Preparing an estate plan is not about you, it’s about your loved ones – your family – those you leave behind. This hit home with me a few years ago when my uncle died unexpectedly at the age of 56, single and childless, and without a Last Will & Testament. He died with a house, no payable on death beneficiary listed on his bank accounts, and with debts. Because of this, my 87 year old grandmother and my mother opened an intestate estate and spent countless hours on his estate.
They had to go through his house to create an inventory of his belongings, check and read his mail for creditors and unknown assets, drive around town to his bank and employer to tie up loose ends, deal with creditors, handle all the probate matters that required attendance at court, which included asking permission of the Probate Judge for every little thing related to his assets because this was an intestate estate, sign numerous documents, secure a bond, open an estate checking account, deal with the IRS and his taxes, engage a Realtor, prepare an accounting of his debts and assets at the opening and closing of his estate, and a thousand other little things required of them as administrators of his estate. This pales in comparison, though, to the stress and worry I saw on their faces and heard in their voices. His imprudence added to the extraordinary grief of my grandmother over the loss of her youngest son. Learn this lesson from my family, do your estate plan and don’t leave this type of stress, hassle, and heartache for your family.
Provide for Family Through Estate Planning
Many people have told me, as it relates to preparing their estate plan, “I’ll get to it one day.” Unfortunately, “one day” may be too late. You can’t control when you die or will become incapacitated. Creating your estate plan is something you can control. It’s easy and relatively inexpensive (far less expensive than my grandmother and mother had to pay for my uncle’s estate!) and only takes a few hours from initial consult with a lawyer to signing your documents. You have 8,760 hours in a year, you can surely find 3-4 hours to prepare your estate plan. Failure to take the time now to do your estate plan will cause your family to spend exponentially more than 3-4 hours, and substantially more money, after your death with lawyers, Probate Court, creditors, preparing an inventory of your assets, preparing an accounting of your finances, and rummaging through your belongings looking for important documents. Add to that the hours of stress and worry over what will happen with the house, money, and other resources while they grieve and worry about the future without you.
3 Primary Components of Estate Plans in Alabama
Estate plans in Alabama have three primary legal documents: last will and testament, power of attorney, and advance directive for health care. When you consult with an estate planning lawyer about your goals and life situation, you can determine if those are the only documents you need or if you need other documents, such as a trust. Huntsville Estate Planning Lawyer, LLC has a free estate planning checklist to help you get organized and prepare to meet with Tanya about your estate plan. Click HERE for that free checklist.
Estate Planning Is For Your Family
The purpose of an estate plan is to give you and your family peace, reduce stress, save time, and save money. Stop stressing over who will raise your minor children if you die, or whether your house and assets will be protected for your family after your death. Bottom line, you do your estate plan for your family and loved ones, not for you.
Call Tanya at Huntsville Estate Planning Lawyer, LLC for a consultation to discuss your estate plan. You can even schedule a virtual consultation so you never have to leave work or home to meet with Tanya. Click HERE to schedule a virtual consultation.