Questions to Ask Yourself before Beginning the Estate Planning Process
- Posted on: Jun 28 2019
Before beginning the estate planning process in Mississippi, there are several questions you should ask yourself, including:
- What should I put in my will?
- Who will act as my children’s guardian?
- Who will be the executor of my estate?
- Do I need a power of attorney?
- Should I establish a trust for my children?
If you aren’t sure of how to answer the above questions, don’t worry! At Palmer & Slay, we understand that not everyone is familiar with estate planning, which is why our experienced Mississippi estate planning attorneys are always ready and willing to answer any and all questions you may have about the process. In the meantime, however, below is some information about each of the above topics to help get you started.
What should I put in my will?
At a minimum, a will should include the names of all beneficiaries (i.e., the individuals chosen to receive your property) and the specific property to be distributed. However, some types of assets and property should not be included in your will, including some types of life insurance policies and retirement accounts.
Who will act as my children’s guardian?
If you have children, it’s imperative that you choose a guardian during the estate planning process. A guardian is an individual who will care for your children in the event of your passing. The failure to name a guardian puts this decision in the hands of the court—a situation that most people want to avoid.
Who will be the executor of my estate?
An executor is a person who makes sure that the terms of your will are properly carried out. It’s also important to name a successor executor in case something happens to the primary executor.
Do I need a power of attorney?
It’s usually advisable to draft a durable power of attorney and healthcare power of attorney during the estate planning process. Both documents give a designated person the authority to make health care and financial choices for you in the event that you become incapable of making these decisions yourself.
Should I establish a trust for my children?
If you have children, you may want to consider establishing a trust. Trusts are a great way of ensuring that they’ll be cared for in the event of your passing.
Mississippi Estate Planning Attorneys
At Palmer & Slay, we take pride in creating customized estate plans that fit the needs of our clients. Our Mississippi estate planning attorneys utilize our years of experience to identify and avoid potential pitfalls, including excessive taxation and creditor interference. In addition, we understand that not everyone is familiar with Mississippi estate planning, so we always take the time to answer any questions our clients have while making sure that they are involved in each step of the process. If you’d like to begin the Mississippi estate planning process, please contact us today for a consultation.
Posted in: Estate Planning