An estate plan does more than just specify who gets what when you die. A good estate plan does that, of course, but it also helps ensure that you’re prepared for end-of-life scenarios in which you’re unable to make your own decisions. Not only will a thorough estate plan include a Last Will and Testament, it will also include durable powers of attorney and likely a living will and other necessary documents. Depending on the complexity of your estate, it may also include one or more trusts. Once you pass away, your estate planning attorney can assist the personal representative (executor/executrix) of your will in transferring assets to your beneficiaries, as well as help your personal representative navigate the probate process, if necessary.
Yes; you could draft your will yourself. Or you could download a fillable form off the internet for which you may or may not be charged. When you pass, that will might be able to be probated. But critical missing items or words may force your personal representative to incur much greater time and expense in doing so, or in locating the witnesses to testify as to the authenticity of the will if it is not “self-proving” under Alabama law and running the risk of the will being declared invalid and subjecting your estate to the intestacy laws (the default laws of descent and distribution) in Alabama’s probate code.
Often, the complexity of your life or assets makes it essential to hire an estate planning attorney. If any of the following rings a bell with you, you likely need an estate planning attorney:
You're in a second (or third or fourth) marriage;
You own a business (or more than one);
You own real estate in multiple states, or if in only one state, in a state other than the state in which you reside;
You have a special needs family member;
You have minor children;
You have problem children;
You don't have any children;
You have provided for one or more of your children during your lifetime to a greater extent than your other children, so you want to “even things up” in your will;
You want to give your beneficiaries immediate access to their inheritance upon your passing;
You want to avoid the probate process if possible;
You want to leave some of your estate to charity;
You have substantial assets in retirement accounts (401(k)s, IRAs);
You were recently divorced;
You recently lost a spouse or other family member;
You estate value exceeds the threshold for the maximum exemption for federal tax purposes.
If one or more of these situations apply to you, an experienced estate planning attorney can develop an estate plan to fit your unique requirements, maximize tax savings opportunities, and create a smooth transition for your beneficiaries. Whether you choose to set up an appointment with our office for a free consultation and ultimately hire us with our fixed rate fee structure for estate planning matters, consult an attorney. You only have one shot to get this right.