What is an “Estate Plan?”

An estate plan is a comprehensive set of documents and strategies to manage and distribute assets during a person’s lifetime and after death and to prepare for unexpected life events that may cause a person to be incompetent, incapacitated, or otherwise unable to make their own decisions.

The purpose and importance of an estate plan is that it allows you to make the decisions, while able, about the disposition of your assets at your death; that is, you get to decide who gets what. More importantly, you can appoint guardians for minor children to ensure if you are unable, they are raised by who you want to raise them. An estate plan allows you to be in control of those decisions.

Estate planning is crucial to ensure your wishes are honored, your loved ones are provided for, and your assets are protected. It helps minimize conflicts among family members and can save your family money, stress, and time.

There are three major components, or elements, of every estate plan in Alabama. Those components are: Last Will and Testament, Power of Attorney, and Advance Directive for Health Care.

Get a FREE estate planning checklist. Click HERE for the free pdf download.

Difference Between a Will and Estate Plan

A frequently asked question is what is the difference between a Will and an Esate Plan. An estate plan is the overall set of documents and strategy on how to distribute and manage assets during a person’s lifetime and after death. A last will and testament is just one component of that overall set of documents and legal strategy. 

Last Will & Testament Lawyer Huntsville

A last will and testament is a legal document that directs how to distribute your assets will upon your death. A Will designates a Personal Representative (a/k/a “Executor”) to oversee the administration of your estate. Importantly, it also names guardians for your children; that is, it designates who you want to raise your children if you die while they are still minors.

If you don’t have a last will and testament when you die, the state has laws on how your assets get distributed. These laws don’t take into account whether you wanted a child disinherited or that you wanted to give to charity. So, if you want to ensure your wishes are honored, contact Huntsville Estate Planning Lawyer to prepare your last will and testament. Click HERE to schedule your appointment now.

If you have minor children and don’t have a last will and testatment where you’ve named a guardian over your children, a judge will decide who will raise them. What if someone who you absolutely don’t want to raise them gets that appoitment from the judge? You can prevent that by preparing your last will and testament with a guardianship provision to name who you want to raise your children. Need more help? Check out this “Estate Planning for Moms” webinar.

Power of Attorney Lawyer Huntsville

A power of attorney is a legally binding document that gives someone the authority to act onyour behalf in legal, medical, and financial matters if you cannot. A power of attorney can beeffective upon your signing, or you can opt to have it go into effect only upon your incapacity or incompetency. Your “Agent” is given tremendous authority, so you must trust this person.

Don’t wait until you are in the hospital or get that demential diagnosis to call to get a power of attorney. Generally, when you NEED that power of attorney it may be too late. Prepare now and get that power of attorney prepared by Huntsville Estate Planning Lawyer, LLC.

Advance Directive for Health Care

This document contains your “living will,” what is also known as your directives, as to your end-
of-life decisions. In this document, you will designate whether you want life sustaining treatments and nourishment through an IV. You will also designate a Proxy or Proxies to speak on your behalf and make those decisions if you are unable to speak for yourself.

FREE Estate Planning Workbook

Tanya prepared a free resource for you. This free pdf download explains basic estate planning words, concepts, and guides you through creating your estate plan. CLICK HERE for your workbook. 

Schedule your virtual appointment today. Click on the link below or call 256-361-1221.