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Estate planning offers a golden opportunity that every adult should take advantage of: The chance to custom-design the legacy you leave. But given the legal considerations involved in estate plans, many people have questions about the process and what it involves. To help provide some clarity, below are answers to a few of the more frequently asked questions about planning one's estate.

FAQ About Estate Planning

What Is a Will?

estate planningA will is the heart of the entire estate plan. In it, you lay out in black and white how you want assets, property, and finances distributed after death. You can also appoint a guardian for any minor children and make special provisions for their care. A will can be as detailed as one likes. The more detailed one can be, the more efficiently the estate can be resolved after they've passed away.

What Is a Trust?

A trust is an estate planning arrangement that is enacted when the signatory is still alive, which is why it is often called a living trust. The signatory transfers ownership of specified property into the trust now, then when they pass away, the property transfers directly to the beneficiary they've designated. Most people who choose trusts do so because, unlike a will, a trust avoids the lengthy and sometimes costly probate process. Also, the terms of trusts are kept private, while wills are a matter of public record.

When Should I Update My Will?

Several key life events would require a person to update their will and other estate plans, such as marriage, divorce, death of a spouse, birth or adoption of a child, and the sale or acquisition of new real estate. Also, if your income and assets undergo a major change, for better or worse, your estate plans should reflect these fluctuations. Be aware that tax laws can change as well, and that might also impact your estate plans.

 

No matter where you are in the estate planning process, let JP Coleman Law, LLC, Attorneys at Law, in Robertsdale, Alabama, provide the legal guidance and protection you need. Their attorneys represent clients throughout Baldwin and Mobile Counties in estate, family law, and criminal defense matters. Call (251) 947-6247, visit their website, or message them on Facebook or Twitter to schedule a free consultation.

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