Whether you own a small business, a professional practice, or a large company, you should plan for the future. Alabama estate law includes numerous provisions that may benefit your estate when you pass away. The questions and answers below may help in taking advantageous actions for you and your loved ones later.

Common Questions About Planning Under Alabama Estate Law 

What are the benefits of estate planning?

Developing an estate plan accomplishes various goals, such as controlling and protecting current and future assets, maximizing income, reducing tax liability, establishing a retirement or business succession strategy, and providing for loved ones after you die. Estate planning tools include a will, trusts, retirement accounts, personal and business insurance policies, and a power of attorney. 

Why do you need a will?

Writing a last will allows you to name individuals and organizations to receive your estate assets and designate a personal representative to carry out instructions. Additionally, wills are the only way parents can name a guardian for their minor children.

What happens if you pass away without a will?

Without a will, Alabama estate law controls who receives the property in your estate that does not have a beneficiary. The distribution guidelines, called intestate succession, may not align with what you want.

What is a power of attorney?

A power of attorney is a legal document that lets you authorize someone you trust to conduct business as your agent. The power can be broad or limited, and cover personal or business financial matters or medical decisions. To allow the authority to continue if you become incapacitated, you should sign a “durable” power of attorney.

When you are ready to discuss your personal and business financial planning, consult the estate law attorneys at Lewis, Brackin, Flowers & Johnson in Dothan, AL. This law firm’s services include drafting wills and power of attorney for clients in southeastern Alabama. To learn more about these lawyers and their practice areas, visit the website. Call (334) 792-5157 to schedule an initial consultation.

No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.