There are many excuses for why people don’t prepare an estate plan. However, the reasons you need an estate plan far outweigh the reasons for not having one.
Without an estate plan, how will your family know what to do with your property?
You can reduce some of your family’s confusion and pain or potential conflict after your passing by simply leaving a few estate planning documents behind. You need an estate plan to give your family the guidance they need after you are gone. A Will or trust can provide the detailed instructions your family and executor need. However, if you fail to leave a Will, your property passes according to the intestate laws of the State of Alabama.
Estate plans are not just about death.
It’s true that a Will takes effect after you pass away. However, your durable power of attorney starts working as soon as you sign it or after you become incapacitated. A medical power of attorney names an agent to make medical decisions for you, if necessary.
Probate can be so difficult.
However, it’s generally more difficult when you don’t leave an estate plan behind. Families may be shocked to learn how the property must be distributed without a Will, which is another reason you need an estate plan. An estate plan may still pass through probate, but it may take less time, expense, and effort than if you had not left any estate plan at all.
Your family may save money.
You may still be paying some court fees and attorneys fees. However, a well-drafted estate plan may minimize some of the costs. In addition, estate assets that sit for years before being distributed to heirs may lose their value. The estate may also have to pay rent, taxes, maintenance, insurance, and other costs to maintain estate assets.
Call us to learn more about why you need an estate plan
There are more benefits to preparing an estate plan than we can present in this article.
Attorney Bruce Adams helps clients just like you with their legal needs. For a free consultation with an experienced Alabama attorney, contact us at 256-237-3339. Located in Anniston, we serve clients in Calhoun, Cleburne, Etowah, and St. Clair Counties.