Leading Estate Planning Attorney Sam Price Highlights Misconceptions Related To Cost Of a DIY Will, Trust Planning, And Estate Inheritance – Redlands, CA

Redlands, California, United States – July 20, 2022 —

Creating a DIY Will without legal advice could cause significant financial and emotional worries for family members, advised Estate Planning Attorney Sam Price in an interview this week.

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

The Founder of Price Law Firm, APC, in Redlands, CA, said DIY wills are just one of many misconceptions surrounding wills, living wills, and trusts when people try to minimize costs and protect their financial assets.

Mr Price asserted: “Trying to save on costs of an attorney could ultimately mean the financial pain could be far greater than the financial gain in the long run.’’

“An experienced estate planning attorney will know about different trusts and wills, the legal system, its impact on people’s circumstances and planning, and what to do in the estate planning process.”

Wills define what happens to your assets after you die. But those who create their own wills can sometimes neglect or fail to understand the impact of probate in the process, the costs and the pressure executors are under to manage the will, identify creditors, carry out real estate sales, and ultimately distribute all the assets.

“Making your own plan may save money upfront, but correcting mistakes can cost thousands of dollars due to unforeseen issues or misunderstanding the legalities,” said Mr Price. “Those seeking to handle the process without legal backup could also spend unnecessary time navigating the system.”

He elaborated: “Failing to leave a will can also be a costly mistake as associated fees of the probate and estate settlement can spiral. If you don’t have a will, the state government has made a will for you. The state’s wishes are done, not yours.’’

“Lacking an executor, a court will make those decisions or appoint someone to do so – all at extra cost. The problems of an unplanned estate lie in the lack of clarity – who are the creditors, the legitimate heirs, the sale of real estate, etc.”

This will entail more court hearings, could lead to disagreements between family members, drain the estate’s resources and lengthen the process.

If wills are crafted without legal help, they may also fall short in law and further handicap the eventual outcomes a person intended for their estate. This could result in courts taking more time and cost in re-establishing issues you failed to address.

Having no plan can drain an inheritance if heirs are bad at financial management or young adults that are intent on spending the inherited estate quickly. 

Mr Price confirmed: “Seeking an experienced estate planning lawyer’s advice can help minimize the cost to your estate than if you created it yourself.” 

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: 89078686

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