Birmingham Alabama Attorney Margie Searcy Alford

About Wills

Some Things To Think About Before Making Your Estate Plan

The following are some of the more important things you should think about before making your will.

1. Estate Tax Considerations--One of the first questions I will ask you when helping you plan your estate is the value of your estate. Estimate what you expect it to be worth at the time of your death so you can help me decide if you need special estate tax saving planning. Remember to think about what you may inherit that may be in your estate in the future and insurance that may be in your estate. Also if at a later date, your estate grows to the point that you may have estate tax consequences, you need to consult an attorney about changes you may need in your estate plan legally to save on or eliminate taxes.

2. The Person Or Company Who Will Handle Your Estate--You will need a first and, perhaps, a second choice of a person, people or an institution to handle your estate. This person is called a personal representative. It is important to name a person or company who/that is trustworthy and responsible and who/that will most likely be around after your death.

3. Some Of The Things You Will Require Of Your Personal Representative--You need to decide if you want to require your personal representative to post a bond, file an inventory, have appraisals made and/or have a formal settlement of your estate. Alabama law requires these things unless you specifically exclude one or more of these tasks in your will.

4. To Whom Your Estate Will Go--You need to decide how you want your estate to pass. You may want an alternative plan. What if any special bequests and/or charitable bequests do you want to make?

5. "Thirty Day Clauses"--What if any provisions do you want to put in your will about your estate not going to your first choice of heir(s) if he/she /they do/does not survive you by a certain time period such as thirty days or sixty days for two examples? If you want a clause saying that an heir or heirs do/does not inherit from you unless he/she/they survive(s) you by a certain number of days, what do you want that time period to be? Thirty days is one of the most frequently chosen time period.

6. Guardians And Trusts--You may want to name a guardian or guardians for minor children. You may want one or more trusts for heirs who are not good at or are not able to manage money. If so how do you want the trust or trusts to be administered? Who do you want as first and second choices as trustee? If the trust is established for a child, is there an age at which you want the trust to be dissolved and the assets turned over to the child free of the trust? If so what is that age?

There are many other considerations that I may discuss with you concerning your will. The above are just some of the more important ones. This web site is not intended to be a substitute for getting individualized legal advice with your own personal estate and set of facts.

Laws are very specific about how wills must be witnessed and signed. A will a non-lawyer writes may not be valid, so make sure you get professional advice.

Many estate-planning laws vary from state to state. The above information is only written for people in Alabama. Individuals in other states should consult an attorney in their own states.

You are not a client of mine until you and I have entered into a written retainer contract.