The Basics Of Estate Planning
Estate planning is an important part of life, as is preparing for the unexpected. Preparing your estate is the best way to make sure your wishes are met in uncertain times.
There are a lot of different aspects to estate planning, and you must follow all of the correct steps in order to make sure your wishes are followed. An estate planning attorney can help you navigate the process to make sure that your wishes are expressed and legally correct.
Jason Campbell is an estate planning attorney in northern Mississippi.
Contact us today to learn more about how we may be able to help you through the estate planning process.
What Is Estate Planning?
Estate planning is making a plan in advance and naming the beneficiaries to determine how your assets will be preserved, managed, and distributed after your death.
An estate includes anything that you own, including real property and personal property. Everyone can benefit from estate planning, whether their estate includes many assets and properties or just a few.
Guide to Estate Planning Basics
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Will
Your will is where you list all of your assets, determine how you would like them to be distributed after your death, and distinguish those beneficiaries. An attorney can assist you in drafting yours to help make sure that you’ve considered all the necessary assets and the will is aligned with your wishes.
Living Trust
A living trust may also be referred to as a revocable trust. You can put assets into a trust to ensure that they are distributed according to your wishes after death. Things in a trust will be passed directly to the designated beneficiaries and don’t have to go through the probate process.
Living Will
A living will may also be known as an advanced health directive or medical directive. Living wills are intended to make sure that your healthcare choices are followed if you are unable to make your wishes known or for end-of-life care.
Power of Attorney
An individual can be granted power of attorney for a variety of things. It’s common for power of attorney to be granted for financial and healthcare decisions. Power of attorney gives an individual the authority to make financial or medical decisions if you are unable to.
You can name the same person for both types of power of attorney or choose different people; the decision is yours. You can choose anyone that you trust to follow your wishes and be your power of attorney.
Beneficiaries
A beneficiary is an individual, organization, or entity that you would like to inherit your assets. You can choose your beneficiaries, who can be any person or organization.
It’s important to note that beneficiary designations on individual accounts or insurance policies will supersede your living will or trust. For example, suppose you designate an individual as the beneficiary on a life insurance policy but list someone else as the beneficiary of that policy in your will. In that case, the person listed on the policy will be considered the beneficiary.
If an asset doesn’t have a listed beneficiary, the asset or its proceeds will become part of the general estate. Assets in your estate without a designated beneficiary have to go through probate.
Guardianship
Choosing a guardian designating an individual and creating a plan for who would take care of your children or any other dependents if you were to pass away unexpectedly. It’s important to designate a guardian so that there is someone prepared to take care of your dependents.
Maintaining Estate Planning
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Contact an Estate Planning Attorney Today
Estate planning is an important part of planning. It’s important to make sure that your estate planning is done correctly so that your wishes can be followed.
An attorney can help give you peace of mind that your planning is correct and help you update your plans as your life changes.
Contact Campbell Law today to learn more about how we may be able to help you with your estate planning needs.
Jason E. Campbell
Attorney
Attorney Jason E. Campbell was born and raised in Greenville, Mississippi, and serves clients in the northern and central Mississippi areas with divorce, custody, criminal, and personal injury legal services. A graduate of Delta State University and Florida Coastal School of Law, Jason is dedicated to helping his clients throughout the legal process with compassion and determination.
