Alabama Living Trust Attorney

An Alabama Living Trust can be an important part of your estate plan. This page will give you some basic information about Alabama Living trusts and tell you where you can find a good Alabama estate planning attorney.

Properly planned and adequately funded, a Living Trust will allow your heirs to bypass the cost, expense, and delay of an Alabama probate court. Unlike other states, Alabama does not follow the Uniform Probate Code – a streamlined set of rules created to simplify and accelerate the probate process. As a result, probate in Alabama can be expensive and complex.

For most people with substantial assets, a Living Trust is an integral part of a comprehensive estate plan. Because state and federal estate taxes only apply to estates over a certain value, it is important to examine your assets to determine whether estate taxes are likely to be assessed against your property after you die. If your home is paid off and you own a sizeable retirement account or two, you might be surprised how quickly your assets add up. Over the past few years, estate tax laws have shifted dramatically. Historically, estates totaling $1 million or more were subject to federal estate tax. The current amount is much higher, but this is likely to change. While a Living Trust does not automatically eliminate taxes, it can be used as a tool to shelter assets from federal and state estate tax.

Living Trusts offer many other advantages. Unlike probate, a trust administration is wholly private. Having a Living Trust in place also significantly decreases the likelihood of your heirs contesting the distribution of your assets. Additionally, a Living Trust allows you to plan for long-term care and asset management should you become incapacitated. See Advantages of a Living Trust for more information.

In order to be effective, an Alabama Living Trust must name a trustee, identify at least one beneficiary, be executed in front of a notary, and be properly funded. If you think a Living Trust is right for your financial situation, you should consult an Alabama estate planning lawyer.

You can also visit LegalZoom to create a living trust.

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Nolo is another great website where you can get more information on Living Trusts or purchase software to help you write your own.

Wills and Estate Planning Information at NOLO.com
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Because Living Trusts are complex documents that must be carefully drafted in order to be effective, it is generally recommended to hire an attorney to create your Alabama Living Trust. Federal law and state law often intersect in unique ways. Without a thorough understanding of the law, you might make a mistake. Even a seemingly simple error could end up costing your heirs just as much as probate – and maybe more. Check out this free attorney finder service for experienced estate planning lawyers in Birmingham, Mobile, Montgomery, Anniston, and other locations.

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