There are so many things an Alabama attorney can help you with that many people don’t realize. Some of those things include estate planning and the creation of a will or living trust. A lot of people avoid estate planning and creating a will because they don?t think they need it yet, or they don?t want to face their mortality. While making plans for what will happen when you pass may seem depressing, it is essential, and something your family will depend on.
According to recent studies, over half of people in the Untied States between the ages of 55 and 64 do not have wills prepared. Further, approximately 64% of all Americans do not have wills made. These are startling numbers considering the importance of a will and the fragility of life. Even those that are young and in excellent health need to understand that life can change dramatically and end without a moment?s notice.
A will can protect your family and ensure they get the money and resources they need to live a comfortable life. Additionally, having a will prepared will greatly expedite the process of ensuring your family gets the resources they need. Without a will, your estate can get stalled in probate for a considerable amount of time.
This is especially true if there are arguments over who should get what from your estate. An Alabama attorney can help you avoid all this and the frustration it will cause your family. Dealing with grief and the death of a loved one is never easy, but then having to fight over the estate will only compound the emotional toll.
An Alabama attorney will also help you determine whether or not it would be in your best interest to create a trust in addition to a will. Generally speaking, if your assets surpass six figures, you should consider having a trust created. A trust will allow your family to avoid probate and minimize the amount of estate taxes they will have to pay.
Depending on your estate and what you work out with your estate attorney, you may also be able to leave financial gifts to individual family members when you die, which will allow them to avoid paying taxes on that money. There are limits to how much you can give away as tax-free gifts, which an estate planning attorney can explain. Depending on the size of your estate, you may not need to worry about taxes regardless, but it is best to consult an attorney during your estate planning.
An attorney that specializes in elder law and living wills can also help you create advanced directives should you be injured, incapacitated, or otherwise made unable to make decisions. Items like setting up a power of attorney are important no matter how young or old you are. You want to know who is going to be making decisions for you, and you want to make sure that person is making the decisions you would want them to make.
Many people just assume their spouse will be making end-of-life decisions. However, depending on the state you live in and the structure of your family, that may not be the case. An adult child or parent may want to be the decision maker. This can lead to conflict and a delay in decision making, as well as hurt feelings and resentment. Sadly, in times of crisis, these things happen.
The best thing you can do is have everything spelled out ahead of time. Designate who will be making decisions for you, and make sure they know what you want. Create your will and explain exactly who you want to get what from your estate. Make sure you assign an executor of the will, so that is also clear. The best time to make these types of decisions are when you are healthy and not being pressed by time. However, it is never too late, so if you do not have a will in place, call an Alabama attorney today.