Leading Estate Planning Attorney R. Sam Price, founder of Price Law Firm, APC in Redlands, CA, warns of the chaos that follows when families neglect estate planning. For more information please visit https://pricelawfirm.com
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California estate planning attorney Sam Price has highlighted some of the ‘nightmare’ scenarios he has personally witnessed when families fail to adopt effective estate planning strategies.
For more information please visit https://pricelawfirm.com
Many people die without even making a will because they believe they either don’t need one or estate planning doesn’t apply to them, given the value of the assets they are likely to leave behind.
But Mr Price, the Founder of Price Law Firm, APC, in Redlands, said: “As an attorney, you often come across scenarios where people have died but do not have a will or an estate plan in place.’’
“When this happens, they die intestate, meaning that a probate court will step in and oversee the process. It will decide who gets what, which can mean people benefitting from assets that the person who has died may never have contemplated giving to when they were alive.”
Dying without making a will or having an ineffective estate plan could also mean children get nothing and a new partner inheriting everything, he added.
Mr Price said that having an estate plan that clearly outlines a person’s wishes a baseline that most people should consider. Their wealth is protected and any assets will be distributed to the correct beneficiaries.
“In cases where an individual has remarried without adjusting their estate plan, there is a disturbing possibility their children from a previous marriage could be left out and inherit nothing. Yet, the new spouse will inherit the entirety of the estate.’’
He said: “If you have an estate plan, it is highly advisable to review it, at least every three to five years, to ensure it reflects your changing times, fortunes and families. If left, you could inadvertently leave your children everything, and a new partner gets nothing.’’
Ultimately, vague or outdated estate planning documents will lead to unintended consequences, leaving children with potential financial hardships and legal battles.
He said that the rise of blended families requires balance and fairness when exploring how to adopt an estate plan for all.
“Seek a skilled estate planning attorney who can help you explore equitable estate planning strategies that balance the needs and expectations of a new spouse and children from previous relationships. Such planning can often not prevent later conflict.”
To back that up, Mr Price touched on a study by USLegalWills.com that suggested half of people aged 65 and over have an out-of-date will. More alarming is that 60 percent of American citizens don’t even have a will, and 10 percent have one but have never been updated.
He added: “People do die without a will and leave a complicated set of issues for children and partners. What entails is a probate process that takes years to conclude to everyone’s satisfaction. Yet, the irreparable damage was not dealing with estate planning at the time when people were alive.”
Mr Price concluded: “The message here is: don’t leave things to fate and too late. Otherwise, loved ones could spend years trying to close the probate process. Now is better than never at all in creating an estate plan.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Sam Price
Email: Send Email
Organization: Price Law Firm, APC
Address: 454 Cajon Street, Redlands, CA 92373
Phone: 909-488-4110
Website: https://pricelawfirm.com
Release ID: 89136811
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