To have control over which assets you leave to your loved ones when you die, you need a will. A last will and testament is one of the most basic estate planning tools, and everyone should have one. Without a will, the probate court will have to determine who gets any assets you own that are left after your debts are paid. If you are concerned about your estate planning in Huntsville AL, it is important to talk to an attorney to ensure your documents are completed properly.
You also need a will if you have minor or disabled children who depend on you. With a will, you can assign a guardian for your children. Be sure the person you name as guardian in your will knows that you are doing so and that they agree to take on the responsibility. If the guardian you assign in your will does not want to take on the task of raising your children, the courts may have to assign an alternate guardian. A last will and testament is a fluid document as long as you are alive, so if your needs or wishes change after you have written it, it can be updated.
If you have a large amount of assets that are not in accounts protected from probate, it may be beneficial to you and your family to set up a trust. A trust allows certain assets to be passed directly to others without the involvement of probate court. Some assets, such as retirement accounts and bank accounts, do not go through probate court. They are transferred according to the beneficiary designation form. It is important to review your beneficiary designations regularly. Some of the times they should be reviewed include marriage, divorce and birth of a child or grandchild.
As you embark on Estate Planning in Huntsville AL, it is important to discuss how you will divide your assets with your loved ones. While having this discussion is uncomfortable for some people, it can save your children and grandchildren from having hurt feelings or arguing amongst each other after you die. A law firm such as Long Flanagan and McDonald LLC may advise you of the best ways to approach your loved ones to let them know about their proposed inheritance.
