Estate planning helps ensure your wishes are carried out after your death or in the event you become incapacitated and you’re no longer able to make decisions for yourself. Depending on your specific needs and intents, you may need more than one type of document to ensure your wishes are carried out.
Wills are arguably the most common estate planning tool, spelling out the distribution of assets, establishing guardianship, and ironing out other issues pertaining to your property, financial, and business interests. While a will may seem like a simple document, creating a will that stands up to legal scrutiny and even legal challenges is a complex process. Working with an attorney is the best way to ensure your will reflects your wishes, intents, and desires.
Trusts can be used like wills to specify your wishes after your death, but they can also be used during your life, and they’re often used to help protect assets or reduce tax liability. Trusts may be revocable, which means you can change the terms at any time, or irrevocable, which means the terms of the trust remain in effect even if your wishes change.
Durable Power of Attorney
A durable power of attorney allows a person of your choosing to make decisions for you in the event you become mentally incapacitated and are unable to make those decisions for yourself. Durable powers of attorney are often used to enable another individual to make financial, legal, or health care decisions for people who have become incapacitated by an injury, mental illness, or disease.
Advance Directive for Healthcare
Sometimes referred to as a “living will”, an advance directive for health care helps your doctor understand the type of medical care you wish to receive in certain situations, specifically regarding end-of-life care during a terminal illness or following an accident or other serious medical event. Living wills can provide you and your loved ones with significant peace of mind, but like other estate planning tools, it’s imperative to ensure your document is structured and worded in a very precise manner so you can feel confident your wishes will be carried out.
Estate Planning in Birmingham, Alabama
As a top estate planning law firm in the greater Birmingham, AL, area, J.K. Webb helps men and women create estate planning documents that suit their unique needs and wishes. Contact J.K. Webb today to learn how we can help you with all your estate planning needs.