Will and Trust Lawyer in Birmingham, Al
Legacy and estate planning are essential in fulfilling your wishes. A proactive approach ensures that the unforeseen won't dictate the future. Contact Kristin Waters Sullivan in Birmingham, Alabama to get estate matters in order while timing is opportune. Delaying in planning your estate does not serve your, or your loved ones', best interests.
Far too often, Alabamians pass intestate (in other words, without a will). In so many of these cases, the loved ones left have to grapple with not only grief but getting finances in order as well. Drafting a will or trust offers much-needed relief for when the time comes. Even if one manages to get a will or trust established, not all are created equal. You need someone who is experienced and has seen both sides of the coin, you need someone with years of experience like Waters Sullivan.
Schedule a consultation with Kristin Waters Sullivan to give you and your loved ones peace of mind.
Inheritance planning in Alabama
There are two main forms of inheritance planning in Alabama: wills and trusts.
Wills
Wills are relatively simple documents that can quickly be prepared and adjusted with codicils or rewritten later on as circumstances change. A will serves to legally express your wishes for what happens to your estate upon your passing. In a will, you can say what you want to be done and to whom you wish specific things or amounts of money bequeathed. In Alabama (where probate is the norm), wills are still subject to scrutiny by the courts.
Trusts
Only a trust can ensure your heirs do not have to prove a will's genuineness through legal means before receiving their benefits. However, revocable living trusts are complex and costly.
Both of these are part of the transfer of an estate, large or small, to heirs. One is enacted posthumously (the will) and the other (the trust) is established and maintained while the grantor is living. A trust can also be altered, for a fee.
The will’s bequeaths are taxable benefits; the trust can help avoid taxes paid by heirs. A provision within the U.S. Estate and Gift Tax Law allows a grantor to transfer wealth to a spouse without incurring taxes; this is why some prefer trusts. However, when that spouse passes, and the estate is left to the next generation, tax implications are less favorable.
What is the essential difference between a will and a living trust?
A will activates after someone passes. Often, the person who has served as your power of attorney will become the executor. Wills are straightforward, state your assets, and ensure your wishes are carried out. In your will, you can leave whatever you want to whomever. Wills have sections devoted to expressing your personal last wishes, name guardians, and even state what you want done with your remains.
A trust is fluid and more involved. It changes as your assets shift, as you age, and as your wealth fluctuates. If you chose a trust, don't make the decision lightly. For instance, a irrevocable trust cannot be altered. A living trust gives the authority to hold property or assets for the advancement of a third party, which can be your heirs or other family members.
A word of note: In either case, if you have a life insurance policy or retirement accounts that permit a named beneficiary, those funds are directed to your beneficiary outside of the will or trust.
In the event you don't have a will or trust, the government will decide on your behalf what the best course of action is and to whom your estate goes.
Why should I get legal advice about wills and trusts?
There are numerous reasons that these important documents should be notarized by an estate lawyer, and not left open to interpretation from non-legal sources:
if you don’t have a will or trust, your estate will be dispersed by the government, and your family and loved ones may be excluded;
a legal will done by a lawyer is much less likely to be held up in probate court;
an estate lawyer knows the laws regarding death and beneficiaries;
a proper legal will protects surviving family members, particularly children who are minors.
Do I Need An Expert to Setup My Will or Trust?
A will is simple and cheaper; a trust is complicated and more expensive. However, under duress, it is possible for a trust to trump a will, but not the reverse. Ask your estate planning lawyer which one suits you best, or if they believe you need both. End-of-life decisions are major, and need to be addressed when timing is opportune. Don’t leave your estate plan to chance. Schedule a consultation with Kristin Waters Sullivan in Birmingham, AL to begin estate planning, whether through a will, trust, or both.