Estate planning can be extremely stressful; you?ll likely need a will lawyer or elder law attorney, possibly a real estate lawyer and of course you will end up with the input of your family. There are plenty of lawyers in Alabama ready and willing to take your case. But before hiring a lawyer, you should have some background on what you?re dealing with, and what kinds of questions you should ask. That way, you can do what you need to do ? whether that includes estate planning, choosing guardians, or even making a change to your will ? with as clear a head as possible.
How Can I Minimize Taxes When Writing My Will?
First of all, having a will is of the utmost importance ? though over half of Americans age 55 to 64 don?t have them. A reason why many avoid drawing up their wills is that they?re worried about the various taxes involved. A way to minimize estate taxes and avoid probate if you have six figures or higher is having a trust in addition to a will. As of 2015, you can also leave gifts to individuals in your will worth up to $5.43 million ? 100% free of federal estate taxes. In fact, as long as your estate is under $5.43 million, you?re exempt from federal estate taxes entirely. If you?re concerned about these taxes, many lawyers in Alabama can answer your questions.
What Should I Include In My Will Aside From Monetary Allocations?
Any guardianship lawyer can tell you that the most important thing for parents to include in their wills is a detailed statement designating legal guardians for their children. In more complicated cases, a lawyer is definitely necessary to make sure that this designation is airtight. Even those without children often have pets, and may wish to include who the pet will go to in their wills. An estate planning lawyer can also help you make decisions about who will have access to money that you wish to have bequeathed to charities and other nonprofit organizations.
What If I?m Not Ready For A Will?
If you don?t have a will, you?re not alone. 64% of Americans are without the wills they need ? and yes, it is a need. As soon as you begin accumulating important assets, you need to start thinking about a will. It?s understandable why wills can be uncomfortable subjects to confront. But preparing for the future means preparing for all aspects of the future. Everyone has people that they care about, and everyone needs to think about what will happen to those people ? and what they have a right to ? after the inevitable happens. If you live in the South, there are lawyers in Alabama who can help you with this.