Purvis Estate Planning Lawyer

Estate Planning Attorney in Purvis, MS

You can benefit from creating an estate plan early in your life, no matter who you are. A Purvis estate planning lawyer can help you draft a will and create documents that will protect your personal interests.

At the Law Offices of Perry W. Phillips, we have decades of experience navigating estate planning law and helping individuals and families plan for the future. With a combined 58 years of experience, our attorneys offer knowledgeable and practical advice. We understand how difficult it can be to plan for things like death and incapacity. When you work with our team, we provide you with empathetic legal support, leveraging our deep community connections.

The Crucial Aspects of an Estate Plan

Every estate plan can be different, tailored to meet the specific interests and goals of the person creating it. When you make an estate plan, your estate planning lawyer can review your financial and personal goals. Using this information, they can help you create an estate plan composed of the documents that meet these needs. Some of the most frequently used documents in an estate plan include:

Wills

A will is one of the most foundational parts of your estate plan. Despite the importance of a will, less than half of Americans have one. A will could do the following:

1. List the assets in your estate
2. State how you want those assets distributed and who the beneficiaries are
3. Outline how to address any debts
4. Name the executor who will administer your estate in probate court, and follow the instructions in your will
5. Name the person or people whom you want to be the guardians for any minor children you have

When probate is filed, it is done in conjunction with your will, if one exists. It is filed with the Chancery Court’s office of the county you reside in or within which you own property.

A will can facilitate a smoother probate process, provided it is legally enforceable. Because you can designate who receives what, it can limit disagreements between your loved ones about who can receive which assets. When you hire an estate planning lawyer, you can feel confident that the will you create will uphold your wishes when you are gone.

Power of Attorney

Creating power of attorney documents allows you to grant specific legal powers to another trusted person.

A durable power of attorney means this power only goes into effect if you are incapacitated. While few people consider this possibility, it can occur, often due to injury or illness. 23.0% of the population in Purvis is disabled. 12.1% of those disabilities are related to cognitive difficulty. In some cases, cognitive difficulty constitutes a disability, resulting in physical and/or mental incapacitation.

The two types of power of attorney include:

• General power of attorney, with power over important financial decisions and transactions
• Medical power of attorney, with power over healthcare decisions, usually following your living will instructions

If you are incapacitated without these documents, your loved ones have to petition the court for the power to make decisions for your care and financial affairs. The court may also appoint someone you don’t want in charge of your choices. By writing these documents, you have control over your future and can rest assured knowing someone you trust is managing your affairs.

Living Wills

Your living will is a document that states your preferences for medical treatment. It is also called medical directives. You can make decisions on your end-of-life care and state the treatment you do or do not consent to. These directives provide crucial guidelines for your medical power of attorney regarding your healthcare.

Why Is It Helpful to Create an Estate Plan?

There are several reasons why it is beneficial to have an estate plan prepared. This includes:

• Having control over your estate and affairs. Creating an estate plan not only allows you to control where your assets go and who benefits from them, but it also allows you to control your own care. You know that if you are incapacitated for any reason, your wishes will be followed according to your instructions.

• Minimizing time in probate. The process of probate can be difficult for your loved ones after you have passed, but an estate plan can make it easier. It makes clear your wishes, which can be reassuring. This can also minimize disputes. It can also streamline the probate process. This allows your loved ones to spend less time in the court process and also helps them receive benefits more quickly.

• Protecting your assets. The median household income in Purvis is almost $34,700. The median income for married-couple families exceeds $96,200. Regardless of the value of the assets you have, safeguarding them is essential during probate. When you create a will that limits time in probate, it also limits the costs of the process. These are costs that can reduce the benefits you intended for your loved ones to receive.

• Providing for your children. 32.3% of the population in Purvis is under the age of 18. In comparison, 22.8% of the state’s population is 18 or under. When you have minor children, an estate plan allows you to protect them. If you don’t name a preferred guardian, the court will decide who cares for your children. A will allows you to state who you want to care for them and lets you set aside assets for them to benefit from.

When Should You Update an Estate Plan?

It’s important to create an estate plan, but this is not the end of the process. Updating the estate plan regularly to ensure it upholds your most current wishes. Some crucial life changes that can affect the assets in your estate and the loved ones you want to leave those assets to include:

• Marriage or divorce
• Buying a house
• Having children or grandchildren
• Moving states
• The loss of a loved one
• Significant asset or debt gain or loss
• Estate planning law changes

Protecting Your Future With a Purvis Estate Planning Attorney

Estate planning laws can be complex, which can add to the emotionally challenging aspects of creating a will or a living will. The team at the Law Offices of Perry W. Phillips wants to help you through this process so that you can safeguard your estate to benefit your loved ones. Contact our firm today.