Leading Estate Planning Attorney Sam Price Debunks Common Myths About Trusts, Wills And Inheritance Rights – Redlands, CA

Redlands, United States – March 30, 2022 —

Leading estate planning attorney R. Sam Price has revealed that myths and misconceptions around wills and trusts often prevent people from engaging in the estate planning process or lead to them making unnecessary mistakes.

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

In a recent interview, the founder of the Price Law Firm, APC, in Redlands, CA, highlighted several misconceptions, such as wills and living wills are the same thing; only the elderly and sick need estate planning, and people don’t necessarily have to write a will.

Mr Price asserted: “There is confusion over what the difference is between a will and a living will. While the two estate planning documents have similar names, they serve entirely different purposes.”

 A living will is no longer used in California and the proper legal document to use is an Advance Health Care Directives 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 make your wishes known to health care providers. Advance Health Care Directives only take effect if you are alive and have no effect on your affairs after you die.”

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 to.

Mr Price said another myth to address is that a will should only be written when a person is in advanced age or sick and is only applicable to the wealthy. “A will is needed irrespective of whether you are young, old, sick, famous or rich. You have no way of knowing what the future holds.

He added: “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.”

Sticking to one will throughout your life is not advisable, he said. “For one, it doesn’t reflect changing times, lives, finances and relationships. Second, 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. “In some US states, oral wills exist, but they are limited and complicated. There is simply no replacement for a legally drawn up written will that offers unequivocal directions for a person’s estate to be divested,” Mr Price emphasized.

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.”

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: 89071874