Creating a Will

Articles Tagged with: Creating a Will

Estate Planning For All Ages

When we are young, we have a tendency to believe we are immortal. In our early adult years, we are saddened and shocked when we learn of the passing of a former high school classmate or a same-age work colleague, and our reactions are always that ‘they were too young’ and ‘how tragic!’ Sadly, though, these things do happen more than we realize – dying is not just for the older generations. For this reason alone, we are never too young to have our affairs in order and take care of planning our estate.

But I Don’t Even Own Anything!

You may argue that it is not necessary to begin estate planning because you are too young and have nothing of value, but estate planning is more than just a will. Even young adults can benefit from having a living will or power of attorney in the event that they become incapacitated. This does not discount the importance of having a last will and testament, however. Some young folks may own nothing except for used furniture of yard-sale value and household appliances inside their rented apartment, but the fact is that many young adults do have something of extreme value – their children. Those children come along before you know it, and suddenly your life is richer than you imagined, even if on paper you have no assets or net worth.

Establishing Guardianship In Your Will

Establishing guardianship of your children in a will is one aspect of the estate planning process that does not often come to mind at first. Consider the extremely tragic scenario in which both young parents of two small children are killed as a result of a fatal car accident; while this is difficult to think it could ever happen, it does. Though this is not the case in every state nationwide, in Alabama, the courts allow the person named as guardian of minor children in a valid will to act as guardian and take control without any additional approval required by the courts. Without guidance set forth in a will about who will act as guardian to those two young children, the courts will make the decision. It is rare when the court is better prepared to decide who should get your furniture, car, and house if you should die without a will – but your children? You know them better than the courts, and you understand who would best be in a position to care for them if you were no longer around.

We Help People Of All Ages With Their Estate Planning Needs

Estate planning is truly for everybody. Whether you are in your later years and are trying to make sure everyone knows what to do with your antiques and assets, or you are just starting out and have just a few precious belongings to think about – your children – the office of Cloud Willis & Ellis, LLC is the right place to go for help in taking care of all of your important matters. Our estate planning attorneys will provide you with the information you need to make these decisions so that you can have peace of mind in knowing your valuables go where you wish after you are no longer here. Contact Cloud Willis & Ellis, LLC in Alabama to schedule your appointment today.

Resources:

bloomberg.com/news/articles/2015-09-11/you-re-too-young-for-a-will-right-

forbes.com/sites/lewissaret/2011/04/18/appointing-a-guardian-for-a-minor-child/#5832528818e3

Choosing An Executor

You have taken one of the first steps towards getting your final affairs in order – good for you! Now it is time to determine how you want your estate distributed – but that is not the only decision you will need to make. One of the most important decisions that you will face when creating your Will is choosing an executor – the person who be in charge of the responsibility of distributing your belongings according to your will – a decision that warrants some thought and consideration of a few important factors.

What Are The Executor’s Responsibilities?

Naming an individual as your executor is something that should be done after determining who would be best able to handle the responsibilities of the job. This is the person who will be responsible for taking care of all of your final matters, not just dividing up your household furnishings. Various administrative tasks are part of the job, including collecting mail and canceling credit cards, memberships, and subscriptions, paying your final bills, gathering information about your benefit or retirement plans and notifying the administrators of each of your death, and making an inventory of all of your assets and debts at the time of your death. This may include gathering information from your safe deposit box, your home safe or lock box, and from your will itself.

Who Should You Name?

Often times, people will name their spouse or child to serve in this capacity and, many times, this is possibly the best choice, as those who are closest to you usually are the most familiar with your financial situation and would have the most knowledge about what types of assets and debts you have in order to settle matters efficiently and expeditiously. Your executor should be someone you trust to handle the responsibilities and someone you believe will be around to accept the responsibility when the time comes to do so. For this reason, choosing your parent or an older sibling may not be the best choice. It is advisable, also, to name an alternate in the event you outlive your named executor or even co-executors if you believe the matter is best handled by a team. Under Alabama law, you can name anyone as long as they are at least 19 years old, competent, and have not been convicted of an ‘infamous’ crime.

Contact Cloud Willis & Ellis, LLC When You Need Estate Planning Work

The estate planning process is one of the best things you can complete to finalize your matters, but everyone’s needs are different. Whether you have some idea of what you want to accomplish or you have no idea where to start, the office of Cloud Willis & Ellis, LLC is here to help. We will work with you to find an estate planning solution that works for you based on your individual circumstances. Our estate planning attorneys have helped clients of all ages and from all walks of life to determine what is best for each of them. Regardless of how extensive your estate planning process is, we will help you to ensure you have covered everything. Contact the office of Cloud Willis & Ellis, LLC and schedule your initial consultation today.

Resource:

aarp.org/money/estate-planning/info-04-2011/choosing-right-executor-trustee.html

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

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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