Mississippi Wills and Estate Planning Lawyers

Is it Time to Write a Will or Estate Plan? We Can Help.

Writing your will or spending time on an estate plan may seem unnecessary or even morbid. If you are in good health, the idea of planning for what happens after one’s death may be something you believe you should do much, much later. However, creating a will or an estate plan is crucial to protecting the people you love the most.

At Tannehill Carmean, our Mississippi estate planning attorneys in Oxford can help you create a comprehensive legal plan addressing what will occur when you pass away. To learn more about our estate planning services and how we can help, reach out to our Mississippi law firm directly today.

Why is a Will or Estate Plan Important?

Creating a will—one critical piece of an estate plan—is essential to planning for the future and ensuring your loved ones are not confused, facing excessive tax bills, and lacking access to your financial support. When you die without a will, your assets are subject to the state’s intestacy laws. This law means that the state, not you, will determine how your assets will be distributed.

According to intestacy laws in Mississippi, if a person dies without a will, then their assets will be divided in the following manner:

• Any children will inherit everything if there is no spouse;
• The spouse will inherit everything if there are no children;
• If there is both a surviving spouse and a single surviving child, each will inherit half of the intestate property and
• If there is a spouse and multiple children, the property will be divided into equal shares.

Your assets are only distributed to your beneficiaries after all creditors have been paid.

Why Do You Need a Will?

By creating a will, your wishes will direct how your estate will be distributed. For example, you can leave all your property to your spouse or contribute to a church or charity you believe in. You can also ensure that a minor child, disabled adult in your care, or even a pet has a named guardian and ensure resources are set aside for their continued care and support. While we all hope to live long and healthy lives, preparing for any eventuality could be one of the most important legal actions you ever take for your loved ones.

At What Age Should I Create a Will?

Any person who has children or others they care for needs a will. This document is crucial should you suddenly pass away. Young parents are busy and may not consider estate planning to be a concern—but in fact, passing away without a will could leave your loved ones in a very stressful and complicated legal situation. In cases in which both parents pass away in an unexpected accident, the children need love and support. Without a will, the guardians of your children will be chosen by the state rather than the guardians you know would care for them best.

A will makes inventorying your estate, paying creditors, and distrusting your assets as you wish easier for your chosen estate executor after your death. While a will must go through probate, having a valid will may mitigate disputes between beneficiaries or questions about where or what property exists.

A will is just one piece of a broader estate plan. Creating an estate plan can ensure that your assets are distributed according to your wishes, reduce the amount to be paid in taxes, ensure that loved ones are provided for, and outline your medical and end-of-life care wishes. While creating a will and an estate plan may feel intimidating or unappealing, unexpected tragedies, such as illnesses and accidents, occur. By creating a plan now, you can have peace of mind that your loved ones are protected from financial losses that could have been avoided—or facing financial problems at the worst possible time.

What’s Included in a Will?

A will is primarily used to do the following:

• Names the executor of your estate. The executor is the individual you choose to administer your estate when you pass on. The executor named is frequently a trusted family member but can be any individual you trust.
• Provide directions for paying off debts and creditors.
• Distribute assets to your named beneficiaries. Again, you can use a will to leave certain assets to the individuals you name, your church, or other charities.
• Name a guardian for any minor children. If you have minor children, this is one of the most important reasons to create a will.

How to Create a Will

Preparing a will requires creating an inventory of your assets and deciding how you want the assets to be distributed when you pass away. To write a will, you must be of sound mind and at least 18 years of age. The will must be in writing and must be signed in front of two witnesses. Our Mississippi estate planning attorneys can walk you through the process, whether you have a simple estate or the most complex estate.

What to Include in an Estate Plan

Creating a will is essential to an estate plan, but it’s only one piece of a comprehensive estate plan. Other documents that should be part of an estate plan include:

• Trust. A trust is similar to a will in that it can be created to leave certain assets to specific beneficiaries. It’s different, however, in that assets held in a trust are managed by a trustee, that a trust can have certain tax advantages, and that assets held in a trust do not need to pass through probate.
• Powers of attorney. There are two common types of powers of attorney: a healthcare power of attorney and a financial power of attorney. These two documents provide another person with the lawful authority to decide on your behalf regarding your healthcare or finances should you be unable to do so.
• Living will/advanced directive. This document can be challenging for many people, as it forces one to think about the type of healthcare and treatment they want to receive—and don’t want to receive—at a critical moment. A living will/advanced directive is used to tell your doctor your wishes regarding feeding tubes, resuscitation, palliative care, organ donation, and end-of-life measures.

Guidance Through Probate in Mississippi

Probate is the legal process occurring after an individual dies. It involves validating the will, or when the individual had no will, the distribution of the person’s estate as outlined in Mississippi state law. The probate process will take longer for higher-value estates, with many properties, investment accounts, business interests, valuable works of art, and other assets.

At Tannehill Carmean, our estate planning attorneys in Oxford, Mississippi, offer professional guidance for high-net-worth individuals and couples. We develop custom estate plans to assist in avoiding excessive taxation now and protecting your assets you want to pass on to your chosen beneficiaries.

Types of Trusts to Include in an Estate Plan

Many types of trusts exist and can be established based on specific needs and the size of an estate. Some of the types of trusts include the following:

• Revocable Living Trust: A living trust can be an effective estate planning strategy, allowing you to manage your assets during your lifetime and determine how they will be distributed after your death. The assets you place in a living trust do not go through probate—a significant advantage for your loved ones.
• Irrevocable Trust: These trusts, once established, cannot be changed or revoked. An irrevocable trust offers some tax benefits.
• Testamentary Trust: These trusts are created through a will and take effect when you pass away. They are established to manage the assets to support your minor children or provide care for beneficiaries with special needs.
• Special Needs Trust: These trusts can provide for a disabled loved one while protecting their right to take advantage of government benefits.
• Charitable Trust: These trusts allow you to support charities or non-profit organizations on your death by passing on named assets to the organization—while providing tax benefits while you are alive.
• Generation-Skipping Trust: Grandparents can pass on assets to their grandchildren while reducing estate taxes.
• Qualified Terminable Interest Property (QTIP) Trust: These trusts are established to provide for a spouse. The remaining assets are distributed to the named beneficiaries when your spouse dies.
• Grantor Retained Annuity Trust (GRAT): These trusts allow the transfer of assets to heirs using little, if any, of the lifetime federal estate tax exclusion. The individual creating the trust receives an annuity payment for a specific number of years.
• Life Insurance Trust: Life insurance policies can be held outside of the estate, with the insurance paying out to beneficiaries as outlined in the terms of the trust.

Do I Need a Wills and Estates Lawyer?

There is no legal requirement to create a will or an estate plan, nor a requirement that you work with an attorney. A custom estate plan reduces taxes now and greatly benefits your loved ones when you pass away. Our experienced Oxford estate planning attorney can assist you whether you have a simple estate or a more complex financial situation. We can help you with this vital process if you have a current will or estate plan that needs updating or revisions. At Tannehill Carmean, our lawyers have years of experience helping our clients create comprehensive estate plans and can sit down with you to discuss your needs at your convenience. Please visit our office, message us, or call us directly at 662-236-9996.