The purpose of estate planning in Alabama is to plan for people’s deaths. While people can lose their lives at any point in time, it is generally something most younger people do not expect to happen for many years. Due to this fact, estate planning is not something younger people make a priority. Additionally, younger people may not have as many assets and determining how they are passed on is not a major concern.
While this may be true for young people without children, there is still a very important aspect of a will that young parents should consider. Parents can determine who they want to care for their minor children if they pass away. They do this by naming a guardian or guardians in their wills.
PARENTS CAN NAME GUARDIANS FOR THEIR CHILDREN
Guardians are appointed to minor children who do not have their parents any longer. Guardians have the authority and responsibility to provide the basics such as clothing, food and shelter. They also control the children’s assets and provide for their financial needs through those resources. They also have the authority to make medical decisions for the children and ensure they are properly cared for.
Parents would generally like to ensure that the people with the power and responsibility to care for their children are people they know and trust. Naming their wishes regarding the guardian in their will is a good way to ensure that happens.
There is more to estate planning in Alabama than simply stating who will receive people’s property when they pass away. Young parents can name guardians for their children which is oftentimes more important to them than who will receive their assets. It is important that the will is drafted properly though to ensure that parents’ wishes are followed after their death. Experienced attorneys understand the elements that create a valid will and can help ensure one is drafted correctly.