You have worked hard to earn your assets and properties. After you are gone, you would probably want your family and loved ones to inherit your estate. Contrary to what many people believe, estate planning is for everyone. No matter your age, and whether you are married or divorced, you must have an estate plan. The first step in this regard would be to call a Madison, MS estate lawyer. An experienced estate planning attorney can guide you on the options and consequences of each decision so that you can make informed decisions. They will also ensure that your estate plan is in sync with Mississippi state laws. Below are some aspects worth knowing.
Understanding “Wills”
Think of the ‘will’ as one of the key estate planning documents, which determines how your assets are disposed of when you are gone. The Will also states the executor of your estate, who will ensure that your wishes are honored. You can also use the ‘Will’ to appoint a guardian for your minor children as needed. A will written in your handwriting and signed by you will be a holographic will acceptable in Mississippi. However, a holographic will doesn’t have witnesses, and therefore, the court may ask for proof that you signed it. Talk to a lawyer to know how you can create a perfect will.
Benefits of trusts
Many people often opt for trusts, which does have a few advantages over a will. Firstly, the trust is a confidential part of your estate plan, unlike a will which will be available in public records. If you have trust, you can avoid probate. You can also consider a revocable living trust. Although trusts have evident advantages, it is always best to talk to a lawyer because this is not the ideal choice for everyone. There are different kinds of trusts, including credit shelters, insurance-funded trusts, and irrevocable trusts. Your lawyer can explain the options in depth.
Reviewing powers of attorney
Estate planning is not just about planning your estate after your death. If you become incapacitated because of an event or illness, you will need someone to take charge of your financial and medical decisions. You can consider having an advanced health care directive, which will determine your wishes regarding treatments, healthcare, and other medical decisions. You can also have a durable power of attorney to appoint someone to take care of your financial decisions if you are incapacitated for some reason.
Call an estate planning attorney in Mississippi now!
