Making Decisions About Estate Planning in Huntsville AL
At some point, everyone must make some decisions about Estate Planning in Huntsville AL. Rather than putting this important task off until retirement, it makes sense to put the basics in place early on, then amend them as the estate continues to expand. Here are some decisions that must be made as part of the estate planning.
Providing for Children and Other Loved Ones – A key element in Estate Planning in Huntsville AL is making sure that loved ones are provided for once the parents are no longer around. It also pays to structure the estate so that the surviving spouse has full access to assets without any type of delay. A professional who understands the process of estate planning will know how to set up provisions in last wills and testaments, and also set up family corporations or trust funds to ensure that loved ones have the financial support that they need. Since many different types of trusts exist, the lawyer can explain the pros and cons of each approach and help the client choose the right option.
Bequests to Non-Profit Organizations – Some people choose to leave a part of their wealth to non-profit organizations that have been an integral part of their lives. This includes houses of worship, local charities, and other non-profit organizations that can put those assets to good use. Including bequests in the estate planning will ensure that the funds are earmarked for those organizations and make the work of the estate executor much easier.
The Matter of Personal Belongings – While estate planning typically focuses on financial assets, it also pays to think about what to do with personal belongings that may or may not have some sort of monetary value. It is not unusual for collections that most would consider nice but of little value to turn out to be quite valuable. For this reason, it pays to spend some time deciding who will receive the record collection and that box full of stamps collected over the years.
For people who are not sure how to begin the process of estate planning, contact the firm of Long Flanagan and McDonald LLC. They can meet with the client and begin the process of putting the basics in place. They can also help update any existing plans and ensure that the wishes of the client are carried out to the letter.