Wills & Estates
Estate and trust planning is the process of using professional advisory or lawyers who are familiar with your goals, concerns and assets to organize your estate and/or set up your trust. Estate Lawyers can assist with Estate Planning, which covers the transfer of property at death as well as other personal matters.
Estate Administration is the process of maintenance and distribution of assets after someone dies. This is done in agreement with either the will of the decedent (person who died) or state law. The person appointed to administer the estate may have tax or legal questions that need to be answered by a lawyer or tax professional. An experienced estate lawyer will know what to do, and help guide you through the legal process. Call a Vulcan Legal Group attorney today at 205-202-5190. |
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Top Ten Reasons to Have a Will
Top Ten Reasons to Have a Will
- No Matter how much, or how little money you have; a Will makes sure that it goes to your loved ones.
- If you don’t decide how you want your estate to be distributed upon your death, the State will decide for you.
- Having a Will is less expensive as you can avoid bonding fees and taxes.
- Having a Will allows you to choose who will manage your affairs.
- Having a Will allows you to decide who will be the guardian of your minor children.
- A Will ensures that you have some say as to how and when your estate will be distributed to your children.
- If you have no Will and your spouse dies after you, there is the possibility that his or her family may be entitled to everything while your family will be entitled to absolutely nothing.
- If you have no Will, your grandchildren or stepchildren will likely receive nothing under what is known as intestate law.
- If you have no Will, it is possible that more money than you intended will go to your children instead of your spouse.
- Dying without a Will results in a much longer settlement process and may even cause litigation among family members.
Myths and Facts About Wills in Alabama
Myth: I don’t need a will because my family knows my wishes
Fact: Even if your family can agree on what you would have wanted, in Alabama they don’t get that choice. The state steps in and distributes your account
Myth: I don’t need a will because I just want to leave everything to my partner/husband/wife
Fact: In Alabama, spouses do not automatically get everything.
Myth: I don’t have anything to put in a will
Fact: If you have a bank account, furniture, social security benefits, insurance policies, or a retirement account at work, then you need a will. Even if every possession you have in this world amounts to $1000. That is $1000 that you want to go to someone that you love, and not be divvied up by the state.
Myth: My wife/husband/partner will take care of my children
Fact: Without a will, in Alabama your children/grandchildren may or may not get any of your estate.
Myth: I don’t need a will because my family knows my wishes
Fact: Even if your family can agree on what you would have wanted, in Alabama they don’t get that choice. The state steps in and distributes your account
Myth: I don’t need a will because I just want to leave everything to my partner/husband/wife
Fact: In Alabama, spouses do not automatically get everything.
Myth: I don’t have anything to put in a will
Fact: If you have a bank account, furniture, social security benefits, insurance policies, or a retirement account at work, then you need a will. Even if every possession you have in this world amounts to $1000. That is $1000 that you want to go to someone that you love, and not be divvied up by the state.
Myth: My wife/husband/partner will take care of my children
Fact: Without a will, in Alabama your children/grandchildren may or may not get any of your estate.