Most of us have heard the term “estate planning” before, but for many people, it carries an air of mystery. You may think that an estate sounds like a grand, sprawling property that comes with a lot of high-value assets, but that’s not always the case!
Read on to learn more about what comprises your estate, and what good estate planning looks like.
Do I Have an Estate?
Believe it or not, you do! Whether you are married or single, a homeowner or a home renter, a parent or not – you have things that belong to you, and you can’t take them with you when you die. Something is going to happen to them. The question is, what?
If you’re still wondering what your estate is comprised of, here is a non-exhaustive list of the things that typically make up an estate:
- Your home
- Other real estate
- Bank accounts
- Furniture and other personal possessions
- Life insurance
Any and all of these things make up your estate, and they will go somewhere after you die. That’s why you need to investigate your Alabama estate planning options – so that your belongings end up where you want them to!
What Is Involved in Estate Planning?
There are estate plans, and then there are great estate plans done by attorneys who specialize in estate planning and can lay out everything in the most practical, beneficial way possible. A great estate plan will include the following:
- Instructions for your care, should you become disabled before your death
- The appointment of a guardian and inheritance manager for minor children
- Provision for family members with special needs, without making them ineligible for government benefits
- Life insurance, disability income insurance, and long-term care insurance
- A process for transferring your business in the event of your retirement, disability, or death
- Minimal taxes, court fees, and unnecessary legal costs
Additionally, estate planning should be a continuous process – not something you do once and then forget about. As you grow older, your life will evolve, and your estate plan right now may be completely irrelevant in 20 years (or less).
Bradford & Holliman: Your Estate Planning Experts
When it comes to estate planning, we know exactly what you need – and what you don’t need. We’ll listen to your wishes, learn your lifestyle and family situation, and craft a detailed estate plan that will ensure your loved ones are cared for after your incapacitation or death.
Contact us today for more information!