Creating a will is a significant step, a necessary one, in securing your legacy and providing for your loved ones as you envision after you’re gone. At its most basic level, your will should outline how your assets will be distributed according to your wishes, providing legal clarity to your heirs and preventing potential disputes.
Having a will brings peace of mind. With a will in place, you can rest easy knowing your affairs are in order and your loved ones will be taken care of according to your wishes when the time comes.
That includes loved ones who are minors or those you are caring for who cannot care for themselves, such as special needs adult children and adults like aging or mentally incompetent parents needing a guardian. A will allows you to choose guardians you trust to care for your loved ones who couldn’t care for themselves in your absence.
Are you already seeing the benefits of a will? That’s just the tip of the iceberg. Here’s what you need to know about creating a will in Alabama.
Preparing to Write Your Will
First, compile a list of your assets. Your list should include real property, investment and retirement accounts, vehicles, jewelry, and any collections you want to direct into particular hands.
Next, decide on who you would like to fill the roles in your will. Choose a trustworthy executor to manage your estate, appoint guardians for any minor children or adults needing this level of supervision, and select the individuals you would like to witness your will (more on the use of witnesses below).
If you have particular circumstances to consider, such as a blended family, a business you own, charitable donations you would like to make on death, and pets needing care, let your Alabama estate planning lawyer know when you meet. That way, they can include the appropriate provisions in your will.
Drafting a Will in Alabama
When drafting a will in Alabama, you must meet specific legal requirements. For example, the testator must be at least 18 years old and of sound mind. The will must be in writing and signed by the testator. Alabama law also requires two witnesses at least 18 years old who are not beneficiaries.
The will should start with an introduction and declaration stating that it is your last will and testament and revoke any previous wills. It should then appoint an executor and any guardians for minor children.
Afterward, your will should outline how your assets will be distributed, including specific bequests and what will happen to the residual estate. It’s helpful to name alternate beneficiaries just in case your primary beneficiaries predecease you and you have particular thoughts about who you would want to receive your bequests that deviate from standard per capita or per stirpes clauses.
Finally, be sure to sign your will as dictated by Alabama law. If you fail to do so, your will could become the subject of a challenge later.
Finalizing and Storing a Will
Reviewing your will every three to five years helps maintain clarity and accuracy so that your will remains aligned with your wishes. If there is a change of circumstances in your family- divorce, remarriage, birth, or death, or you plain old change your mind- you should review your will sooner. When making updates, consult an Alabama estate planning attorney so that your updates conform with Alabama state law.
Once reviewed, execute the will by signing it in front of witnesses. Though not required in Alabama, notarization can speak to a will’s authenticity should there be a challenge.
Store your will in a secure location, such as a safe or safety deposit box, and inform your executor and trusted family members where it is stored. If your loved ones can’t find your will, it won’t do anyone any good.
Updating and Amending Your Will
As mentioned earlier, it is a good idea to update your will after momentous life passages such as marriage, divorce, or the birth of a child or grandchild, as well as any significant changes in your financial situation or relationships with beneficiaries or executors.
A codicil supplements a will. It allows you to amend your existing will without rewriting it or creating a new one. If more extensive changes are needed, signing a new one would be preferable.
Common Pitfalls When Drafting a Will and How to Avoid Them
When drafting a will, you should avoid some common pitfalls. First, always use clear and precise language. This will help to prevent confusion and future disputes.
Second, include instructions for handling digital assets such as online accounts and digital currencies. It can be challenging, not to mention frustrating, to gain access to such accounts after the owner dies.
Finally, consider the tax implications of your bequests and seek professional guidance from a financial professional and an Alabama estate planning attorney. An estate planning attorney with an extensive referral network may have someone to refer to.
Hire an Alabama Estate Planning Lawyer to Draft a Will as Part of an Estate Plan
Though writing a will can be daunting, the satisfaction it will bring you and your loved ones far outweighs the trepidation you may feel when starting the process. By understanding the different types of wills, gathering the necessary information beforehand, and avoiding snags, you can create a comprehensive will that provides peace of mind and legal assurance.
At Summit Family Law, our talented team of estate planning lawyers are experienced in drafting all types of wills and including them in comprehensive estate plans to protect you and your loved ones. We have offices in Birmingham and Huntsville to serve you and can support you in making a will that gives you the peace of mind you want and deserve. Call us today or schedule a consultation.
