Brought to you by: Community Partner Holliman & Holliman, www.hollimanlegal.com
1. I’m too young to need an estate plan. Accidents happen at all ages. Even if you are single with no children, you must decide who will get your assets. You may not want your assets to go to parents or to siblings or only to one parent or to one sibling. Regardless of your age, you need an estate plan. You may want to bequeath assets to friends or to charity. You have the right to decide how your assets are distributed, but it takes an estate plan to make it happen. If you have minor children, you absolutely need an estate plan to name who will take care of your children. Family fights over custody are common.
2. I don’t have enough assets to need an estate plan. the key question is, “Do you have assets that are important enough to you that you want to control who gets the assets?” If so, you need an estate plan.
3. My spouse gets everything anyway. Not necessarily. Without a will or trust, your spouse may not receive everything due to Alabama intestate law. It is entirely possible that your parents or your children could receive some assets rather than your spouse.
4. I can’t decide how to divide things up. Would you really want Alabama intestate law to decide who gets your assets? Hint: The answer is NO. Wouldn’t you prefer to make a decision that you can change later if needed instead of leaving it to chance and the State of Alabama?
5. I can’t decide who to put in charge. If you do not make this decision, the State will assign a lawyer to the task. You could name an unrelated third party rather than a family member. You can always change your nomination in the future if you later feel the person is no longer a good choice.
6. It costs too much. An intestate estate generally will cost more than an estate plan. An administration following intestate law is more complicated and can allow more opportunities for family to fight in court– all of which increases the costs.
Don’t let excuses determine your family’s future. Work through your concerns with an experienced estate planning attorney who can help you make the right decisions for you.
Partner at Holliman & Holliman, PLLC
No representation is made that the quality of the legal service to be performed is greater than the quality of service performed by other lawyers.