Unforeseen events often have devastating consequences, but having protection can help guard assets and family, urges California Estate Planning Attorney Sam R. Price. —
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The founder of the Price Law Firm, APC, in Redlands, elaborated, in an interview this week, that a last will and testament, as well as a family trust, can often smooth estate planning when a person passes away or becomes incapacitated.
Mr Price said: "Dying without making a will can cause unnecessary grief for family and provoke fights in areas where there is doubt over the estate. While we can't control every aspect of our lives, we can control what happens to our assets."
Being clear should be part of any estate planning, and having an updated will, can help narrow out any room for argument.
These normally encompass who will be the executor to carry out a person's wishes, who takes care of any young children, and how property and assets are to be divided.
"Dying intestate could result in a probate court allocating your assets in a way you never intended," said Mr Price.
Estate planning can include detailed medical and financial powers of attorney, and Mr Price advises consulting a specialized lawyer on these issues.
"A medical power of attorney with healthcare directives is vital when you are incapable of making your own medical decisions," said Mr Price. "It allows the person selected to make decisions on your behalf and your instructions.
"This rings true for the financial power of attorney as that person will ensure bills are paid, and any financial matters are
“Medical and financial documents are only good during life, so you must have professional help when you put together all the proper living and death documents."
He said an alternate person should be listed as an executor if the first choice, usually a spouse, cannot fulfil the role. He concluded: "If something untoward happens, planning your estate can help save you and your family headaches and heartaches down the line."
Name: Sam Price
Email: Send Email
Organization: Price Law Firm, APC
Address: 300 E State Street, #620 Redlands, CA 92373
Source URL: http://RecommendedExperts.biz
Release ID: 89054806