Estate planning is something many people fail to consider until it is too late. At The Bryan Law Firm, LLC, our estate planning lawyer has helped numerous clients build a solid foundation for their estate that helps plan for the succession of their assets, as well as their own care should something happen to them. Many people come into our office thinking a simple will is all they need — but we can help you explore the tools available to you to build an estate plan that truly meets your needs.
The Top Four Overlooked Components Of A Successful Estate Plan
Our firm in Anniston has decades of experience helping clients build estate plans that keep their assets and their families secure. Over the years, we have seen a number of mistakes many people make in relation to their estate plans. Here are the four big ones:
- Having a will to begin with. The number one most overlooked estate plan tool is a will itself. Many people have no plan in place for their assets. With no plan in place, your family will have to spend extra time and money in probate court, and your assets will be distributed according to Alabama law, which may not be the best distribution for your family.
- Appointing a guardian for your children. If you have minor children, you need to establish a plan for guardianship in the event something happens to both parents. This will ensure that when you are injured or pass unexpectedly, your children will still be cared for by a trusted guardian. Without a guardianship in place, family members may fight in court for the right to take care of your children, and the result may not be ideal.
- Having a power of attorney. Should you occur serious injuries or become disabled, needing ongoing rehabilitation, you should have a power of attorney appointed to make responsible financial decisions on your behalf. When you are unable to pay your own bills or make the decisions necessary for your own care, assigning power of attorney to someone you trust can save you time, money and worry. Without this in place, your loved ones will have to go through probate court to assign a guardianship or conservatorship when crisis hits.
- Drafting a living will. In your final moments, you may have a strong opinion about the medical decisions you want to be made. Rather than have your family fight about whether or not you would want to remain on life support, for instance, drafting a living will with these provisions can provide much-needed answers to those closest to you.
Build Your Estate Plan Today
Unlike other areas of law, estate planning must be done before something happens to you. There are many dangers in the world, and you never know when an accident could happen that would leave you or your family helpless. It is critical to have a plan in place for your assets, and your care should you be severely injured.
Contact our firm today to discuss the estate planning options available to you, and to begin securing your estate. Call 256-294-1846 to get started, or send us an email online.