After a loved one’s passing, life can get complicated for family members. Without timely and proper planning by you, the state of Mississippi must determine how to divide and allocate your holdings to the family you leave behind. With the help of an experienced estate planning lawyer, you can protect your assets from a complicated probate process, capital gains taxes and worse still, ending up in the wrong hands. At Susan Pinkston PLLC, we provide comprehensive advice and effective strategies to manage your financial affairs. Get peace of mind knowing your wealth will be distributed according to your wishes, as quickly and cost-effectively as possible.
Not sure how to go about this? Read the five basic steps outlined below. Our experienced Mississippi law firm can provide expert guidance on the necessary documentation.
- Make a Will: This is the first step in estate administration which must specify who will inherit what, designate a guardian for minor children and appoint an executor to carry out your wishes.
- Minimize Probate Issues: Typically, your legacy will go through the probate process to ensure payment of debt and taxes. Creating a trust and transferring property while you are alive are some actions you can take to reduce the time, expense and stress involved in this process.
- Create a Power of Attorney Document: This allows you to select an individual who will manage your affairs when you are incapacitated rather than have the court appoint someone you may not feel comfortable enough to trust. You can limit the responsibilities to handling routine financial matters or extend them to overseeing the sale and purchase of assets.
- Designate a Healthcare Proxy: Also known as a healthcare power of attorney, this involves designating an individual to make healthcare/medical decisions on your behalf when you are unable to do so. Remember to include a HIPPA (Health Insurance Portability and Accountability Act) release which allows your doctors to discuss medical issues with your representative.
- Formulate a Wealth Succession Plan: A personal succession plan preserves and transfers wealth as life transitions through different stages. From providing for your loved ones to paying for insurance needs and reducing estate and income tax, comprehensive planning provides a financial roadmap and helps prepare for changes.
Experienced Mississippi Estate Planning Attorney
Susan Pinkston offers strategic legal counsel and guidance in Jackson, Madison and Ridgeland, MS. Whether you need to create or review your will, include instructions for medical care or amend a current plan to accommodate changing needs, we can help. Our comprehensive legal services help clients protect and secure their loved one’s future.
Speak to us about safeguarding your family’s interests. Call us at 1-601-957-9460 to learn more about estate planning services in Mississippi.
