Inheritance transferring happens at a stressful and emotional time, so it’s important to have your instructions clearly defined so that there isn’t room for a problem to arise. With Birmingham estate planning, you’ll do just that. Axis Estate Planning is here to ensure that your instructions for your assets are recorded exactly as you want them to be and that the process is followed to your specifications. Here’s what is generally included in Birmingham estate planning:
- Identifying your estate – First, we record all of what you can include in your estates, such as financial accounts, personal property, life insurance policies, and real estate.
- Transfer planning – After your death, there will need to be some plan in place for transferring your property. We will work with you to decide how you want your things to be transferred and to whom you want them to be transferred.
Most Birmingham estate planners draw the line at possessions and material assets. At Axis Estate Planning, we take into account the whole picture. A person is more than just their possessions, there is a legacy to preserve for each and every one of us. With Axis Estate Planning, you’ll be able to preserve sentimental things you want to be passed down to family members, such as family heirlooms, family history, beliefs, and morals. Financial assets are important, but not as important as your legacy.
What is included in a Birmingham estate plan?
Birmingham estate plans can contain quite a few documents depending on your needs. In most cases, an estate plan has at least a Will, a Durable (financial) Power of Attorney, a Medical Power of Attorney, and a Revocable Living Trust (recommended). Let’s break down what each of those is:
- Will – The document where you name guardians for any minor children and direct your assets to their inheritors. A Will alone does not avoid probate. In fact, if there is only a Will then probate will be necessary.
- Probate is the lengthy, often expensive process of validating a Will in court following a death.
- Revocable Living Trust – This acts as your personal “treasure chest,” holding your assets until you become incapacitated or pass away, at which point the instructions you provided in the Birmingham Revocable Living Trust will explain how to transfer your assets.
- There are many advantages to having this. This will allow your family members to avoid probate, it offers flexibility, as well as control and management of your assets, and it reduces the chance of challenges to your estate, among many other benefits.
Birmingham estate planning is helpful while living, too
While most only think of what estate planning can do after you pass away, remember that it can play an important role during your life, too. Some people reach a point where they can no longer make their own financial and medical decisions, and without an estate plan in place, this can become troubling. An estate plan will name your Living Will (patient advocate), Financial Power of Attorney, and Medical Power of Attorney so that everything you need is taken care of in the event that you can’t take care of it yourself. Things like paying bills and making decisions on medical care are some of the most important decisions that will have to be made. Axis Estate Planning is here for you, to calmly guide you through the important process of Birmingham estate planning. Our estate planning experts will work with you to ensure that every base is covered and that your estate plan is drawn up exactly the way you wish it to be. It’s always best to have a detailed plan, and Axis Estate Planning can make that happen.
To learn more about our elder law attorneys and what we can do for you, give us a call at (248) 920-9398 today!