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Will & Trust Attorneys Serving Decatur & Morgan County, ALCompetent & Caring Estate Planning Team
Estate planning consists of creating legal documents that determine how your estate will be transferred to family and other beneficiaries when you pass away. Your estate includes everything you own, such as real estate, bank accounts, investments, retirement accounts, personal belongings, vehicles, jewelry, art, and more. While many people believe the word “estate” applies to only the wealthy, estate planning is smart for everyone. Using wills and trusts will provide guidance and security to your family while reducing taxes, probate expenses, and more.
White, Oakes, & Iverson, LLC has provided the drafting of wills and trusts for individuals and their families throughout the greater Morgan County area since 1998. Our Decatur estate attorneys are well-versed in Alabama law regarding the creation of viable and legal wills and trusts tailored to your needs and objectives.
Wills & Trusts in Alabama
A will—also known as last will and testament—is a legal document that details your wishes regarding how your assets are distributed and who will take care of your minor children. Dying without a will in place means those wishes may not be followed.
A will delineates the following:
- How you wish your assets and property to be distributed upon your death
- Provides for the care of any minor children, designating a guardian for their care as well as for the management of any assets you pass on to them
- Names an executor whom you trust to see that your wishes are carried out according to the will
- Specifies your wishes for your funeral or cremation
The benefits of having a will can include the minimization of estate taxes, the avoidance of a protracted probate proceeding, and the reduction of family disputes. It allows you to make gifts and donations to charities, and decide how, when, and what your beneficiaries will receive.
On the other hand, trusts are legal documents that also provide for the clear transfer of your assets and property. These legal documents can also reduce time, money, and taxes. In a trust, you name a trustee who will hold and manage your assets for the benefit of your heirs. Upon your passing, these assets will then be distributed according to your instructions.
Trusts can be revocable, meaning you can change them at any time or irrevocable (unchangeable). You can create a revocable trust in which you are the named trustee during your lifetime. In such a trust, you name those whom you wish to act as trustees to manage the trust once you are gone.
Trusts can also be created for specific purposes, such as for taking care of pets, disabled children, charities, and more. Our firm can help you create the type of trusts that will best fit your needs and will be created according to Alabama law.
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Our legal team can assess your case, hear out your concerns, and develop a plan that protects your rights and best interests, as well as address your needs. Let us help you protect the future of your loved ones.
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