Wills and Estate Planning
Navigating the intricacies of wills requires a comprehensive understanding of various legal nuances, including the distinction between a Will and Living Will, the proper execution procedures, and considerations for modifications, terminations, or challenges. Additionally, familiarity with the probate process is crucial, as it significantly impacts estate planning outcomes. While some may believe that wills are exclusively for the wealthy, the reality is that individuals from diverse financial backgrounds stand to benefit. At Clark Hall, we recognize the importance of estate planning for everyone, regardless of financial status. Whether you're married, have children, own assets, or care for a special needs family member, having a Will ensures your wishes are upheld should the unexpected occur. Our team is dedicated to guiding you through the complexities of wills and estate planning, providing tailored solutions to safeguard your legacy and protect your loved ones' future.
The Basics of a Will in Alabama
The Last Will and Testament document are foundational to estate planning, though its function as a planning document is strengthened in conjunction with other estate planning tools, such as a medical directive, power of attorney, and trusts. The Will document provides you with the ability to:
Select a guardian and backups.
Select a conservator and backups.
Determine how to distribute property to your chosen beneficiaries.
Structure distribution to account for next-in-line beneficiaries.
Explain details involving management of assets.
Set conditions of asset distribution.
And more.
The Last Will and Testament are powerful, but it’s worth noting that it will not avoid probate, and it is not capable of setting out detailed directives relating to medical care, among other things.
Trust Basics for Estate Planning in Alabama
Depending on the circumstances, your estate planning attorney can set up an estate plan that utilizes trusts to avoid the time and expense of probate, minimize tax liabilities, protect your assets from creditors, and more. Some trusts can be made revocable so that they are flexible and can be modified over the course of your life. Other trusts — though irrevocable — gain tax benefits, as well as other advantages. Trusts have different functions and forms. Popular trusts include:
Revocable living trusts
Special needs trusts
Support trusts
QTIP trusts
QDOT trusts
QPRT trusts
Life insurance trusts
Charitable trusts
And more.
Be sure to consult with your estate planning attorney if you have an interest in setting up a trust, as alternatives may be available that are more suitable for your particular financial circumstances. There may also be other legal considerations that have not yet been fully assessed.
Call a Skilled Gadsden Alabama Wills & Trusts Lawyer
Attorney Clark Hall has dedicated his career to helping clients successfully resolve their various family law and estate planning issues. He understands that comprehensive estate planning for can be a difficult and overwhelming process and is personally available to answer any questions or concerns you may have throughout the process.
To discuss your estate planning concerns with a skilled estate planning lawyer, contact Clark Hall at (256) 549-4357.
GADSDEN & ETOWAH COUNTY POWER OF ATTORNEY LAWYER
In the event that a person is no longer able to manage his/her property or health care decisions, they have the option to hand over power of attorney to a loved one. Powers of attorney are an important estate planning tool to help ensure that your affairs are properly managed if you are no longer able to do so. In many instances, a power of attorney will be an integral part of your estate planning plan. The person you give this power to should be someone you can fully trust with all matters concerning your health and/or finances. For this reason, these documents should only be set up after careful consideration and with guidance from a skilled legal professional.
How Can Lawyers for Wills and Estates Help Me?
While people can create their own wills using legal software or websites, many people’s estate plans and wishes are far more complicated than standardized forms allow. In such cases, an experienced lawyer can help develop the estate plan that accomplishes all of your goals and minimizes stress for your beneficiaries. A lawyer can also avoid mistakes that often make “form” wills invalid.
You should work with a estate planning attorney when developing your own estate plan because your documents will include a number of important legal decisions. You may arrange for payment of long-term health care and delegate management of your financial affairs, personal care, and medical decisions should you become incapacitated.
Another advantage of working with a lawyer for many people is identifying all possible ways to reduce tax liability for beneficiaries. Clark Hall has more than 30 years of legal experience and can help you draft all of the documents you need for an estate plan.
How to Avoid Probate & What Is So Bad About Probate?
The term “probate” is defined as the official proving of a will. While some people have heard that dealing with a probate court is not terribly complicated (which can be true in cases of very small estates involving few assets), many others have heard countless horror stories about the time and money required to resolve these matters.
When a person dies with a will, the probate court will swear in the named executor and require notice to all persons (including creditors) who could have an interest in the estate. A person may contest a will in probate court or file a lawsuit in a circuit court if the probate court admits the will.
Alabama state allows for only “interested persons” defined under Alabama Code § 43-8-1 as “any person having an enforceable right or claim, which may be affected by the proceeding, and may include heirs, devisees, children, spouses, creditors, beneficiaries and any others having a property right in or claim against a trust estate or the estate of a decedent which may be affected by the proceeding,” and also including “persons having priority for appointment as personal representative, and other fiduciaries representing interested persons” to file petitions to contest wills. The possible grounds for contesting a will may include:
Mental Incapacity — The person signing did not know what they were doing when signing the will.
Undue Influence — Another party pressured the person into signing the will.
Fraud — The individual was tricked into signing the will.
Improper Execution — The will fails to satisfy the requirements of Alabama state law.
People have only six months to challenge a will’s validity. When a will is invalidated or a person dies without a will, they die intestate, and the probate court oversees distribution of property according to the state’s intestacy laws. Alabama intestate succession laws can be found in Article 3 of the Probate Code in Chapter 7 of the Alabama Code.
Several reasons exist for people to help their heirs avoid probate court. The biggest reasons are the cost and the time. Probate cases can involve payment of numerous fees. Additionally, people who die without wills can leave loved ones with no ways to legally access money they left behind, often placing some family members in difficult situations in which they are trying to find ways just to afford basic costs of living.
Contact a Probate and Estate Attorney in Gadsden Now for Help With Estate Planning
You can help your loved ones avoid having to deal with common probate, will, and estate headaches by contacting Clark Hall to develop a complete estate plan. Call us to schedule an initial consultation now.