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Alabama Estate Planning
If you have savings, own property or have a family, you should take steps to help secure your financial future and your legacy. There are a number of tools that can help preserve your wealth for the remainder of your life and ensure that you control who inherits your property. Fortunately, Alabama does not have estate taxes, but your estate may have to pay taxes to the federal government after you die. Estate planning can also help reduce those taxes. Talk to an estate planning attorney to learn more about estate planning and which tools are right for you.
The Basics of Estate Planning
Federal and Alabama laws allow individuals to create estate planning tools to help control your destiny if you're ill, incapacitated, unavailable or have passed away.
Estate planning can also help the specific needs of parents with minor children and unmarried couples.
Among the most common estate planning tools:
- A last will and testament explains how you'd like your money, property and possessions distributed after you die.
- A power of attorney allows you to designate another person (known as your attorney in fact to take certain legal or financial actions on your behalf if you're unable or unavailable to take these actions yourself. A power of attorney ceases to be effective upon your death.
- A healthcare power of attorney allows someone else to make medical decisions on your behalf if you're incapacitated and unable to communicate.
- A living will is used to explain your end-of-life wishes.
- A trust allows you to pass property onto your heirs outside of probate, which is the legal process for distributing an estate.
Your estate planning lawyer can review your financial situation, learn more about your specific concerns and wishes, and help you understand which estate planning tools are right for you and your family.
Find & Hire Local Alabama Estate Planning Attorneys
Are you ready to get your estate in order? Then your next step is to hire a local estate planning lawyer—and you've come to the right website. Attorneys.com offers a free service that can quickly connect you with estate planning lawyers in Birmingham, Mobile, Montgomery and elsewhere in Alabama. Fill out the form on this page to get matched with an attorney today, or call us at 877-913-7222.