Were you aware that an Alabama estate plan is a critical tool for everyone to have? Your Alabama estate plan will allow you to think about what you want for yourself, your loved ones, your business, and your legacy. It is about more than what happens at the end of your life, although that is an important part of the process. Your Alabama estate plan will motivate you to answer tough questions including, but not limited to, what should happen if you no longer have the capacity you need to make your own decisions or who should pay your bills if you cannot?
Knowing you need an estate plan is the first step forward to planning for your future. The next logical question to ask may be: Is there a right time to plan your Alabama estate plan? As Alabama estate planning attorneys, this is a question we are frequently asked and want to share five events in your life, no matter your age, when you should create an Alabama estate plan.
1. The right time is when you reach the age of majority. Do you believe your 18th birthday is too young? It is not! That is because if there is no estate plan in place, no one will have legal authority to make decisions for you in the event you are in a car accident or other crisis. No one will be able to pay your bills, access your bank accounts, or talk to your doctors. Your Alabama estate planning attorney will work with you to make an estate plan that will protect you and put the trusted people who you want to be in charge of you in a crisis in place. Your Alabama estate planning attorney will also talk to you about how to create a legacy and plan for a time when you are no longer here.
2. The right time is when you get married. Planning to share your life with another person is a time to be sure decisions are made in regard to finances, health, potential children and the future. It is a time to think about how you want to protect and provide for each other. There is no better way to do that than with an Alabama estate plan.
3. The right time is when you have a child. When you have children, planning becomes even more critical, especially for minor children. Choices need to be made in regard to who you trust to care for your children if something happens to you? When should your children inherit? How can you provide for their future if you are no longer here? These are the questions your Alabama estate planning attorney can answer when you work with him in creating your estate plan.
4. The right time is when you inherit. It does not matter whether the inheritance is large or small, it is important to protect it. Whoever left you this inheritance may have had clear instructions for you that you want to imitate or you may have inherited through a chaotic process that you do not want others to go through. No matter your reason, this is an important time to meet with your Alabama estate planning attorney and plan forward.
5. The right time is when you start a business. As you begin to start your business you want to consider all the ways to protect yourself, your family, and your business from what comes next. Your Alabama estate planning attorney can help you not only design your estate plan for you but may be able to advise you on your business too.
We know this blog may raise more questions than it answers. Contact our office to discuss your options if you will be giving or receiving money or other assets this holiday season and anticipate this may impact your Medicaid eligibility. At the end of the day, legal 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.