Top Estate Planning Attorney Sam Price Reveals Immediate Actions To Take In Case Of Being Incapacitated – Redlands, CA

Leading Estate Planning Attorney R. Sam Price, founder of Price Law Firm, APC in Redlands, CA, outlines why it’s important to plan an estate sooner rather than later to reduce potential financial and emotional worry in the long run. For more information please visit https://pricelawfirm.com

Redlands, California, United States – October 29, 2022 —

Estate Planning Attorney Sam Price has spoken of the need to take estate planning seriously and avoid potential financial and emotional pain in the long term.

For more information please visit https://pricelawfirm.com

The Founder of Price Law Firm, APC, in Redlands, CA, said that people that became incapacitated and had no estate planning were deprived of making important decisions that affected them later in life.

“Estate planning is not exclusive to addressing issues after someone has died,” he asserted. “Doing it now is essential and relevant, and takes away any future worry and concern if you later become incapacitated.”

‘’In reference to incapacity, someone else takes responsibility for a person’s finances and financial and medical decision-making. So appointing an agent under your power of attorney will enable them to act on your behalf and follow your wishes to the letter.’’

He added: “It is critical to use someone you trust implicitly or nominate a licensed bonded professional. When setting up such powers of attorney, it is important to tell your agent, preferably in writing, your financial and medical wishes.”

But he advised against assigning joint ownership of your assets and finances. “Joint ownership adds another owner to your accounts or assets. If that joint owner runs into trouble, your account or property can be used to pay their debts even if they never contributed to the asset.”

Establishing a living trust is another practical step. This involves retitling certain assets under the ownership of a trust that will be overseen by a successor trustee who will make decisions on those trust assets if you become incapacitated, Price explained.

Mr. Price said: “That trustee will wield much power in managing trust assets, so you need to think carefully about who to appoint. Equally, not having a plan could see future decisions taken that may not align with your wishes.” 

Anyone considering estate planning should seek advice from an experienced estate planning attorney. “You need to be comfortable with the implications, but they will offer the best course of action and ensure a plan is comprehensive enough to reflect all your wishes,” 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

Release ID: 89083592

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