Estate planning is the process through which you make arrangements for the distribution of your estate after you're gone. Wills and estate plans ensure your wishes are honored and respected, and that you have a say in the legacy you leave behind. Below is a brief introduction to wills and estates and the planning process that goes into their creation.

Your Will & Estate Planning Guide

The Components of Your Estate

When you hear the word “estate,” you might assume it refers to a physical home or property. However, real estate is only one piece of the puzzle. Estates encompass every kind of property or asset you own at the time of your passing. In addition to real estate, this includes bank accounts, retirement savings, life insurance policies, stocks, and securities, as well as personal items like vehicles, art, jewelry, and family heirlooms.

Who Should Have an Estate Plan

All adults of legal age should have estate plans. Will and estate planning tools are not reserved for the elderly or infirm, nor are they something only the wealthy should utilize. If you are an adult with an income or any other type of financial resource—such as a trust fund or annuity—you will benefit from the peace of mind estate planning can bring.

Types of Estate Plans

A will is the most common type of estate plan. In this document, you will name the inheritors of your estate, the assets or property they will receive, and the executor who will oversee the administration. Living trusts are another popular option, as they allow you to transfer ownership of specific property to your beneficiaries without the interference of probate courts. Living wills and advanced health care directives—both of which allow you to make provisions for end-of-life care should you become unable to make decisions for yourself—are also important aspects of estate planning.

When you're ready to start designing your legacy, contact will and estate lawyer William A. McWhorter. Based in Pell City, Alabama, he offers representation as a probate attorney, real estate lawyer, and bankruptcy law professional. Call (205) 338-4411 or visit his firm's website to make an appointment today.