Why You Need a Will in the State of Alabama
You may be putting off creating a will or estate plan. However, there are many good reasons to prioritize the creation of a plan for what happens with your assets when you die. Below are some considerations in favor of contacting an attorney to assist you in creating a reliable will.
Save your heirs time and expense
As we’ve noted in our page on probate proceedings regarding intestate succession, the process of distributing an estate when no will exists to govern the process can take a great deal of time, fail to accurately represent your wishes, and force your heirs to incur avoidable expenses. Using an experienced estate planning attorney will also offer you the chance to create an estate plan that will as best as possible convey your assets in a way that helps your heirs avoid the imposition of a large tax burden on your estate.
An estate plan is especially important if you have children
If you should pass away when your children are still young, you will want to be sure that direct instructions are in place for what should happen with your estate. One reason is that a will provides an opportunity for you to name a legal guardian for your children, should you and your spouse die in one incident. Additionally, creating an estate plan gives you the chance to leave funds in a trust for your children’s caretaking or education, which will allow them to avoid the time and taxation of receiving those funds through probate, and allow you to control how they’re paid out.
Support charitable organizations through your estate
If your possessions are distributed through the intestate process, you will have no way to give to nonprofit organizations that have had personal significance to you throughout your life, including charities, religious institutions and universities. Ensure that your estate reflects your personal values by giving to those charities you care about.
Take the opportunity to create a medical directive
Should you select an estate planning attorney with experience in end-of-life matters, that attorney will be well-versed in how best to craft other documents you may wish to have in place, such as a medical directive or living will. Signing a medical directive will ensure that, should you become incapable to speak for yourself, your family only takes the measures to extend your life that you wish to have taken.
For assistance in creating an Alabama will or trust that will carry out your intentions after you pass, contact an experienced Arab estate planning attorney at the Hawkins Law Firm, at 256-586-4510.