No one likes to think about death, but the fact is that it’s a part of life. And if you don’t take steps to protect your assets in the event of an unplanned death, your loved ones could be left struggling financially.
The good news is that there are things you can do to help ensure your estate is handled smoothly. One of the most important is to start by assessing your current financial and personal situation. Take a close look at where your assets are invested, the number of heirs you have, and whether you have a will in place. Gathering this information before starting any legal work could ultimately save you some time.
If There’s a Will, There’s a Way
If you don’t have a will, now is the time to create one. This document will spell out your wishes for how your assets should be distributed after your death. Without a will, state laws will dictate who gets what, which may not be in line with your wishes.
Creating a will is relatively simple, and there are many resources available to help you do it. A Mississippi estate planning attorney can assist you in drawing up a will.
Once your will is in place, you’ll also need to designate an executor. This is the person who will be responsible for seeing that your wishes are carried out after your death. You may want to consider naming a trust company or bank as your executor, as they will have the experience and resources to carry out the job efficiently.
Protecting Your Assets
Even if you have a will in place, there are still things you can do to protect your assets from being seized by creditors or other interested parties. One way to do this is to create a trust.
A trust is a legal entity that can hold assets on your behalf. The trustee, who can be anyone you designate, will manage the assets in the trust according to your wishes. Trusts can be used for a variety of purposes, such as providing income for your spouse or children after your death or shielding your assets from creditors.
No one knows when their time will come, but by taking these steps to protect your assets, you’ll be better prepared for the unexpected. Talk to an estate planning lawyer today to get started!
Gathering Information Before Starting Any Legal Work
When it comes to estate planning, taking the time to gather information before starting any legal work could ultimately save you time and money. By assessing your current financial and personal situation, you can better understand where your assets are invested and who your heirs are. This information will be invaluable when it comes time to create a will or set up a trust.
There are a number of different types of trusts, so it’s important to consult with a lawyer to find out which one is right for you.
Gathering this information before starting any legal work could ultimately save you some time and money. Here’s what you need to know:
Your Current Financial Situation
It’s important to have a good idea of your current financial situation so that you can make informed decisions about your estate. This includes knowing how much money you have, where it’s invested, and whether you’re expecting any large inheritances in the future.
Your Physical Situation
You’ll also want to take a look at your physical situation and think about what might happen if you’re no longer able to take care of yourself. This includes things like whether have a living will in place and who will be responsible for making decisions about your medical care if you can’t make them yourself.
It’s also important to think about who will inherit your assets when you die. This includes naming specific beneficiaries and thinking about what will happen if they die before you do.
The Type of Estate Plan You Need
Not everyone needs the same type of estate plan. Depending on your situation, you may need a will, a trust, or both. An experienced Estate Planning attorney can help you figure out what type of estate plan is right for you.
The Cost of Estate Planning
Estate planning can be expensive, but it’s a cost that’s worth paying. By having a will and other legal documents in place, you can avoid costly and time-consuming probate proceedings. This can save your family a lot of money and stress in the long run.
The fact is, most people don’t have one, which can lead to confusion for family members when it comes time to distribute these assets.
5 Reasons You Need a Will
1. To Prevent Your Family From Going Through Probate
Probate is the legal process that takes place after someone passes away and their will is being executed. This can be a long and expensive process, especially if there are multiple family members involved. By having a will in place, you can prevent your family from going through this costly and time-consuming process.
2. To Make Sure Your Assets Are Distributed the Way You Want Them To Be
When you die, your assets will be distributed according to the laws of your state. This may not be what you want, especially if you have children from different marriages. By having a will, you can make sure that your assets are distributed the way you want them to be.
3. To Choose Who Will Raise Your Children
If you have minor children, it’s important to choose who you want to raise them in the event of your death. This is one of the most important decisions you’ll make in your will, and you can designate a family member, friend, or even a guardian ad litem to take care of your children.
4. To Name an Executor
An executor is the person who will be responsible for carrying out the terms of your will after you die. This can be a daunting task, so it’s important to choose someone you trust who will be able to handle it.
5. To Avoid Confusion and Disputes Among Family Members
If you die without a will, there is a good chance that family members will argue over who gets what. This can lead to long and costly court battles that no one wants to deal with. A will can help to avoid all of this confusion and strife.
Having a will is an important part of estate planning, and it’s something that everyone should consider. Talk to an experienced Estate Planning attorney today to get started.
Rushing & Guice PLLC Will Help you With Your Estate Plan in Mississippi
Rushing & Guice, a law firm on the Gulf Coast, is available for comprehensive estate planning and asset protection counsel. To schedule an initial consultation, call us at (228) 374-2313 or fill out our online form. We look forward to hearing from you and look forward to assisting you as your attorneys.