With the New Year upon us, we should all consider creating, or revising, our estate plans. Please continue reading and speak with our Alabama estate planning attorneys to learn more about some of the most important estate planning documents and why you should consider creating them. They are as follows:
Wills are perhaps the most common estate planning document, and for good reason. When someone writes a will, they can detail what they wish to happen with their assets, appoint beneficiaries who will receive those assets, and appoint an executor to handle distributing their assets upon their passing as they would have intended.
No parent ever wants to imagine the day where they are unable to care for their child. However, as with anything in life, it is always best to prepare for the worst, and if you have a minor child, you should strongly consider creating a guardianship wherein you will appoint someone you trust to raise your child, should you and your spouse be unable to do so on your own. If you pass on without a guardianship in place, the court will decide who will become your child’s guardian on its own, and while the court will try to appoint the best guardian, nobody knows who is the best candidate to raise your child as you do.
Powers of Attorney
Many people create powers of attorney to help protect their health and their finances, should they ever become incapacitated. For example, in a financial power of attorney, you can appoint a trusted loved one to manage your finances according to your wishes, should you be unable to do so yourself. Additionally, you can create a healthcare power of attorney to appoint a loved one to make certain critical medical decisions on your behalf, should you become incapacitated and unable to do so on your own.
Trusts are also extremely common estate planning documents, and the primary purpose of creating trusts is to help save an individual’s loved ones money in the long run. For example, you can create a trust to protect certain assets from taxation, which will essentially maximize the number of assets your family receives upon your passing. Irrevocable trusts, revocable trusts, special needs trusts, and irrevocable life insurance trusts are among the most common types of trusts. If you have any further questions, give us a call today. We are here to help.
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