves tasks prepared in advance to manage a person's wishes and assets in the event of death or incapacitation.
- An estate plan can include a last will, durable power of attorney, living will, and trusts to handle guardianship and financial matters relating to minors.
- It is recommended to list all assets and debts when considering an estate plan and keep them in a central folder accessible to locate easily.
- An estate plan should be regularly reviewed and updated to reflect changes in personal circumstances, such as births, marriages, divorce, and deaths.
Top Estate Planning Attorney R. Sam Price, founder of Price Law Firm, APC in Redlands, CA, explains the key reasons why estate planning gives people peace of mind in the long run. For more information please visit https://pricelawfirm.com
Redlands, California, United States - October 2, 2023 —
Estate planning should be a vital component of a person’s life, no matter what their financial standing or what age they decide to draft one, said Mr Sam Price, a California-based attorney specialized in the field.
For more information please visit https://pricelawfirm.com
In its simplest form, estate planning is a series of tasks prepared in advance to manage a person’s wishes and assets in the event of death or incapacitation.
A person's estate plan can consist of various matters, including a last will, a durable power of attorney addressing wishes after death and on incapacitation, a living will, and trusts handling guardianship and financial matters relating to minors and children of school age.
If a person is considering an estate plan, listing all their assets, such as real estate, car, savings, pensions, insurance, and any debts, is recommended. All these should be supported by documents in a central folder accessible to locate when required.
These documents should be reviewed when seeking guidance from an estate planning attorney in drawing up an estate plan, added Mr Price, Founder of the Price Law Firm, APC, in Redlands, CA.
Establishing a living will help address issues around health decisions and end-of-life medical intervention. If a person is incapacitated, a living will comes into play and reflects their written wishes. These can address decisions around 'not to resuscitate' orders or palliative care.
He said a last will and testament clarifies where assets will be allocated on death. This document usually names an executor to manage the estate and ensures that stated intentions are carried out. They are responsible for the distribution of assets to named beneficiaries and will settle any outstanding debts.
Mr Price said it might be advantageous to establish a durable power of attorney as this gives someone of your choice, such as a loved one or an attorney, the ability to enact decisions. One option is to appoint two people, with an assigned backup executor, in case their first choice is unavailable.
Attorneys can also advise setting up trusts that reflect a person's circumstances. A living trust, for example, can be used to designate part of an estate while they are alive. A trust can be created for children to inherit assets at a particular time.
It can also be conditional in assigning how finances should be spent, such as on education or medical fees, and protect assets from being squandered after death.
Mr Price said that an estate plan should be treated as a 'living document' and regularly reviewed so that it remains updated to reflect changing times, such as births, marriages, divorce, and deaths.
He concluded: "An estate plan prepared now, with clear directives, will give a person peace of mind in the long run.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Sam Price
Email: Send Email
Organization: Price Law Firm, APC
Address: 454 Cajon Street, Redlands, CA 92373
Phone: 909-488-4110
Website: https://pricelawfirm.com
Release ID: 89108614
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