Florence Estate Planning Lawyer

Florence Estate Planning Attorney

Most people only think of wills when considering what estate planning documents they might need, but there are many different ways to plan your estate. Living trusts, powers of attorney, and other matters can be outlined while estate planning to help loved ones make difficult decisions on your behalf. For peace of mind when developing your estate plan, contact a Florence estate planning lawyer.

Understand Your Options

Each person’s estate is different and requires different elements for transferring the estate’s assets to their intended recipients. The Law Office of Brad Phillips, LLC, has experience with a wide variety of estates and can help you determine what course of action you should take for your own assets.

Types of Estate Planning

There are many different documents that might help you plan your estate. Each document is different and offers different advantages for individuals making plans for their future. The most common documents used in estate planning include things like:

• Wills: A will is a legal document that determines where your assets and property will go after your death. Physical possessions or liquid assets can be left to individuals or organizations, and wills allow the individual managing their estate to appoint a personal representative. This person is responsible for making sure the estate is properly distributed after the individual’s death.
• Living Trusts: A living trust is similar to a will in that the person creating it must do so while they are alive. Instead of appointing a personal representative, a trust appoints a successor trustee to inherit assets after the person’s death. In certain situations, individuals might be able to use trusts to avoid making their loved ones go through probate.
• Power of Attorney: This document is used to give someone access to certain parts of an estate if a person becomes unable to do so themselves. Power of attorney can be granted for financial issues, medical issues, or other matters.

FAQs

Q: How Much Do Most Lawyers Charge for a Will?

A: Most lawyers in Florence, Alabama charge a significant amount for the creation of a will. The cost usually depends on the difficulty and size of the estate. Some estate attorneys charge a flat fee for how much work they think drafting the will might take, while others charge an hourly fee. In some cases, attorneys can also create similar documents like powers of attorney and other estate planning documents for an additional cost.

Q: What Is the Difference Between a Will and a Living Trust?

A: One difference between a will and a living trust is that assets defined in a will need to go through probate to be administered. Assets in a living trust usually do not have to go through probate. The processes of creating a will and a living trust are similar, but they are two separate processes. In a will, a personal representative is mentioned to administer and close out the estate. In a trust, a successor trustee is appointed instead. This trustee can transfer assets on behalf of the creator of the trust.

Being Estate Planning Today

It can be helpful to plan an estate in advance to prevent any future issues. Having a solid procedure in place can take the stress off of loved ones when managing an estate on your behalf. For more information on how The Law Office of Brad Phillips, LLC, can help you with your estate, schedule a consultation today.