MOBILE, Ala. — What happens to your home, your savings and your family if something happens to you? And who makes decisions for you if you are no longer able to make them yourself? Those questions will be the focus of a free estate planning seminar next month in downtown Mobile.
Heircraft Planning of Mobile will host the seminar on Thursday, Oct. 15, at noon at the Innovation Portal, 358 St. Louis St. Lunch will be provided, and those planning to attend are asked to register in advance.
Seminar details
- What: Free estate planning seminar
- Host: Heircraft Planning of Mobile
- Speaker: Mark Eiland, estate planning attorney and founder of Heircraft Planning
- When: Thursday, Oct. 15, at 12 p.m.
- Where: Innovation Portal, 358 St. Louis St., Mobile
- Cost: Free; lunch provided
- Registration: Requested in advance
About Heircraft Planning
Heircraft Planning operates out of Mobile’s Innovation Portal and serves customers across Alabama and Florida. The seminar will be led by the firm’s founder, Mark Eiland, an estate planning attorney.
The Innovation Portal, located on St. Louis Street in downtown Mobile, is a hub for entrepreneurs and growing businesses, offering space and support for startups and small companies. Holding the seminar there puts it in a central, easy-to-reach downtown location during the lunch hour.
What the seminar will cover
According to Heircraft, the seminar will address four main topics:
- What estate planning is, and what it isn’t
- What happens if you don’t have a plan
- How decisions are made if you can’t make them yourself
- The role of wills, trusts and other tools
Those topics are aimed at the questions many people have but put off answering. Estate planning is often thought of as something only for the wealthy or the elderly, but attorneys commonly point out that nearly every adult can benefit from having at least a basic plan in place.
What estate planning is, and isn’t
At its core, estate planning is the process of deciding in advance how your property will be handled and who will make decisions on your behalf if you die or become unable to manage your own affairs. It is not only about money. For many people, the most important parts of a plan involve naming guardians for minor children, choosing someone trusted to make medical decisions, and making their wishes clear so family members are not left guessing during an already difficult time.
Estate planning also is not a one-time task. Plans are often reviewed and updated after major life events such as marriage, divorce, the birth of a child or grandchild, the death of a loved one, a move to a new state, or a significant change in finances.
What happens without a plan
When a person dies without a will, state law determines how their property is distributed. These rules, often called intestacy laws, generally divide property among a spouse, children and other relatives according to a set formula. The result may or may not match what the person would have wanted.
Without a plan, family members may also face a longer and more complicated court process, and disagreements can arise over who should handle the estate. For parents of young children, the lack of a will can mean a court decides who will care for the children without knowing the parents’ wishes.
When you can’t make decisions yourself
Estate planning is not only about what happens after death. An accident or serious illness can leave a person unable to make decisions about their finances or medical care. Documents commonly discussed in this area include:
- A durable power of attorney, which allows a trusted person to handle financial and legal matters on your behalf.
- An advance directive for health care, which can record your wishes about medical treatment and name a health care proxy to make decisions if you cannot.
Without these documents in place, family members may need to go to court to obtain the authority to act, which can take time and money at a moment when quick decisions are needed.
Wills, trusts and other tools
The seminar will also look at the tools used to carry out an estate plan. A will is a legal document that states how property should be distributed and can name an executor and guardians for minor children. A will generally goes through probate, the court-supervised process of settling an estate.
A trust is an arrangement in which a trustee holds and manages property for the benefit of others. Some types of trusts, such as a revocable living trust, can be used to manage property during a person’s lifetime and pass it to beneficiaries afterward, in many cases without going through probate.
Other tools can include beneficiary designations on life insurance policies and retirement accounts, and the way property is titled. Because each of these works differently, many people find it helpful to learn how they fit together before deciding what is right for their situation.
Serving families in Alabama and Florida
Because Heircraft Planning works with customers in both Alabama and Florida, the seminar may be of particular interest to Gulf Coast families who have ties to both states, such as those who live in Mobile or Baldwin County and own property in the Florida Panhandle, or who have parents or children across the state line. Estate laws differ from state to state, which is one reason people with connections to more than one state often seek guidance.
Why a seminar can help
For many people, the hardest part of estate planning is getting started. A free, informational seminar offers a low-pressure way to learn the basics, hear common questions answered and think about what steps might make sense for their own family. Attendees can come away with a better understanding of the terms and options before deciding whether to take further action.
The information presented at a seminar is general in nature. People with specific questions about their own circumstances are generally advised to consult an attorney who can review their situation.
How to attend
The seminar begins at noon Thursday, Oct. 15, at the Innovation Portal, 358 St. Louis St., in downtown Mobile. Admission is free and lunch will be provided. Because space and meals are planned in advance, Heircraft Planning is asking those who plan to attend to register ahead of time.