Top Estate Planning & Probate Attorney Sam Price Tackles Wills, Trusts And Inheritance Myths - Redlands, CA
Sep 2, 2023
Leading Estate Planning Attorney R. Sam Price, founder of Price Law Firm, APC in Redlands, CA, highlights the main misconceptions around inheritance and how to avoid unnecessary mistakes when estate planning. For more information please visit https://pricelawfirm.com
Redlands, California, United States - September 2, 2023 —
Misconceptions around inheritance, trusts and wills could deprive people of making astute decisions on their assets, Redlands estate planning attorney R. Sam Price said this week.
For more information please visit https://pricelawfirm.com
He fears that fake or misguided information will fuel people’s aversion to dealing with the estate planning process and lead them to make unnecessary mistakes.
The founder of the Price Law Firm, APC, highlighted a number of issues arising from such misconceptions. He said: “For example, there is confusion about the difference between a will and a living will. While similar in name, they have entirely different purposes.”
As a living will is no longer used in California, the proper legal document is an Advance Health Care Directive which exists in anticipation of someone losing their capacity or ability to communicate. Advance Health Care Directives allow you to instruct who will make decisions over your healthcare and possibly who you want to take care of your children.
“It directs what healthcare you wish to accept or refuse and makes your wishes known to healthcare providers. Advance Health Care Directives only take effect if you are alive and have no effect on your affairs after you die,” he added.
A last will and testament are drawn up to reflect the wishes of a person who dies and directs where their assets and possessions should be distributed.
Another myth to address is that a will should only be written when a person is in advanced age or sick and only applies to the wealthy. “A will is needed irrespective of who you are.’’
“Young and healthy adults need a will and an estate plan. Unfortunately, some people die young, so there is no excuse not to have a plan in place. A will clarifies where and who should inherit your property and prevent family conflicts from arising after your death. Write it down and be clear with an estate plan.”
He also advised against sticking to one will throughout your life. He said. “It won’t reflect the changing times in your life: your personal life, finances and relationships. You need more than just a will because the will is ineffective if you fall ill and become sick; it’s only good after death. As there’s always the possibility of future illness, injuries or disability, you’ll need documents that allow someone to represent your affairs when you are alive but incapacitated.”
He said: “Each estate planning tool serves one or more specific purposes, and many of these purposes cannot be addressed by others. So consider a wide range of estate planning tools to protect yourself during life, and a last will or even a trust, once you have died.”
The myth that someone can direct their wishes without writing them down is also bogus and completely unrealistic. Mr Price said: “In some US states, oral wills exist, but they are limited and complicated. There is no replacement for a legally drawn up written will that offers unequivocal directions for a person’s estate to be divested.”
Another misconception is that someone can avoid the probate process if they make a will. “A last will does nothing to help you avoid probate,” he highlighted. “No matter how simple or complicated your estate is, your will must be submitted to a probate court after you die. This process ensures the will is legal and that your wishes are enforced.”
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: 89106231
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