Alabama Wills & Trust
Death is an inevitable reality that we must all face. It may be difficult to think about, but it is important to plan for what will happen to your belongings and loved ones after you die. Creating a will and trust are two of the best ways to do this.
A Wills And Trusts Attorney Can Help You Obtain Protection Against Lawsuits
One way to transfer your assets is to give them or title them to a family member. HOWEVER, by doing so, you put your assets at risk to their creditors, including lawsuits, bankruptcy, and divorce.
In Alabama, there are two main ways to distribute your assets: through a will or through a trust. If you die without a will or trust in place, your assets will be distributed according to the state’s intestate succession laws.
Trusts can be revocable or irrevocable. Revocable trusts can be changed at any time, while irrevocable trusts cannot be changed once they are created. Trusts can be used to avoid probate, protect assets from creditors, and provide for family members who may need special assistance.
Transferring assets (including your business) to an irrevocable trust is sometimes a much better strategy against judgments obtained from a lawsuit. This way, you are protected from business liabilities, and your business is protected from your personal liabilities.
There are pros and cons to any asset protection strategy. Bruce Adams Law Office can help you select the best strategies based on your circumstances.
What Is A Will?
Planning and creating a will involves drafting a legal document called a last will and testament that details how you would like your assets to be distributed after you die. Your last will and testament can also name a guardian for your minor children and set up a trust to manage their inheritance.
If you die without a will, your wishes on how your possessions should be distributed are set by law. Don’t let a court decide how to distribute your assets when you have the power to do it yourself.
Bruce Adams Law Office can assist you in drafting a last will and testament to guarantee that your assets are properly distributed after your death.
What Is A Trust?
When it comes to estate planning, a trust is an important tool that can be used to manage your assets and protect your loved ones. But what is trust? A trust is a legal entity that can hold and manage the property on behalf of another person or entity. Trusts can be used for a variety of purposes, including managing assets during your lifetime and distributing them after your death.
There are many different types of trusts, but the most common are revocable living trusts and irrevocable trusts. A revocable living trust is one that can be amended or revoked by the grantor during their lifetime. An irrevocable trust, on the other hand, cannot be changed once it has been created.
Trusts can be an important part of an estate plan, as they offer flexibility and can help to minimize taxes and probate costs. If you’re considering creating a trust, it’s important to work with an experienced estate planning attorney who can help you choose the right type of trust for your needs and ensure that it is properly funded and managed.
How Are Wills And Trusts Different?
There are a few key differences between a will and a trust. First, a will must go through probate, which is a legal process where the court appoints an executor to oversee the distribution of the estate. A trust does not have to go through probate. Second, a will only takes effect after you die, whereas a trust can take effect as soon as it is created.
Finally, with a will, you name beneficiaries who will receive your assets when you die. With a trust, you can name beneficiaries and also specify how and when they will receive their inheritance.
A lawyer can help you decide whether a will or trust is right for you and your family. They can also draft the documents such as a last will and testament and help you navigate the probate process, if necessary.
What Are The Benefits Of Having Wills And Trusts In Alabama?
Alabama estate planning laws are designed to help individuals plan for the future and protect their loved ones. The state’s probate and trust codes cover a wide range of topics, from the creation of wills and trusts to the management of property and debts after someone’s death.
Individuals who are considering estate planning in Alabama should be familiar with these laws and how they may apply to their unique situation. Here are some of the benefits of having wills and trusts in Alabama:
You can specify how you want your assets to be distributed. Without a will or trust, your assets will be distributed according to state law, which may not be in line with your wishes.
You can appoint a guardian for minor children. If you have young children, you can specify in your will or trust who you want to serve as their guardian in the event of your death.
You can avoid probate with a properly funded trust. Probate is the legal process through which a deceased person’s assets are distributed. Having a trust can help avoid this lengthy and costly process.
You can reduce taxes on your estate. With proper estate planning, you can minimize the taxes owed on your estate, leaving more for your loved ones.
You can protect your beneficiaries from creditors and lawsuits. By placing assets in a trust, you can protect them from creditors and lawsuits that may otherwise come after them if they were inherited outright.
You can control how and when your beneficiaries receive their inheritance. For example, you could set up trusts that provide for distributions over time rather than all at once, which can help beneficiaries manage their inheritance responsibly.
You can support your favorite charities. A will or trust can be used to leave money or property to your favorite charities, which can be a great way to continue supporting them after your death.
You can provide for a special needs beneficiary. If you have a loved one with special needs, you can use a trust to provide for their care without jeopardizing their eligibility for government benefits.
Locally Trusted Alabama Wills And Trusts Attorney Ready To Serve
Having a will or a trust is an important aspect that everyone should go through at some point in their lives. Unfortunately, many people put off this crucial task because they either don’t understand it or they are intimidated by the thought of having to plan for their own death.
Bruce Adams is a local lawyer with more than 35 years of experience. As a highly experienced Alabama wills and trusts attorney, Mr. Adams has a proven track record of success and has dedicated his career to helping clients and their families. He will work with you directly to formulate a will or trust that meets your specific needs and objectives.
Schedule a free consultation with us at Bruce Adams Law Office today!