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Securing Your Future Through A Will Or Trust

Last updated on August 16, 2024

Wills and trusts are important foundations of any estate plan. Both wills and trusts are legal tools that allow you to determine asset distribution and protect your assets if you pass away or become incapacitated.

At Higey Law LLC, attorney Todd Higey has experience helping families and individuals in Birmingham prepare for the future through wills and trusts. He understands how sensitive these issues can be and how much a will or trust can impact your family’s future. Using his years of legal knowledge and firsthand experience, he will help you create a sound will or trust that protects your interests.

The Essential Foundations Of A Comprehensive Estate Plan

A will allows you to appoint a guardian for any minor children, select a conservator if you become incapacitated, determine which beneficiaries receive certain property and set instructions for distribution and management.

A trust is a fiduciary arrangement that appoints a third party to hold and manage assets on behalf of a selected beneficiary. There are various types of trusts that can be utilized depending on your specific needs and circumstances, such as special needs trusts, charitable trusts and living trusts.

Todd can assist with a variety of concerns surrounding wills and trusts, including:

  • Creation
  • Litigation
  • Testate probate
  • Intestate probate
  • Undue influence
  • Testamentary incapacity
  • Fraud
  • Improper execution of the will

In Alabama, having a sound will in place is vital to protecting your wishes and your family’s future. If you pass away without a will, a probate judge will apply Alabama’s default law to determine who receives certain assets. These decisions are based on state law and do not take your wishes into consideration. Establishing these decisions in a will and through a comprehensive estate plan can help streamline the probate process while ensuring that the probate court honors your wishes.

Choosing The Right Kind Of Trust For Your Estate Plan

Choosing the right kind of trust for your estate plan will depend on your specific goals and circumstances. There are various types of trusts that serve different purposes. Trusts generally fall into one of two categories:

  • Revocable trust: A revocable trust allows you to maintain control over your assets during your lifetime and can be altered or revoked as your needs change.
  • Irrevocable trust: On the other hand, an irrevocable trust cannot be modified after it is established. An irrevocable trust can provide benefits such as asset protection and tax advantages.

To determine the best trust for your situation, consider your financial objectives, the needs of your beneficiaries and any potential tax implications. Consulting with an experienced estate planning attorney can help you make an informed decision that aligns with your long-term goals.

How Often Should An Estate Plan Be Reviewed?

Regular reviews of any estate plan are necessary to ensure that it still reflects your current wishes and circumstances. Generally, it is recommended to review your estate planning documents every three to five years. However, in the event of a significant life change, it is a good idea to reevaluate your will and any trusts. These life events include:

  • Getting married
  • Getting divorced
  • The birth or adoption of a child
  • Significant growth in your asset and wealth portfolio

Changes in laws and regulations can also impact your estate plan, making periodic reviews essential. By regularly updating your will or trust, you can ensure that your assets are distributed according to your intentions and that your loved ones are adequately provided for. Your estate planning lawyer can guide you through the process of making the necessary adjustments.

How Can You Ensure Your Will Or Trust Is Legally Binding And Properly Executed?

A will or trust must meet specific legal requirements to be valid and enforceable. For example, for a will to be valid and legally binding, it must be:

  • Drafted in writing
  • Signed
  • Witnessed by at least two people who are not beneficiaries

Trusts also require careful drafting and execution to ensure they hold up in court. Working with a qualified estate planning attorney can help you navigate these requirements and avoid common pitfalls. They can assist in drafting clear, precise documents and ensure all formalities are observed. Proper execution is crucial to prevent disputes among beneficiaries and to uphold your wishes. Regular consultations with your lawyer can provide peace of mind that your estate plan remains legally sound.

Don’t Wait To Take Steps To Protect Your Future

Wills and trusts can quickly become complicated, especially with large estates that involve complex assets. Regardless of your current situation, Todd can guide you through the process of creating a will or trust that suits your needs and helps you meet your goals. To schedule a consultation at his Birmingham office, call him at 205-623-4774 or complete his online contact form to get in touch.