Mobile, AL Estate Planning Lawyers
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Many people hear the phrase “estate planning” and think that it’s only something older people need to do. However, there are many different facets to estate planning that affect people of all ages and family situations. Procrastinating or ignoring this important task could have consequences for your family that cause them a great deal of stress and legal problems. In order to protect your estate and ensure your family is able to easily obtain their inheritance, it is in your best interest to start now! At The Ladd Firm, our Mobile estate planning lawyers are dedicated to addressing your concerns and listening to you detail your goals. Together, we can devise a plan that meets your unique needs. Contact us today to find out how you can speak directly to our attorneys in a free phone consultation and learn more about our estate planning services, which include:
Wills are legal documents that are a little more complex than they are usually portrayed in movies and television. There are many different types that all accomplish different objectives. Some examples are…
- Living Wills – this document outlines your preferences for certain types of medical care, especially artificial forms of life support
- Testamentary Wills – sometimes referred to as last will and testament, this document lists the assets you want to bequeath to certain family members
- Pour-Over Wills – often supplements a testamentary will and transforms into a trust following the death of the creator
- Mutual Wills – not to be confused with joint wills, these documents are usually utilized by married couples and outline how assets will be distributed upon the death of both parties
Our Mobile estate planning lawyers may advise you that the most beneficial tool you can use to plan your estate is a trust. Trusts offer many financial advantages and they avoid the Alabama probate process, thus saving your loved ones a significant amount of time, stress, and court fees.
Trusts are legal entities to which you transfer your assets and allow a 3rd party – called a trustee – to manage. You will remain the owner and be able to add to, take from, and alter the trust as you need to. The most common types of trusts are…
- Living Trust – these are created while you are still alive and allow for the easy transfer of assets to your heirs upon your death
- Testamentary Trust – established after your death according to the terms in your will
- Charitable Trust – allows you to divide assets between your heirs and a charity organization
- Special Needs Trust – allows you to bequeath assets to a dependent with special needs in a way that doesn’t jeopardize their access to government benefits
Powers Of Attorney
Even if you have already established a power of attorney, you may need to revisit it! In 2012, the laws on POA in Alabama underwent major changes. If you have no POA, now is the time to establish it. A POA allows you to choose an individual to make financial decisions for you in the event that you are unable to make them yourself. If a situation should arise in which you need a POA but haven’t established it yourself, the court may choose for you. No matter the boat you’re in when it comes to POA, our Mobile estate planning lawyers can step in and ensure that it is done correctly and legally.
Our Mobile Estate Planning Lawyers Can Guide You Every Step Of The Way
While the payback may not be immediate, taking the time to plan your estate now will prove to be the right decision in the future. You will relieve your loved ones of legal burdens, have control over your medical care, and have the ultimate say in how your assets will be divided. Call today to learn more information about wills, trusts, powers of attorney, and the variety of other estate planning services we offer!
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Mobile, AL Practice Areas
The Ladd Firm is an asset for individuals who need assistance with estate planning. They are truly concerned with what is best for their clients and take the time to understand the situation and tailor the options for the best outcome.
The Ladd legal firm is a very personal and professional legal firm. The service we received was complete and their patience with explaining the process of establishing a family trust made us completely comfortable. We are amazingly comfortable recommending them to anyone wishing to set-up a family trust.
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