There's a lot to know about Wills and Estate Plans. Most often we get questions about how to make a valid will or how to avoid the probate process all together.
Here, we provide general responses to some of the most common questions we receive from clients. To get more specific information and to either create or update a Will, contact our estate planning lawyer in Alabama. You can do so by filling out our online form or calling Alabama Property & Estate Law, LLC at 256-489-0038 to schedule a Consultation with our estate planning attorney in Madison County or Limestone County Alabama.
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1. What is an estate plan?
An estate plan is a collection of documents that outlines your wishes for managing your assets, healthcare decisions, and potentially appointing guardians for minor children. It aims to ensure your final wishes are honored and loved ones are provided for.
2. What are the essential documents in an estate plan?
Key documents may include a will, a trust (revocable or irrevocable), a durable power of attorney (financial), and an advance healthcare directive (including a living will and medical power of attorney). Beneficiary designations on retirement accounts and life insurance policies often factor into your planning.
3. What happens if someone dies without a will (intestate)?
If someone dies without a will, assets are distributed according to the intestacy laws of the state of residence. This very often does not align with the deceased's wishes and will complicate matters for loved ones. Further, there are extra expenses associated with administering and estate with no will.
4. What is Probate, and can it be avoided?
Probate is the legal process of validating a will, identifying and valuing assets, paying debts and taxes, and distributing assets to beneficiaries under court supervision. Probate can potentially be avoided or streamlined by using trusts, payable-on-death (POD) accounts, or transfer-on-death (TOD) accounts, which transfer assets directly to beneficiaries outside of probate.
5. Is an estate planning attorney necessary?
While DIY options exist for simple estates we too often see the urban myths of property law and estate planning plague well meaning clients and cause unbelievable hustle for generations. Working with an attorney for a personalized plan that is legally sound, tailored to specific needs (especially for complex situations or tax planning), and minimizes potential issues for the family is critical.
6. How much does estate planning cost?
The majority of people only need a basic estate plan to accomplish their goals. We believe everyone should have an estate plan and offer basic rates for solo plans and married couples. However, if trusts or additional instruments are needed the cost will vary based on complexity, the documents required, and the amount of time required to prepare and execute the estate plan.
7. How often should an Estate Plan be Updated?
We recommend a yearly review and update during major life events. Think marriage, purchase of real property, interstate move, or the birth of children.
8. Who Should Have an Estate Plan?
Many people assume that only the wealthy need to have a Will. However, the truth is that many people, with and without great wealth, need to have a Will in case the unexpected occurs.
People who should have a Will include but are not limited to:
- Those who are married
- Those who have children
- Those who own assets
- Those who have a special needs family member
Only people who do not have assets, a spouse, and/or children may not need a Will.
9. When Should I Make a Will in Alabama?
A Will needs to be created and often updated when certain events occur:
- When you turn 18
- When you marry, divorce, or remarry
- When you have children
- When you start a business
- When you buy a home
Whenever you have a major life change, it is time to make or update your existing Will.
10. What Goes into a Will in Alabama?
A Will states who should inherit your assets when you die. If you have children, you can designate who you want to have custody of your children if you pass away. A Will also allows you to appoint an executor (known as a personal representative in some jurisdictions) for your estate. This person will be in charge of administering your estate according to the terms of your Will when you die.
11. What Should I Avoid in a Will?
There are certain things that are best dealt with through other means rather than a Will. Things that are not appropriate and should be avoided in a Will include:
- Retirement plan proceeds
- Life Insurance
- Living trust property
An estate planning attorney can advise you on the best way to handle these matters. Many of them can complement your Will and work well in an estate plan.
12. Can I Make a Will without a Lawyer in Alabama?
It is possible to create a Will without the assistance of a lawyer. However, states can be very specific regarding what is required for a Will to be considered valid. If you create the Will on your own, and it does not meet the legal requirements for validity, it may not be enforceable.
Contact an Estate Planning Lawyer in Alabama Today
Do not procrastinate another day before starting an estate plan because your loved ones are too important. Wills are often an integral part of any estate plan, and keep in mind: it really does not matter how much your estate is worth. What matters is protecting your interests and securing your heirs' futures.
Contact Alabama Property & Estate Law, LLC today online or at 256-489-0038 to schedule a Consultation. Our estate planning attorney in Alabama will guide you through the process.