Did you know that according to research many people put off making an estate plan each year? What about you, do you have an estate plan? If you do not, you are not alone.
There are multiple and varied reasons why people put off creating their Alabama estate plan. Some put it off because they think they do not have enough assets and others think they are too young to even consider it. There are people who do not want to think about dying and avoid creating an estate plan. People who are not married and have no immediate family, may not feel a need to create an estate plan at all.
Do you identify with any of the above reasons? Actually, all these reasons are based on common misunderstandings about estate planning. Estate planning is absolutely important for everyone! We would like to share some key reasons that you should begin your Alabama estate planning now and not put it off. Here are three key reasons to stop putting off estate planning.
1.You will have peace of mind now and in the future. What would happen if you were diagnosed with a life-threatening disease, seriously injured in an accident, or diagnosed with a debilitating illness? With your comprehensive Alabama estate plan in place you will have created a power of attorney and healthcare documents. These legal documents allow you to designate people of your choosing to be sure that your preferences regarding your finances and your treatment are carried out if you cannot speak for yourself. In addition, a living will allows you to specify how much and which medical interventions you would want at the end of life.
2. Your estate plan will give your family peace of mind. Each person’s estate plan is tailored to his or her needs. Generally, though, your estate plan will include a last will and testament and maybe a trust. With these legal tools you can make certain provisions for your family. For example, a will allows you to designate someone as a guardian to care for your minor children in the event of your death. In addition, a will and trust also allows you to allocate money for the immediate and future needs of your children in the event of your death. Be aware that without an estate plan in place, the Alabama courts will intervene when necessary. In fact, the courts may intervene to appoint a guardian for your minor children or determine the best use of your assets for them.
3. With your estate plan you can determine how your assets are distributed. Your Alabama estate plan gives you significant control over what happens to your assets after you die. In your will and trust you will have already specified who receives your assets. You will have also named someone you trust to be the personal representative of your will to ensure your instructions for the distribution of your assets are carried out. Without any estate planning documents, your property will be distributed as per applicable Alabama state laws.
If you still have questions about estate planning and its importance, we are here to help. At the end of the day, estate planning is not just for you. Instead, it is for the ones you love most. If we can answer any questions for you on putting this estate planning in place, please do not hesitate to let us know. For more information, please reach out to our office and schedule a time to meet.