Preparing for your own passing or for the passing of a dear loved one can be emotional and overwhelming. With the constantly shifting Mississippi estate planning laws, the process can become complicated fast. Having a Mississippi estate planning lawyer as your guide can ease your stress.
Drafting a Will in Mississippi
To ensure your wishes are fulfilled, it’s vital to have a written will or estate plan. In Mississippi, any adult can create a will as long as they are of sound mind and able to make decisions with a clear head. The will can be signed by someone else as long as the person creating the will, also called the testator, is present and gives permission.
For the will to be valid, it must be signed not only by the testator but also by two witnesses. The witnesses are there to confirm that the will was not created under any type of coercion and that the testator was of sound mind.
According to a recent report, about a third of Americans have an estate plan. 31% say they have created a living will, and 32% say they have created a will. Creating an estate plan can help ensure that decisions about your health and assets are made according to your preferences.
Mississippi Estate Planning Laws
In Mississippi, there is an order of inheritance regarding who might inherit. The order is:
- Surviving spouse
- Surviving spouse and children, who divide the inheritance equally
- Surviving children if there isn’t a surviving spouse
- Parents and siblings
- Extended family
- Next of kin
Mississippi doesn’t collect an estate tax, but the federal government collects one if the estate’s value is above a certain amount. You might also have to pay taxes on behalf of the deceased. After validating the will, it might need to go through probate unless the estate is valued at less than $75,000. There are some cases where the probate process doesn’t apply, such as:
- A living trust
- Life insurance policies with defined beneficiaries
- Retirement accounts with beneficiaries
- Pay-on-death accounts
- Joint tenancy
An estate planning attorney understands Mississippi’s estate planning laws in great detail and can help you every step along the way. Estate planning laws can get complex and confusing quickly, so having someone who does it every day can have a positive impact on your experience.
Hire an Estate Planning Lawyer
An estate planning lawyer can perform many tasks on your behalf. We are able to:
- Review the assets
- Create a living trust that protects those assets while you’re alive
- Prepare important estate planning documentation
- Designate beneficiaries
- Help you create health care directives and appoint a durable power of attorney, if necessary
- Help you prepare for retirement
- Assist with life insurance policies
- Guide you through the probate process or help you avoid it altogether
- Help you understand potential tax implications and potentially minimize them
- Establish legal guardians for your children
- Represent you in probate court at the 10th District Chancery Court on Main Street or elsewhere
FAQs About Estate Planning Laws
Is a Will or a Trust Better in Mississippi?
Whether a will or a trust is better in Mississippi depends on the specific needs of the estate. In general, you do not have to choose between a will and a trust. It is common to have both, as they serve different functions for the estate. A trust manages assets under specific sets of rules, while a will can include assets that aren’t in a trust. Be sure to ask your estate planning lawyer about which is right for you.
What Are Common Executor Mistakes?
Common executor mistakes can include not being prepared for their responsibilities when the time comes, and the executor thinking they have all of the power in executing the estate, which can make the process more difficult for all involved. Clear communication between all parties is key, and the executor can make sure all parties are involved.
Having a Mississippi estate planning attorney can help the process move smoothly and help the executor avoid common pitfalls.
What Is the Difference Between Probate and Estate Planning?
The difference between probate and estate planning is that estate planning focuses on managing the assets, administering the trust, and dealing with tax implications, while probate is the court process that settles the estate after a person dies. Usually, planning for the estate occurs before someone has passed, and probate takes place afterward. Having an estate planning lawyer explain how each can impact the process for beneficiaries can make a big difference.
What Are the Five Requirements for Adverse Possession in Mississippi?
The five requirements for adverse possession in Mississippi are vital to understand as they begin estate planning. The person laying claim to the land must have possessed it for a continuous and undisputed ten years and must have used it in a visible, public way without sharing it with the landowner. Use of the land must be hostile, which means without the landowner’s permission. By proving these didn’t happen, a landowner can defend against adverse possession.
Contact the Law Offices of Perry W. Phillips Today
At the Law Offices of Perry W. Phillips, we understand estate planning laws inside and out. We also know how emotionally difficult it can be to prepare for someone’s passing. Because we were raised in Hattiesburg, we have a keen understanding of the law and the community. We’re here to help guide you through each step and help you rest easy at night knowing that if something were to happen, your loved ones would be taken care of.
Because our attorneys have more than 30 years of experience with estate planning, we approach each case with skill and empathy. We are adept at tailoring our legal counsel and support to your unique case. With personalized attention and hardworking estate planning attorneys, you can rest easy knowing you’ve planned for your loved ones.
To find out how we can help you, contact our office to schedule a consultation.
