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.
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.