The ALW Law Center, The Law office of Attorney Amber La Shay Walker

What is a will? A will is a legal document that allows you to give what you have to the person(s) you want to have it in the way that you want them to have it.  You can put limitations on your gifts to prevent mismanagement and to ensure that gifts are used for specific purposes (e.g. educational pursuits or property preservation). Having a will ensures that your decisions are respected to avoid confusion or disputes about your desires among your loved ones.

What is a Power of Attorney? A power of attorney is a document that authorizes another person (a.k.a. your agent) to make decisions on your behalf about your property and/or your money. A power of attorney does not authorize the agent to make healthcare decisions for you, but a healthcare proxy can.  Nevertheless, you should choose someone responsible and trustworthy.

What is an advance healthcare directive? In Alabama, an Advance Directive for Healthcare is a legally-binding document that includes both a Living Will and a Health Care Proxy.

A Living Will allows you to make your wishes known in advance about the medical treatment you would like to receive if you become unable to communicate on your own. 

A Health Care Proxy is the person who would make medical decisions on your behalf if you become unable to make them yourself. Under Alabama law, you have the authority to require your proxy to follow the instructions in your Living Will, or you can grant the proxy the ability to have the final say about your healthcare, even if it means doing something different from what you have requested in your Living Will.

What is a trust? A trust is a legal arrangement in which a person/institution(the trustee) owns the property of one person (grantor) for the benefit of another (beneficiary). The property held in trust can be real or personal property, including money, a house, stocks, business interests, and more.

For example, trusts may be desirable for people who want to provide support for a minor child, an elderly relative, a disabled child, or someone with special needs. Typically, these individuals are unable or unwilling to manage property/assets on their own. Thus, a trust can serve as a wonderful solution, because someone else would be in charge of managing the trust property for these individuals while allowing them to still reap the benefits.

Including non-profit formation in estate planning can be a powerful way to align your legacy with your values. Creating a nonprofit allows you to institutionalize your charitable goals. Whether it's supporting education, health, faith-based causes, or the arts, a nonprofit can continue serving your mission not just during your lifetime, but even long after you're gone. Rather than giving a lump sum to a charity, forming your own nonprofit can ensure that your contributions have the exact impact you want.

Starting a business allows you to grow your estate (property) in a structured way while creating a legacy that can be passed down. Having an LLC or some other type of profitable corporation can protect your estate from being personally liable for risks associated with the business.