Know Your Options With Wills And Trusts Attorneys In Auburn

It can be overwhelming to think about what happens to your family and your legacy after you’re gone. Some are concerned about whether their assets, the businesses or properties they spent their lives on, go to the people they care about the most. Others worry about the people themselves. How can they make sure their loved ones’ future is secure? At Akridge & Balch, P.C., we understand these concerns and help families in Auburn and the rest of Lee County find peace of mind through careful estate planning.

A will is a document that serves as your final set of instructions for distributing your property and naming guardians for minor children. A trust is a legal arrangement that holds and manages assets. It provides more control over how and when your assets are distributed, both during your lifetime and after. You may be unsure about which option better suits your needs. Our Alabama attorneys will take the time to listen to your concerns, explain your options in clear terms and help you protect what matters most to you and your family.

Understanding The Differences Between Wills And Trusts

Knowing how wills and trusts work can help you make better decisions about protecting your family’s future. Here are key factors to consider:

• Timing and control: A will only takes effect after your death. It serves as your final instructions for distributing assets and appointing guardians. A trust, on the other hand, becomes active as soon as you create it. This means you can manage your assets while you’re still alive. This makes trusts particularly valuable if you become incapacitated.
• Privacy and probate considerations: Wills must go through an Alabama probate court. It is a public process that may take months and involve hefty court expenses. Trusts, however, typically avoid probate because the assets belong to the trust, not you personally. This means there’s no need for court involvement to transfer ownership after death. In many cases, it can lead to quicker asset distribution and confidential handling of your affairs.
• Asset protection and distribution: With a will, your assets transfer directly to beneficiaries after probate concludes. Trusts offer more sophisticated options. For example, you can set specific conditions for how and when beneficiaries receive inheritances. Certain trusts can provide for loved ones while preserving their eligibility for benefits or shielding assets from potential creditors.

At Akridge & Balch, P.C., our Auburn attorneys can explain how these tools work under Alabama law and help you choose what is right for your situation. We take time to understand your goals and create an estate plan that protects both your assets and your loved ones’ interests.

Will Or Trust: Choosing Which Option Is Best For You

Every family’s situation is unique, and choosing between a will and a trust depends on your specific circumstances. Those who might benefit more from a will may include:

• Young families with modest assets who primarily need to name guardians for children
• People with straightforward estates who want to make direct distributions to adult children
• Individuals with limited assets who want a simple, low-cost estate planning solution
• Those who prefer a simple document that’s easy to create and modify

A trust may be the better option for:

• Business owners who want to ensure a smooth transition of their company
• People with high-value estates who want to minimize estate taxes
• Families with special needs members who need to protect government benefits
• Property owners with real estate in multiple states
• Those who want to provide structured inheritance for children or grandchildren

At Akridge & Balch, P.C., we often find that many families benefit from combining both tools. Our Auburn estate planning attorneys can help evaluate your specific situation and recommend the most effective approach for securing your family’s future.

Getting Started With Your Estate Plan

Whether you choose a will, a trust or both, proper preparation ensures your plan effectively protects your interests. Here are some action items that can help you get started:

• Make a complete list of what you own: This should include investments, insurance policies and personal items you want specific people to receive.
• Talk with your family about your wishes: Gather important information about potential guardians, trustees or executors. They are the people you designate to manage and carry out the instructions in your will or trust.
• Gather relevant paperwork: This may include property deeds, business documents and insurance policies.
• Schedule a consultation with one of our attorneys at Akridge & Balch, P.C.: They can explain in detail how Alabama law affects your specific situation and recommend the most apt approach.

It’s important to update your documents every few years or after major life changes. This includes marriages, divorces, births or major property purchases. Our attorneys can help you review and update your estate plan to ensure it continues to reflect your current wishes and circumstances.

Calling Today Can Secure Your Family’s Tomorrow

At Akridge & Balch, P.C., we know that every family’s situation is unique. Our lawyers take the time to understand your specific needs and concerns. Your peace of mind is our priority.

Contact us today by calling 334-246-4697 to schedule your consultation. You can also send us your questions or concerns through our online form.