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In a recent interview leading Estate Planning Lawyer R. Sam Price, founder of Price Law Firm, APC, in Redlands, California has revealed five key elements that help to underpin a solid base for an estate plan.For more information please visit https://pricelawfirm.com
Mr Price, zeroed in on beneficiary designations, letters of intent and a durable power of attorney as three critical points that will help make an estate plan run smoothly after death or when you become incapacitated.
He said: “There’s so much to a good estate plan than simply writing out a will or a trust, although it forms the central point.
“A will is the document that you need to get right and offer clear guidelines where your possessions and assets end up. Getting this right first will help with the complete process.”
Supporting the will should be a beneficiary designation, such as those surrounding retirement accounts and insurance policies, which will help to legally execute a person’s wishes.
“Failing to do so means the administrators of these plans could step in and decide who receives your assets, even if it’s not what you wanted,” he commented.
Mr Price further emphasized: “Preparing a letter of intent is also an integral part of good estate planning. A letter of intent is a document that you leave for either your agent or executor to implement your preferred wishes following incapacity or death.”
A durable power of attorney also helps in the legal execution of managing your assets if you become disabled.
“Without a power of attorney, what happens to your assets could be left up to the mercy of a court. But a power of attorney in place will enable someone to engage in real estate and financial transactions, as well as other legal decisions, on your behalf.”
Mr Price also suggested a fifth must-do – and that is appointing an individual you trust to follow your instructions as a healthcare power of attorney. “This person can make vital healthcare decisions that align with your views if you are not able to make them yourself," he concluded.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Sam Price
Email: Send Email
Organization: Price Law Firm, APC
Address: 300 E State Street, #620 Redlands, CA 92373
Phone: 909-328-7000
Website: https://pricelawfirm.com
Source URL: http://RecommendedExperts.biz
Release ID: 89018408
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