Planning Your Estate Helps You Accomplish Your Goals
What do you want to accomplish? The answer to that question will determine the direction your estate plan takes. Depending on your goals, you may require a last will and testament, a testamentary trust or other legal documents.
At Patrick Collins, LLC, we are here to help you craft an estate plan that is ideally suited to your unique needs. From our headquarters in Daphne, Alabama, we serve clients in Fairhope and throughout the Eastern Shore, as well as Spanish Fort, Gulf Shores, Orange Beach, Foley, Robertsdale, Summerdale, Lillian, Elberta, and throughout Baldwin County, Alabama. Mr. Collins has decades of experience and provides the one-on-one counsel you deserve.
The Benefits of Creating a Will
Most people think of a Will as a document that ensures your assets go to the people you want them to after you pass away. This is true. However, it isn’t the only significant benefit of creating a Will.
An often-overlooked benefit is the fact that having a Will typically reduces conflict and confusion among those you leave behind. Your loved ones will not have to argue about which heir gets which heirlooms. They won’t face the stress of wondering whether some of your money should go to charity or whether your stepchildren should receive the same amount as your biological children. In short, a will can help prevent uncomfortable exchanges between family members after you pass away.
Another important benefit of having a Will is cost. Passing away without a Will can be expensive. Opening and managing an intestate estate (no Will) is way more expensive than a testate estate when there is a properly drafted Will.
The Benefits of Creating A Trust
The right trust can also provide an array of potential benefits. Many people use trusts as a way to help their heirs avoid the expense and stress of the Alabama probate process. However, trusts can do much more and come in many different kinds. They range from special needs trusts designed to provide for a loved one with disabilities to spendthrift trusts meant to strategically dole out assets.
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