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A 5 by 5 power clause in a trust document gives the beneficiary the right to withdraw either $5,000 or 5% of the fair market value of the trust account per year, whichever is greater. This is in addition to the regular income payout benefit of the trust.

Here are the key steps to take. Step 1: Find a Qualified Attorney. Step 2: Take Stock of Your Assets. Step 3: Identify Key Individuals. Step 4: Know the Key Documents You Need. Step 5: Manage Your Documents. Step 6: Don't Neglect the Softer Side of Estate Planning. Step 7: Plan to Keep Your Plan Current.

Let's look at four documents that should be a part of every estate plan: a will, a revocable trust, an advance health care directive and a power of attorney. A will is a document that states your final wishes. It also outlines how you want them to be carried out upon your death.

Completing the Estate Planning Questionnaire Gather Personal Information: Start with basic information about yourself and your family. List Your Assets: Detail all your assets, including bank accounts, real estate, and personal belongings. Designate Beneficiaries: Decide who will inherit each asset.

In Alabama, the following requirements must be met: The Will must be written. The Will must be signed by the maker. The Will must be witnessed by two people in the manner required by law.

A: The four foundational documents of an estate plan are: Wills/Trusts. Medical Powers of Attorney. Financial Powers of Attorney, and. Letters of Intent.

Depending on your assets you may or may not need a lawyer. The law in Alabama is it must be written and signed by the testator (you) and signed by two witnesses (preferably neither of which is a beneficiary).

proving affidavit is a statement signed by the testator and witnesses before a notary public, confirming that the will was executed in compliance with Alabama law. This can make the probate process smoother and reduce the need for witnesses to appear in court later.

In Alabama, if an estate doesn't have any real property and the value doesn't exceed $36,030, after waiting 30 days, you can use what's known as a summary probate procedure. Note that Alabama doesn't have an Affidavit procedure.