Top estate planning lawyer founder of the Law Offices of Robert H. Brumfield, P.C., in Bakersfield, CA outlines why it's important to take action now in your estate planning to reduce potential financial and emotional worry later on. For more information please visit https://www.brumfieldlawgroup.com
Bakersfield, California, United States - April 3, 2023 —
Taking control now of estate planning decision-making will make it easier in the long-term, especially if a person becomes incapacitated, California elder law attorney Robert H. Brumfield has advised.
For more information please visit https://www.brumfieldlawgroup.com
The Founder of the Law Offices of Robert H. Brumfield, P.C., in Bakersfield, CA., said that those failing to take estate planning seriously could endure potential financial and emotional pain in later life.
He elaborated: "Those that become incapacitated through ill-health and have no estate planning will be deprived of important future decision-making. Estate planning should not be viewed as addressing issues solely after someone has died.’’
"Estate planning should be seen as a living, breathing shadow of a person's life. It is always essential and relevant at any time of life. It also takes away any future worry and concern."
He added that someone considering their estate for the future needs to appoint an executor who can take responsibility for that person's financial and medical outcomes if they become incapacitated.
Brumfield asserted: "When setting up a power of attorney, it is important to tell the agent, preferably in writing, your financial and medical wishes."
He cautioned against assigning joint ownership of assets and finances because if the joint owner runs into financial trouble, they could utilize the other person's account, assets or property to pay off their debts, even if they never contributed to an asset.
Establishing a living trust is an optional, practical step. This involves retitling certain assets under the ownership of a trust overseen by a successor trustee who will carry out wishes if the owner is incapacitated.
He said: "That trustee will wield a lot of power in managing trust assets, so think carefully about who to appoint. However, not having a plan could see future decisions not aligning with their wishes."
Brumfield advised that before making any decisions, seek advice from an experienced estate planning attorney. "They will offer the best course of action and ensure a plan is comprehensive enough to reflect all a person's wishes and decisions that they are comfortable with," he concluded.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Robert H Brumfield
Email: Send Email
Organization: Law Offices of Robert H. Brumfield, P.C.
Address: 1810 Westwind Drive, Suite 100, Bakersfield, CA 93301
Phone: 661-464-7770
Website: https://www.brumfieldlawgroup.com
Release ID: 89092807
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