Category Archives: Estate Planning

The Elective Share

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The Alabama Code provides that the surviving spouse of a deceased Alabama resident has the right to choose, or take an elective share, of the deceased spouse’s estate instead of the share in the deceased’s will. This is known as the elective share. The elective share is a percentage of the deceased spouse’s estate that the legislature created to protect surviving spouses from being wrongfully disinherited.

A spouse may sign away their his or her right to assert an elective share per a valid prenuptial agreement. However, an agreement to waive the right to an elective share made during the marriage is not a valid waiver.

What Constitutes the Elective Share

The law limits the right of the surviving spouse even when exercising the elective share. That elective share must be the smaller portion of either the entire estate of the deceased minus the value of the surviving spouse’s separate … Read More

forming an estate plan

Reasons You Should Form an Estate Plan

Every individual, regardless of age or financial status, should consult an estate planning attorney to determine what happens upon their passing. The purpose of this plan is to anticipate and arrange for the disposal of assets in an organized manner. Often, questions arise concerning probate, and inadequate tax planning leaves heirs with a bill they did not expect to have to pay. The wills and probate attorney works to minimize these problems by helping clients establish a plan that outlines exactly what is to be done with every aspect of the estate. Doing so ensures the last wishes of the departed are followed exactly, whenever possible.

Financial Stability

Upon a person’s demise, family and friends are dealing with grief. Money is the last thing they wish to be worrying about, yet this is often the case when a person passes away without an estate plan. The plan works to provide … Read More