Kristin Waters Sullivan Featured on “The Attorneys”
Kristin Waters Sullivan was recently featured on “The Attorneys,” where she and Carter Clay of Hollis, Wright & Clay, P.C. chatted about estate law and answered some of the most commonly asked questions. Keep reading for more information!
Kristin Waters Sullivan’s Specialty: Estate Planning
In her interview with Carter Clay, Kristin explains how she deals with both sides of death—helping people prepare for death, as well as helping them navigate whatever issues might arise after death.
This includes estate planning, drafting wills and trusts, powers of attorney, healthcare directives, and more. She also specializes in helping families through the probate process. Sometimes this means litigation, sometimes it means going to court. Whatever happens, she’s here to make sure everything is distributed how it’s supposed to be.
Does Everyone Need a Will?
Kristin goes on to explain a piece of little-known knowledge: everyone has a will, whether they make one or not. If you pass away without creating a will of your own, the state of Alabama will impose a will upon you—meaning they decide what happens to your assets. This default will prioritizes spouses and bloodlines above all else. That means if you don’t have a spouse or children, your assets will move along your family tree to your parents, aunts and uncles, etc.
Sometimes this isn’t a problem! But, more often than not, the state won’t distribute things how you would have. Maybe you have some sentimental assets you want to go to specific people in your life. Maybe you have a child with greater needs than your other children. There are infinite reasons why you might want to distribute things differently than the state, so it’s always important to have your own will. The bottom line is this: State law doesn’t care about the nature of your personal relationships.
“It’s especially difficult when we have a situation where there are minor children involved,” says Kristin. “Who really need the funds that may be available to them otherwise if the parent had been able to provide for them appropriately.”
Carter Clay asks Kristin a very common question: if you don’t have very many assets, is it important to have a will? Kristin answers by saying that any amount of assets is worth having a will. You still want the things you own—from your house or car to the clothes hanging in your closet—to go to the right people.
Kristin goes on to explain that having a will isn’t just about assets, either. A will also dictates things like who will take care of your children after you die. Failure to name a guardian could result in the wrong person being appointed by the state.
How Much Does Drafting a Will Cost?
Answering another very common estate planning question, Krisitn explains that having a will made can cost anywhere from a few hundred dollars to a few thousand. It all depends on your assets and what you wish to do with them. For a complicated situation, like owning incredibly valuable assets or needing to establish a trust for a child, you can expect it to cost you more.
As far as time commitment goes, Kristin had this to say:
“We usually have a meeting to sit down and get to know each other, talk about what your goals are, what your assets are, how we need to get there, and that takes about an hour or two hours maybe. And then we put together your documents. I may have some follow-up questions, we may have a few phone calls to clarify some things, but it’s a really small time commitment on the front end as opposed to what could happen on the back end with the expense of court if you don’t prepare a will.”
Learn More About Kristin Waters Sullivan
To watch Kristin’s full interview on “The Attorneys,” click the link here. If you’re ready to protect your legacy through drafting a will with expert help, get in touch with us today. We look forward to serving you and your family!