Category: Estate Planning

Too young to start estate planning? Think again.

Estate planning document - Martinson & Beason, P.C.Estate planning, in order to be effective, must be done in advance. Obviously, it’s too late to create a last will and testament and other estate planning documents once you’ve passed. Once this happens, you have no control over your property and other assets. Alabama state law will kick in, acting as a default will for those who don’t have one. Someone else appointed by the court will decide who gets your house, your money, your possessions, etc. based on state law.

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DIY Estate Planning Hazards: Why you shouldn’t go it alone

DIY estate planning - Martinson & Beason, P.C.It can be tempting to go about your estate planning alone. The process may seem easy enough, and you can save money by just downloading a few forms online and doing it yourself. We get it. But you should know that it’s not as easy as it looks, and even the tiniest mistake can cause problems of epic proportions down the road. Unconvinced? A U.S. News article “The Dangers of DIY Estate Planning” details why you shouldn’t go it alone.

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Mediation an option to solve will disputes

AlabamaestateplanningNo family expects that they will undergo a bitter dispute over a family member’s will; however, you might be surprised how often it happens. When a will isn’t crystal clear regarding who gets which assets, arguments can begin. And often, it isn’t the most valuable items that family members squabble over: it could be the piece of antique furniture or painting that holds sentimental value for more than one person. A recent Wall Street Journal article explores this very topic as well as ways to overcome familial dispute as easily and inexpensively as possible.

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Estate Planning Basics

Alabama estate planning - Martinson & Beason, P.C.With the uncertainty surrounding the fiscal cliff, many Americans put off estate planning, believing that their hard work would be undone following changes to the law. Now that the fiscal cliff has been averted and many estate planning laws are set through The American Taxpayer Relief Act of 2012, there are no more excuses for putting off estate planning.

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Estate planning gone wrong: what you can learn from other’s mistakes

Wills and estate planning - Martinson & Beason, P.C.Our estate planning attorneys at Martinson & Beason, P.C. help people of all ages with their estate plans on a daily basis. Although many people would rather not talk about estate planning and their own mortality, it is necessary in order to protect their families. A recent Forbes article highlights the importance of estate planning as well as what everyone can learn from the incidences of celebrity estate planning gone terribly wrong. The following are the mistakes that celebrities have made, which you should avoid: Don’t procrastinate. Everyone wants to believe that they’ll live forever, but that is sadly not the case.

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Estate Planning in a Digital Age

Estate planning in a digital ageA recent article in Forbes highlights an estate planning misstep that many Americans make, without even realizing it. Even the most conscientious of those who have hired an estate planning attorney, created a will, assigned health care and financial powers of attorney, and informed their family can forget a crucial aspect of their estate plan: their passwords. By now, most people are aware that they shouldn’t give out their passwords; instead, they should be safely tucked away so that no one can access their important personal or financial accounts. However, this practice can make it more difficult for family members to carry out their wishes at the end of their life.

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