Planning for the future and navigating the legal complexities of estate planning and probate can feel overwhelming, but you don’t have to do it alone. At The Ladd Firm, we believe that informed decisions lead to better outcomes, which is why we’re here to provide clarity and guidance every step of the way. We’re here to make it easy! 

Whether you’re looking to create a will, establish a trust, plan for Medicaid eligibility, or manage a loved one’s estate after their passing, our team is dedicated to answering your questions and helping you move forward with confidence. Below, you’ll find answers to some of the most common questions we hear from our clients. 

However, because every life and situation is unique, for personalized advice, we encourage you to schedule your free consultation and speak with a member of our team about your options and next steps! 

Medicaid Planning

What is Medicaid planning and why is it important?

Medicaid planning is the process of organizing your financial and personal assets to qualify for Medicaid long-term care benefits, while preserving as much of your wealth as possible. Since Medicaid has strict eligibility requirements, it’s crucial to plan ahead if you expect to need long-term care in the future. Our team can help you navigate the complex Medicaid rules to ensure you qualify without unnecessarily depleting your assets.

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What is a power of attorney and why should I have one?

A power of attorney (POA) is a legal document that allows someone you trust to make financial, medical, or legal decisions on your behalf if you become incapacitated or unable to make decisions for yourself. This can ensure that your affairs are handled according to your wishes and prevent delays or complications during a critical time. Our attorneys can help you set up a power of attorney that meets your specific needs and protects your interests.

Estate Planning

Do I really need a trust if I already have a will?

Yes. While a will is important, it doesn’t avoid probate, and it only takes effect after your death. If you become incapacitated, a will (except for a living will, which isn’t technically a will in the way most people think of one) is useless. A trust can be useful to you during your lifetime, and allows your assets to pass directly to your beneficiaries without court involvement.

What happens if I die without a will in Alabama?

If you pass away without a will, the state’s intestate succession laws determine who inherits your assets. This may not align with your wishes.

What happens if I don’t have an estate plan?  

Without an estate plan, the state of Alabama will decide how your assets are distributed, which may not align with your wishes. An estate plan allows you to control where your assets go and provides a smoother process for your loved ones.

How often should I update my estate plan?  

It’s wise to review your estate plan at least every three years or after any significant life event, such as a marriage, divorce, birth, death, or change in financial situation. Our Alabama estate planning lawyers can help you update your plan as your life changes.

Can I create an estate plan on my own?  

While DIY options exist, they may not align with Alabama’s specific laws or your individual family situation, which can lead to unintended consequences. Our Alabama estate planning lawyers ensure your plan is thorough, accurate, and aligned with Alabama law.

Probate

What happens to someone’s debt when they die?

In most cases, unless their money and property are enough to go towards it or cover it, it will go unpaid. Don’t worry – you won’t have to pay it, unless you are a cosigner on a loan with outstanding debt or are a joint account holder on their credit card (or another unique circumstance applies). Their estate will be responsible for paying their debts; the only downside is that this could deplete your inheritance if applicable since the debst are paid first. Our lawyers can help you settle the debts, if you are the estate executor, in a way that maximizes the amount your family is able to hold onto! 

Do I really need a lawyer for probate – can I handle it on my own?

You can – legally, you’re not required in most circumstances to have an attorney. However, probate can be extremely complicated, especially if your loved one didn’t have their affairs in order before they passed, if there are complex assets involved, or if there are many beneficiaries. We’ve been helping families just like yours navigate probate for decades; we know everything about it, and we can help you prevent making mistakes that could lead to additional fees. Our goal is to save you money and stress!

Is probate always necessary?

No – if the estate’s value is under $36,030 and doesn’t contain any real property, under Alabama law, heirs can use a streamlined process instead of formal probate. For any assets the deceased owned in joint tenancy (by mutliple parties), probate isn’t required – the property just transfers to the surviving owner. If your deceased loved one had a living trust, or payable-on-death designations for their accounts, probate is not required either, and the money can be accessed directly from the trust or the accounts. 

If you do have to go through probate for your loved one, our lawyers can work with you to make sure your loved ones won’t have to deal with this in the future by implementing any of those above-mentioned strategies.