St. Clair County Estate Planning Lawyer

Estate planning is one of the most valuable tools anyone can utilize to protect their assets and ensure their final wishes are fulfilled. Sadly, people often mistakenly believe that estate planning is only for the very wealthy or elderly. However, this is far from the truth, as a wide variety of individuals and families can benefit from a well-crafted estate plan.

We know that you want to plan so that your heirs and beneficiaries do not have to deal with financial worries and costly probate after your death.

Secure your future and protect your loved ones. Contact Jim Golden Law today to start creating a personalized estate plan that meets your needs.

Understanding Estate Planning

Estate planning can give you peace of mind knowing that your heirs and other beneficiaries will be provided for after your death. Additionally, you can also utilize estate planning for many legal needs including:

Create a trust or will.
Name beneficiaries and an administrator for your estate.
Name a healthcare proxy to make decisions regarding medical care.

If you are still trying to determine whether you would benefit from creating an estate plan, contact our estate planning attorneys to learn more information. We will be happy to schedule a meeting to provide you with a free estate planning consultation.

Does My Estate Have to Go Through Probate in Alabama?

Probate is a court-supervised process where the terms of a will are carried out, including paying any outstanding debts and taxes and distributing assets to heirs and beneficiaries. While probate is often required under Alabama law, certain exceptions can allow some assets to bypass the process.

When Is Probate Required?

In most cases, Alabama law mandates that an estate goes through probate. If the property solely lists the deceased’s name, it will typically need to pass through probate before being distributed to heirs.

Exceptions to the Probate Process

Certain assets can bypass probate. These include:

Jointly Owned Property: If the deceased owned property jointly with another person, such as a spouse, the property transfers directly to the surviving owner.
Assets with Named Beneficiaries: Life insurance policies, investments, or retirement accounts with designated beneficiaries are exempt from probate.

Small Estate Probate in Alabama

If the estate is valued at $25,000 or less, it may qualify for “small estate probate.” This streamlined process requires certain legal steps, such as publishing a notice of the estate and ensuring all debts and expenses are resolved.

Why Do I Need to Create a Will?

A last will and testament is a key part of an effective estate plan. Without a will, Alabama law declares that an individual dies “intestate,” meaning the state decides how assets are divided among surviving family members.

Asset Distribution

Creating a will ensures your assets are distributed according to your wishes. This includes specifying which beneficiaries will inherit certain properties, assigning personal items, and planning for other estate matters. A will also helps prevent disputes among family members and ensures your loved ones avoid unnecessary legal hurdles.

Appoint Guardians for Minor Children

A will is critical for parents with minor children. It allows you to designate a guardian for your children if something happens to you. Without this document, your children could face uncertainty, potentially entering state custody while family members pursue legal rights to care for them.

Choose an Executor for Your Estate

Your will should also name an executor to manage your estate. This person is responsible for administering your assets, paying debts, and ensuring your wishes are fulfilled.

How Jim Golden Law Can Help

At Jim Golden Law, we help clients build wills that reflect their wishes and safeguard their loved one’s futures. Whether you need to name a guardian, assign an executor, or navigate probate exceptions, we are here to guide you through the process. Contact us today to begin planning for peace of mind.

Why is it Important to Have an Advanced Directive as Part of an Estate Plan?

An Advanced Directive is the most essential of all the estate planning documents you can use to protect your future. An Advanced Directive will convey your wishes about medical care to physicians and loved ones in the event you are incapacitated and cannot speak for yourself.

Additionally, an Advanced Directive dictates the type of medical care you do and do not want. Having an Advanced Directive in place helps eliminate potential disputes and gives family members peace of mind knowing they are following your wishes.

An Advanced Directive contains two sections, a living will and a health care proxy designation. The living will portion dictates your wishes as far as medical treatment. At the same time, the health care proxy designation appoints the individual of your choice to make decisions on your behalf if you are unable to do so for yourself.

What Are the Benefits of Establishing a Trust?

A trust is a legal agreement between an individual who creates the trust, also known as the grantor, and a third-party trustee. The trustee is responsible for managing the assets that are included in the trust.

There are many benefits associated with establishing a trust, one of the most significant being that it can help to avoid costly probate. The most common trusts that Alabama citizens use include:

Revocable Trust: The assets contained in the trust remain under the grantor’s control and are designated how they would like their assets distributed. A revocable trust can be modified or terminated at any time at the grantor’s discretion and is the best option if you want to minimize taxes on your estate. However, a common misconception is that a revocable trust will protect your primary residence and other assets from being seized by a nursing home or during bankruptcy. Because a revocable trust allows an individual to maintain control over their assets, it does not afford the grantor any legal protection.
Irrevocable Trust: A grantor releases all ownership of assets included in the trust. Creating an Irrevocable Trust can help protect your assets from Medicaid because the property contained in this type of trust essentially removes your ownership rights and gives them to your beneficiaries after you pass away. However, the most significant advantage of an irrevocable trust is that it will help you to minimize estate taxes that your family may be responsible for paying after your death.
Special Needs Trust: Often, individuals with special needs require more money than their allotted monthly government benefit to provide for the things they need. However, these individuals are limited as to how much outside money they can receive without it jeopardizing their benefits. If you have a special needs beneficiary, you can create a trust that will allow your family member to receive an inheritance without the threat of them losing essential benefits.

A trust will also allow you to plan ahead for how your property will be distributed, either all at once or through staggered payments to beneficiaries. If you are still trying to determine the benefits of creating a trust, contact our law offices to schedule an appointment with our experienced estate planning attorney.

We will gladly explain the various types of trusts that are available and the potential benefits associated with each, such as avoiding estate taxes, reducing the tax burden, and asset protection.

Difference Between Elder Law and Estate Planning

Elder law and estate planning address distinct but complementary areas of concern. Elder law focuses on legal issues that arise during an individual’s lifetime, such as securing long-term care, protecting assets, managing finances, and planning for incapacity through tools like powers of attorney and healthcare directives. Estate planning, on the other hand, addresses what happens to a person’s assets and property after they pass away. This includes creating wills, trusts, and other documents to ensure their wishes are honored and their loved ones are cared for. At Jim Golden Law, we guide clients through both processes, helping them plan for their present needs while safeguarding their future legacy.

How Jim Golden Law Can Help

Jim Golden Law has vast experience in creating estate plans that provide for our client’s individual needs. Whether creating a will, planning for your children, or expressing your wishes regarding medical care, our law firm can help you know you did your part in planning for your family.

Additionally, individuals who have recently gone through a divorce should have their estate plan updated immediately to reflect any changes that need to be made regarding asset distribution and named beneficiaries. In addition, it is vital that you make the necessary changes to your will as soon as possible so that there is no costly litigation for other family members to try and deal with after your death.

Call Our St. Clair County Estate Planning Lawyer Today!

We understand that it may be difficult to think about the time after you are gone. However, it is in the best interest of your loved ones to create an estate plan that is tailor-made for your family’s needs. An estate plan can also help you avoid potential guardianship if you cannot make decisions due to physical or mental illness. Our law firm will be happy to sit down with you and determine what your needs and goals are for your loved ones after you pass away.

Contact Jim Golden Law to schedule a free consultation to discuss your estate planning needs with our experienced attorney.