One of the toughest things to do in life is to plan for the future. This can be especially difficult if your life situation changes due to the birth of children or the dissolution of a marriage. Often, a legal battle ensues and wishes can be ignored in the aftermath. Thus, it is important that you discuss these items when planning your estate.
One of the things you want to address in Estate Planning in Huntsville AL is the ownership of homes. This is especially important if you have multiple relatives or a divorced spouse trying to make a claim on the property. Any homes in dispute usually get sold off and the proceeds split. If you intend on passing ownership of your home to a specific person, it should be made very clear who gets it.
Another thing you want to address is the ownership of jewelry. Specific pieces should be appraised and listed in detail. This is important for identifying the pieces. This also helps establish an inventory of the items so they can be distributed to the people you want them to go to. Some items like wedding rings may have more sentimental value than actual value. But it is still important to designate the individuals.
Car ownership is another item you want to address in Estate Planning in Huntsville AL. This is especially important if there are still payments attached to the car. Who is eventually going to be taking over payments and who will retain ownership should be defined clearly. Otherwise, the car will likely be sold to settle any debts associated with it. If there are multiple claims for the car, then it is also likely that it will be sold and the proceeds split after the estate is settled.
Planning your estate is often a chore that gets neglected. But if it isn’t done, the chances that wishes will be carried out is very small. So, if you need help planning your estate, contact Long Flanagan and McDonald LLC. It is important that things are legally written down so that those that you want to inherit things will get them.
