View Changes And Revision History Of Legal Alabama Estate Planning Forms For Free

At a bare minimum, there should be two main components: a last will and testament and a durable power of attorney. In addition to these parts, you can add things such as a trust and even medical directions. These are the main components of an estate plan that you should consider, including in your comprehensive plan.

The Estate Planning Process. Estate planning involves determining how an individual's assets will be preserved, managed, and distributed after death. It also takes into account the management of an individual's properties and financial obligations in the event that they become incapacitated.

The 4 legal documents every adult should have A will. Also known as: a last will and testament. ... A living will. Also known as: an advance directive. ... Durable health care power of attorney. It appoints: a health care proxy. ... Durable financial power of attorney. It appoints: an attorney-in-fact or agent.

If you've acquired more money and assets after creating your first estate plan, it's probably time to revisit it. As long as the assets are in your name, they should pass via a will. However, you might want to change who will receive them. There might also be tax considerations that alter how you leave your estate.

4 essential estate planning documents A will distributes assets upon death. A power of attorney manages finances. Advance care directives manage your health. A living trust is an alternative to a last will.

In Alabama, the executor has four months from the date of their appointment to notify creditors, who then have six months to make claims against the estate for any debts owed. Paying Debts and Taxes: After notifying the creditors, the executor must then pay off any valid claims from the estate's assets.