Helping You Prepare for the Future
It is never too soon to prepare for the future and protect your loved ones by creating an estate plan no matter where you are in life. An estate plan allows you to dictate how your assets will be distributed after your death and can also provide for the care of your loved ones if you are no longer able to do so.
If you do not have an estate plan in place, state law will dictate how your assets are distributed, which may not align with your wishes. At Damiens Law Firm, PLLC, our estate planning attorneys have been guiding clients through this process since 2011 and would be honored to help you. Having an estate plan in place will give you peace of mind that your wishes will be respected even when you are gone, reducing the possibility of any family drama.
Set goals for your estate plan
Once you understand all possible options, you can choose the things that apply to your daily life. We should be thinking of what we want. To understand the purpose of estate planning, you can ask yourself the right questions. Think about these above along with other items that give insight into what is happening now and what needs to be done in your absence. Your answer will give you a sense of what documents are necessary for your estate plan. Every estate plan has different goals and objectives.
Consult an estate planning lawyer
Estate planning has complicated processes that are not recommended for DIY projects even if available online tools. Trusts and estates law is complex and constantly changing. A professional estate plan lawyer will guide you to ensure your wishes are legal and fulfilled. Estate planning lawyers also need to keep updated about the law. The legislation is constantly evolving. It might not work today as it did five years ago. A deceased’s plan could compromise all their goals and objectives when it has not remained effective.
Review your retirement accounts
Accounts with designated beneficiaries will be passed directly to the beneficiaries when you pass. It doesn’t matter whether you require this account to be shared by a will or trust. The designation of beneficiaries of a retirement account will prevail. Get the latest list of your beneficiaries selection for each individual account from the Customer Services office at the employer. Check the beneficiary accounts for accuracy. It’s especially important when your marriage is a divorce.
Write a last will and testament
The building of an estate plan starts with preparing a will. This is a legal document that defines your wishes for your assets and your family. Your final estate document allows you to specify who is entitled to the inheritance of monies, an heirloom or any other important property. Also essential is a document that appoints a guardian for your children in case both parents die while the children are minors.
Designate representatives and beneficiaries
In estate planning, you will be required to designate two groups: Representatives — This person will support your wishes throughout your life. Other than your attorney in your estate plans, this usually includes your executor, trustee, trust, or any person who has served as your guardian. Beneficiary – This can be your family, friends, pets, kids, or dependents.
Reach out to our law office today at (601) 957-9672 to schedule a free initial consultation with our attorney to learn more about estate planning.
What does an estate plan include?
Everyone has different needs and goals. You may have minor children and wish to name a guardian for them, while someone else may not. You may have a large estate and want to make sure it is distributed according to your wishes, or you may simply want to ensure that your loved ones are taken care of financially if something happens to you. No matter what your needs, an estate plan can be tailored to fit them.
Historically many people have shied away from estate planning. Some believe they don’t have enough wealth to need an estate plan. Others don’t feel comfortable discussing the death of a loved one.
No one is prepared for dying early on in life. In any event, a health emergency or illness can occur anywhere. And life teaches the importance of anticipating something unexpected. The value of estate plans has been particularly apparent in recent times. Considering the planning of an estate? Continue to find more detailed and recommended information on every area.
However, there are some estate planning essentials most plans include, such as:
- A will and trust
- Durable power of attorney
- Healthcare power of attorney
- Guardianship designations
- Beneficiary designations
People, especially younger adults, tend to believe they have no use for an estate plan. You do not need to be a millionaire nor do you have to be in the winter of your life to start thinking about this crucial step in life. Everyone should have an estate plan.
If you do not have any children, then your estate plan might be a little shorter, but it is still important to have one in place. You never know what will happen down the road and being prepared for every eventuality is always a good idea. Contact our office today to get started on your estate plan.
Why you need an estate planning attorney
Creating a legally enforceable and effective estate plan is actually much more complex than you may think and involves far more than simply stating your beneficiaries and distributing assets. An experienced estate planning attorney will help you navigate this process, so you can make the most of it.
There are a few reasons why you should always work with an estate planning attorney when creating your plan:
- To ensure your will is valid and stands up to legal scrutiny
- To create trusts that protect your assets and distribute them according to your wishes
- To handle the complex tax implications of estate planning
- To designate guardians for your children and provide for their care in the event something happens to you
- To take advantage of estate planning tools, such as gifting and dynasty trusts, that can reduce your tax burden
- To avoid probate and the lengthy process it can entail
- To ensure your wishes are carried out after your death
Here are some of the benefits of hiring an estate planning attorney:
- Help you avoid the probate process
- Provide advice on how to best protect yourself, your family, and your assets
- Keep you from making costly mistakes
- Reduce tax liabilities as much as possible
Schedule a FREE initial consultation to get started on your estate plan today!
If you were to die without an estate plan, so much would be left up to the discretion of the probate court and the decisions that are made may not necessarily be what you would have wanted. At Damiens Law Firm, PLLC in Mississippi, we will work with you to create an estate plan that clearly expresses your wishes and ensures that, even if you were to become incapacitated, nothing is left up to the discretion of the court.