Alabama Estate Planning Lawyers

Articles Tagged with: Alabama Estate Planning Lawyers

Why Do I Need A Will?

Creating a last will and testament is something that you may not think you need to do, but it can be one of the most important documents you draft in your entire life. Its effects will usually not impact you, but it will likely impact your survivors for generations to come. Besides making it easier on your survivors to not have to guess about who should get which of your belongings, it also ensures that these decisions are not left up to the state. After all, who knows better what you would want to have happen to your car, house, and keepsakes than you? Certainly not the courts – but if you should die without a will, that is who will make those decisions about distribution of your estate, and neither you nor any of your survivors will likely have any say in the matter.

What Is Required In Alabama?

There are very few restrictions placed on who is able to create a will in the state of Alabama. As long as you are at least eighteen years old, and you are of sound mind – meaning that you have not previously been declared incompetent by the courts – you can make a will. It must be in writing, and its signing must be witnessed by two people; the witnesses must also be competent. Though generally it is best if the witnesses have no interest in your will to prevent any possibility of issues arising at some later point about potential conflicts of interest, your beneficiary may lawfully act as a witness. The full set of requirements for making a will in Alabama are set forth in Alabama law.

What Can Be Included In My Will?

It is your will, so generally anything you want to put in it can be included. Most people know that they can use their will to designate who will receive specific assets, but it can also be used to make gifts or name guardians for your minor children. You can name a person – an executor/executrix – to administer your will after you are gone; furthermore, your executor/executrix does not need to reside in Alabama in order for them to be named.

Need To Create A Will? Contact Cloud Willis & Ellis, LLC

If you are ready to create your will, you will likely have a lot of questions. While this brief overview may be helpful as a starting point, it is likely that you will have more questions than you realized. At the office of Cloud Willis & Ellis, LLC, we are here to help by answering all of your questions as you create this most important document. Our Birmingham and Mobile estate planning attorneys can help you make decisions about what types of guidance you want to include in your will for those who will settle your final matters. No matter how simple or complex your estate planning needs, you will feel confident of your decisions. Contact the office of Cloud Willis & Ellis, LLC to take care of these important matters today.

Resources:

law.onecle.com/alabama/wills-and-decedents-estates/43-8-130.html

law.onecle.com/alabama/wills-and-decedents-estates/chapter8.html

Estate Planning For A Lifetime

Estate planning is something that many people may feel reluctant to talk about. Indeed, the subject of planning for our future, and beyond, makes many people uncomfortable, as we are forced to come to term with our own mortality. However, taking care of this matter usually is a comfort to those who do it because it allows them to feel confident that issues will be handled the way they would have wanted them to be handled after they are gone. Many people do not realize that a portion of the estate planning process includes handling matters that still affect them during their own lifetime and that they themselves can benefit along with their family members and eventual heirs. In particular, trusts are a tool in the estate planning process that can benefit you as well as your survivors.

What Is A Trust?

Trusts come in many different forms and serve many different purposes. Choosing which type of trust works best for you depends upon your individual situation and what you are trying to accomplish. Trusts can be either living trusts or testamentary trusts; a living trust is one that becomes effective immediately after it is created, and a testamentary trust is one that does not become effective until after your death. A testamentary trust is sometimes created within a will – another tool in the estate planning toolbox.

Are Take-Backs Allowed?

Once a trust is created, one factor determines whether you can change your mind – and change your trust. With a revocable trust, you are still the owner and in control of the property included in the trust. You can change anything in it – revoke it, hence the name – including who will receive the property, who will handle the property, and the terms of how the trust itself will operate. An irrevocable trust, on the other hand, gives complete control over and ownership of the property included in the trust to those you name as the trustees; with this type of trust, you are no longer able to change anything, as the property is no longer yours.

Which Is Right For Me?

Decisions such as these are not always as easy as they may seem at first thought and what is best for you depends upon a variety of factors including, perhaps most importantly, your tax situation. An experienced estate planning attorney can help you to understand how each different type of trust will impact you – and your beneficiaries – with respect to taxes and help you to choose the right solution to accomplish your estate planning goals.

Contact Cloud Willis & Ellis, LLC For Your Estate Planning Needs

When you want to determine the best way to handle your estate planning matters, you want the best possible advice to make these important decisions. The legal professionals at Cloud Willis & Ellis, LLC in Birmingham and Mobile have the experience to help you with estate planning it the way that makes the most sense for you. Our estate planning attorneys will help you to assess what types of estate planning tools are best for your individual situation and help you to feel confident in the choices you make. We work hard to ensure your satisfaction and allow you to rest assure that everything is in order. Contact the office of Cloud Willis & Ellis, LLC now to get started.

Resources:

http://www.aarp.org/money/estate-planning/info-09-2010/ten_things_you_should_know_about_living_trusts.html

http://www.lifehealthpro.com/2013/08/09/revocable-vs-irrevocable-which-trust-is-right-for

The Importance Of Planning Ahead

None of us know when our time on earth is going to be up, and dealing with the loss of a beloved family member is something that is difficult enough to do without having to guess what a family member who has passed on would have wanted us to do with our belongings. One of the best ways you can help your family handle your final matters once you are gone is to put some time into planning your estate.

Estate Planning For Your Lifetime

Estate planning includes a wide variety of issues and documents that serve a range of purposes. Some of these documents – wills and trusts – are to help your family take care of matters after your death. However, estate planning does not stop there – it also includes documents intended to help your loved ones handle things for you while you are still alive as well. In particular, the power of attorney and healthcare directives are used while you are still living. An overview of what purpose each of these documents serve is helpful in gaining an understanding of what may be most beneficial for your individual situation.

Power of Attorney

This document is one that is used while you are still alive and gives authority to someone you designate to make just about any decision on your behalf that you would ordinarily be able to make for yourself. Covering a broad range of issues, the power of attorney allows your agent – the person upon whom you grant this power to handle various tasks and responsibilities – to act on your behalf with respect to financial matters such as opening or closing bank accounts, writing checks, or buying and selling property. Laws regulating these documents are set forth in Alabama Code Section 26-1-2.

Healthcare Directive

Another document included in the collection of estate planning tools is the healthcare directive; very similar to the power of attorney, this document allows you to grant authority to another person to handle healthcare matters on your behalf. This document is sometimes referred to as an advance directive as it usually includes your choices for the types of end of life measures you wish your medical professionals to take in certain circumstances. The value of this document cannot be understated, as it takes these decisions out of the hands of your family members and prevents situations in which they are left to wonder if they made the decisions you would have wanted them to make.

Contact Us For Help With Your Estate Planning Needs

At the office of Cloud Willis & Ellis in Birmingham, we are dedicated to helping people find the right solutions for their legal needs. If you are ready to start planning your estate, or if you have questions about what steps are right for your circumstances, our estate planning attorneys are here to help. Reach out to Cloud Willis & Ellis now to schedule your initial consultation to get started today.

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