While it can be difficult to consider, dictating what will happen to your estate upon your death is critical to ensure that your wishes are respected and your loved ones are provided for.
Dying Without a Will
If an individual passes away without a will, that individual is said to have died “intestate,” and the intestate succession laws of Alabama will dictate who receives the decedent’s property.
In such a case, the person who passes would not elect what items or property goes to certain individuals. It is important to be sure that you have the appropriate estate planning documents in place to avoid this scenario.
Why a Will is Important
A Last Will and Testament is the legal document that the Courts will follow in terms of what property or assets will be divided upon a party’s death, and who will receive said property.
Especially following a life-changing event such as a divorce, or the birth of a child, having a Last Will and Testament drifted should be a priority.
If you need guidance on the documents to protect your estate, we can help.
Power of Attorney
A Power of Attorney allows one party (the principal) to designate another party as his or her agent. The Agent then has the power and ability to either make a specific decision or handle responsibilities in a certain area in a limited power of attorney or gives a broad grant of authority to the agent under a general power of attorney.
Depending upon how the document is drafted, these powers may be either put into place immediately or triggered only upon the happening of a certain event, such as the principal’s incapacitation.
If you have questions about a power of attorney, we can help.