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Basic Q&A...for estate planning
We want you to be informed. These are the most commonly-asked questions we receive, so rather than charge each client for this basic information, we want you to be able to benefit from our experience on these basics whenever (and as often as) you would like.
The Probate Process in Alabama
Why You Want to Avoid Probate
Okay...what's the difference between a will and a trust?
Q1: What is the primary purpose of a will?
A will is a legal document that outlines how your assets should be distributed after your death. It appoints an executor to manage the process who will carry out your wishes.
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Q2: How does a trust differ from a will?
Unlike a will, a trust is a legal, stand-alone entity that holds and manages assets during your lifetime. A trust can facilitate the distribution of your assets upon your death. A trust also protects your privacy (wills are publicly available) and can avoid the probate process, which is cumbersome and expensive.
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Q3: Is probate avoidance the main advantage of a trust?
One key benefit of a trust is the potential avoidance of probate, a court-supervised, sloth-like process for validating a will. Avoiding probate can save time and costs, giving your estate a more efficient transfer of assets to your beneficiaries.
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Q4: Can both a will and a trust be part of an estate plan?
Absolutely yes. The will typically covers any assets not included in the trust(s) you have established and funded, serving as a backup and addressing other important matters like guardianship of minor children.
How does a Living Will differ from an Advanced Healthcare Directive?
Q1: What is the primary purpose of a living will?
A living will is a legal document that outlines your preferences for medical treatment and life-sustaining measures in the event you become incapacitated and unable to communicate. It focuses on end-of-life decisions.
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Q2: How does an advanced healthcare directive differ from a living will?
An advanced healthcare directive is a broader document that combines elements of a living will and appoints a healthcare proxy, or agent. It allows you to designate someone to make healthcare decisions on your behalf if you are unable to do so.
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Q3: Can a living will address specific medical treatments?
Yes, a living will typically addresses specific medical treatments, such as the use of life support, resuscitation, and organ donation. It provides guidance to healthcare professionals about your wishes in critical situations.
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Q4: What additional role does a healthcare proxy play in an advanced healthcare directive?
In an advanced healthcare directive, you appoint a healthcare proxy or agent to make decisions not explicitly covered in the living will. This person ensures your medical preferences are respected and can adapt to evolving healthcare situations.
How often should I update my estate plan?
It is advisable to review an update your estate plan regularly, especially during significant life changes. Consider revisiting your plan every two to three years or when major events occur, such as marriage, divorce, the birth of child or grandchild, a change in ownership of a family-owned or closely-held business, or any other material change in your financial or life-style status. If key individuals named in your plan, like executors or guardians, are no longer suitable or available, it is essential to make timely adjustments. Staying in touch with my team and keeping your estate plan current, robust, and living helps my team protect your future generations.
How do I provide for our child with unique challenges during our divorce?
We understand that divorces involving children with unique abilities and needs require special care and attention. While ideally both parents would work together to create a solid plan for their child's future, that isn't always the case. Our team provides compassionate and supportive counsel, leading our clients through the legal and financial aspects of this component of divorce and estate planning. One critical consideration in these situations is the establishment of a special needs trust, which can be used to protect assets for the child's use without compromising eligibility for government benefits.