For over two decades I have helped Alabama families with comprehensive estate plans customized to their unique needs.
Why do you need a will?
A Last Will and Testament commonly referred to as a "Will" is a legal document that allows you to decide who will inherit your property and who will handle your affairs. An experienced attorney can help you navigate the issues that you will need to consider and answer questions about Alabama law.
What does a Will do?
What happens if someone dies without a Will?
When an Alabama resident dies without a will, Alabama law will dictate who inherits the deceased person's probate estate and who handles the affairs of the estate.
What does it mean to Probate a Will?
Probation of a Will is the formal process of carrying out a person's wishes by validating their Will though a Court proceeding. This may include resolving any outstanding debts or taxes, and distributing any remaining assets to rightful beneficiaries. This process can be complicated and the rules and procedures can vary from county to county. Therefore, It is important to have an experienced probate attorney to guide you through the process.
What is a Revocable Living Trust?
A Revocable Living Trust is a legal entity created by you, during your lifetime, that can allow you to enjoy your assets while you are alive and pass them to beneficiaries under specified conditions without the necessity of having your estate go through probate at the time of your death. Title to your assets is transferred to the trust during your lifetime to be used for your benefit and not transferred to your beneficiary until after your death. A Revocable Living Trust can be changed or amended, or revoked at any time.
Why have a Revocable Living Trust?
You need to understand that for most people the costs of probate are not that significant, and you should seriously consider whether to spend the time and money on a Living Trust if the desire to avoid probate is your only real goal. It is often difficult to devise a Living Trust that will be totally successful in avoiding probate because, to completely avoid probate, ownership of all of your significant assets must be legally transferred to the trust during your lifetime.
A Revocable Living Trust can make sense, however, if the goal is to provide a safety net for you and your loved ones in the event of incapacity, because a well-planned Living Trust, appoints a Trustee to handle your basic affairs and take care of your basic business concerns; and it enables you to hand-pick the person who will be handling your affairs in the event of incapacity. And with very careful planning it is possible to avoid probate at the time of you death.
What is a Special Needs Trust?
Unlike a standard Revocable Living Trust that you can craft for your general benefit while you are alive and which can be used for practically anything, a Special Needs Trust is a trust created for a disabled person that allows that person to shelter their financial assets while still being eligible for government benefits such as Supplement Security Income (SSI) and/or Medicaid. A Special Needs Trust enables you to use government benefits to provide for basic needs of life, such as nursing home payments, while allowing the trust assets to provide for your extra or supplemental needs. The money you put in the trust, if spent according to federal and state regulations, may be used to pay for things you need and it allows your money to be stretched out for many years.
The Alabama Family Trust was created by the Alabama Legislature in 1994 and has served Alabamians as the only non-profit, pooled trust company in the state. You can see a list of frequently asked questions they maintain on their website here: Alabama Family Trust FAQ
I can help you setup a Special Needs Trust for yourself or a family member.
What is a Power of Attorney?
When a person becomes incapacitated their needs do not end and usually increase substantially. An incapacitated person will likely need medical care but will also need assistance with daily living tasks like bill paying and managing their finances and business affairs. A Power of Attorney is a document that legally empowers one person to speak for another person and act on their behalf. A Power of Attorney can cover:
What is an Advance Directive for Healthcare?
An Advance Directive for Healthcare is document you can prepare today that is used to tell your family, doctor, nurse, or other members of a healthcare team the kind of medical care you want if you are too sick to talk or make decisions. You can also name a health care proxy to make medical decisions on your behalf. You must be at least 19 years old to set up an Advance Directive for Healthcare and you must be able to think clearly and make decisions for yourself. An Advance Directive for Healthcare empowers your loved ones and reduces their burden by clearly communicating your wishes.
You can download an Advance Directive for Healthcare here: Advance Directive For Healthcare
Call today for a free consultation. 251-928-5595
Alabama and Federal Law require the following disclaimers: (1) No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers. (2) I am a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code. 251-928-5595
Copyright © James K Lambert - All rights reserved