Benjamin Franklin famously said, “There are only two things certain in this life; death and taxes.” Estate plans allow people the opportunity to deal with both, for themselves and for their loved ones.
Every estate plan has three basic components: The Last Will and Testament, a Durable Power of Attorney, and a Living Will technically called an Advanced Healthcare Directive. An attorney should prepare these three documents; they form the essential basis for planning in a medical emergency, and in the event of death. If done properly, the most important things these documents do is to make sure that your loved ones can handle emergency situations and death with as little trouble as possible. If estate documents are done properly, they will anticipate the needs and wishes of you and your family. Estate plans that work the best will not be seen working at all.
The Durable Power of Attorney allows an agent of your choosing to access all of your bank accounts, pay all of your bills, maintain, rent, or sell your property, and stand in your shoes for any decision except those dealing with health care. They are “durable” because they remain in effect even in the event you become unconscious. While they can be drafted to become effective once two doctors have declared you incapacitated, this author advises people to have them take effect immediately to avoid what can be an expensive and time-consuming process. As the old adage goes, “If you can’t trust them while you’re awake, why would you ever trust them when you are unconscious.”
The Living Will, or Advanced Healthcare Directive, lets your doctors and loved ones know your wishes when decisions about health care are to be made when you are unconscious. They also allow you to choose someone to make healthcare decisions for you in the event you are unconscious. The Durable Power of Attorney and Advanced Healthcare Directive together allow your loved ones to make decisions and handle business in the event you become unconscious; however, if it is your time to pass, the Last Will and Testament is the document that plans for your assets and loved ones.
A properly drafted will under Alabama law will allow your personal representative (executor or executrix) to distribute your assets in accordance with your last wishes with a minimal amount of expense and Court oversight. That is the goal of your basic Will. It allows people to carry on with their lives without having to go to Court to settle issues and argue about who gets what. This usually results in the unfortunate situation of the Estate going to pay costs and attorneys’ fees with nothing left for family members. A well drafted Will complying with specific provisions of Alabama law will provide your loved ones with the opportunity to focus on grieving and healing together as a family.
Every estate plan has three basic components: The Last Will and Testament, a Durable Power of Attorney, and a Living Will technically called an Advanced Healthcare Directive. An attorney should prepare these three documents; they form the essential basis for planning in a medical emergency, and in the event of death. If done properly, the most important things these documents do is to make sure that your loved ones can handle emergency situations and death with as little trouble as possible. If estate documents are done properly, they will anticipate the needs and wishes of you and your family. Estate plans that work the best will not be seen working at all.
The Durable Power of Attorney allows an agent of your choosing to access all of your bank accounts, pay all of your bills, maintain, rent, or sell your property, and stand in your shoes for any decision except those dealing with health care. They are “durable” because they remain in effect even in the event you become unconscious. While they can be drafted to become effective once two doctors have declared you incapacitated, this author advises people to have them take effect immediately to avoid what can be an expensive and time-consuming process. As the old adage goes, “If you can’t trust them while you’re awake, why would you ever trust them when you are unconscious.”
The Living Will, or Advanced Healthcare Directive, lets your doctors and loved ones know your wishes when decisions about health care are to be made when you are unconscious. They also allow you to choose someone to make healthcare decisions for you in the event you are unconscious. The Durable Power of Attorney and Advanced Healthcare Directive together allow your loved ones to make decisions and handle business in the event you become unconscious; however, if it is your time to pass, the Last Will and Testament is the document that plans for your assets and loved ones.
A properly drafted will under Alabama law will allow your personal representative (executor or executrix) to distribute your assets in accordance with your last wishes with a minimal amount of expense and Court oversight. That is the goal of your basic Will. It allows people to carry on with their lives without having to go to Court to settle issues and argue about who gets what. This usually results in the unfortunate situation of the Estate going to pay costs and attorneys’ fees with nothing left for family members. A well drafted Will complying with specific provisions of Alabama law will provide your loved ones with the opportunity to focus on grieving and healing together as a family.
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