Are you or someone you know in need of will or estate planning in Alabama? Of course needing a will or estate plan for the future isn’t necessarily something that we enjoy thinking about, but it is extremely important. Here are a few of the reasons why:
1. What Happens If You Don’t Have Will? - You may find it hard to believe, but of Americans in general, over half (64%) do not currently have a will. You don’t have to be a part of that statistic! What happens to your belongings if you pass away without a will or “intestate” depends on the state you live in. Lawyers in Alabama will tell you that if you die without a will in Alabama your assets will generally go to your closest relatives. Things get a bit more complicated depending on your marital status and/or number of children with or without that spouse.
2. Benefits of Having Power of Attorney - Many Americans haven’t chosen to sign off on naming a Power of Attorney because they aren’t sure what it really means. To put it simply, your Power of Attorney will make decisions for your if you are unable to make those decisions because of a medical issue or death. In general, having lawyers in Alabama draft documents nominating a Power of Attorney will cost you anywhere from $500 to $1,500 depending on the complexity. In the grand scheme of things it’s a small price to pay to ensure that your wishes are correctly carried out.
3. Stress Free Estate Planning For Your Family - The good news is that the percentage of seniors with living wills (otherwise known as an advanced directive) actually increased from 47% to 72% from 2000-2010. One of the reasons that seniors are so encouraged to set up wills early on is to save their family the stress of dealing with it. We have all been in situations where we are grieving the loss of a loved on only to find out that their estate has not been properly planned and it will be the responsibility of the family. This can not only cause stress, but internal family strife as well.
If you live in the Yellowhammer state and are concerned about not having a will or have a family member that isn’t sure how to go about planning their estate contact lawyers in Alabama today. You’ll be glad you did!