Most of us want our property and assets to go to our loved ones upon our death. When you pass away, the state you reside in will use its intestate succession rules to determine who inherits from you if you don’t include your desired heirs in your will. This may not be a concern for some individuals, but it is for others. If you have no biological or adoptive relatives still living, your friends and favorite organizations won’t get anything through intestate succession. You may also need a will if you have a child with a gambling addiction who you’d wish to disinherit but want to provide money to their kids, nieces, or nephews.
Mississippi law sets out the rules for creating, amending, and administering a will (asset transfer).
Minimal Requirements For a Last Will & Testament in Mississippi
A Will must comply with the state’s legal requirements in order to be valid. If a Will is acceptable under the law of another state, it may also be accepted by most states. The following are the general requirements for a valid Will: (a) the document must be written (that is, typed or printed), (b) it must be signed by the person creating the Will, and (c) it must be signed by two witnesses who were present when the maker executed the document and also saw each other sign it.
The laws governing the legal execution and witnessing of a Will in Mississippi are found in the Mississippi Code.
In Mississippi, any person 18 years old and of sound mind may create a Will.
A will must be in writing, signed by the testator, and witnessed by two people. If the testator cannot sign their name, they may authorize another individual to do so. The Will must be signed in the presence of the testator.
Any trustworthy individual in Mississippi may be a witness to a Will. It is often advised that the witnesses to the Will be “disinterested,” implying they are not beneficiaries. When an interested witness signs a Will, the gift to the witness is valid unless at least two disinterested witnesses are present. If the testator dies, the interested witness will be able to collect the money.
Estate Planning Considerations
When it comes to considering an estate plan, there are a variety of different documents that can be used. Wills, trusts, and powers of attorney are just a few examples. So, where should you start? The first step is to consult with an experienced Mississippi estate planning attorney. They can help you figure out what document or combination of documents will best suit your needs.
If you want to make sure your loved ones are taken care of after you die, you might want to consider a will. A will allows you to designate who will receive your property and assets after your death.
Different Types of Wills
- Statutory wills
- Self-proved wills
- Formal wills
- Holographic wills (or handwritten)
- Mutual and joint wills
If you’re worried about preserving your assets for future generations, you might want to consider a trust. Trusts can be used for various purposes, including asset protection and estate tax planning.
Different Types of Trusts
- Simple trusts
- Complex trusts (“discretionary” trusts)
- Revocable living trusts
- Irrevocable living trusts
- Special needs trusts
- Life insurance trusts
- Charitable remainder trusts
- Generation-skipping trusts (“Dynasty” trusts)
- Asset protection trust
- Family trusts
Power of Attorney
Power of attorney is another important estate planning tool. A power of attorney allows you to designate someone to make financial and legal decisions on your behalf if you become incapacitated.
An estate planning document called a power of attorney, or POA, allows you to designate an agent to manage your affairs. The term “Power of Attorney” is used to describe a variety of estate planning documents. Each has its own function and gives your agent varying amounts of power. It’s critical to find the right POA type for your needs.
A medical power of attorney gives your agent the ability to make health-related decisions on your behalf, while a general power of attorney allows your agent to administer all aspects of your financial and legal affairs. As a result, you may wish to include two or three types of power of attorney in your estate plan.
In contrast with a broad power of attorney, a limited power of attorney confers on an agent the ability to act on your behalf for specific purposes only. For example, a limited power of attorney might allow someone to cash your checks. On the other hand, this individual will only have limited access to and control over your funds.
You can set up several limited POAs for various agents, giving each of them unique privileges. A limited power of attorney, as the name implies, is valid for a specific purpose. It ends when the stated goal has been accomplished or at the time specified in the form.
Different Types of Power of Attorney
- General power of attorney
- Durable power of attorney
- Medical power of attorney
- Limited power of attorney
- Springing power of attorney
Gulf Coast Mississippi Estate Planning Experts
No matter what your estate planning goals are, an experienced Mississippi estate planning attorney can help you create a plan that meets your needs. Our team of attorneys has successfully handled cases like yours before; don’t hesitate to contact our office today!