Easy Questions  
Free Legal Documents

Overview of Estate Planning in Abbeville, MS

Overview of Estate Planning in Abbeville, MS


Death is not a tragedy to the one who dies; to have wasted the life before that death, that is the tragedy.
 
- Orson Scott Card


Do you think that estate planning is only for rich folk? Estate planning is the process of getting your affairs in order so that if you pass away unexpectedly, things will be much easier for your loved ones. It doesn't have to be hard or expensive or intimidating. Just a few simple steps: Catalog what you own, make a will and create a few legal documents (with the help of 1-2-Law.com) and review the beneficiaries on your retirement accounts. For most Americans, there's no need to worry about estate taxes or fancy trusts.

Do it for your family. You will feel so much better knowing that you've taken care of them.

• Write a will. State in this document the properties you want your beneficiaries to inherit. You can also indicate the guardian for your young children if something happens to you and your partner.

• Select a guardian for your children. Children who will inherit any money or property from you should be designated with an adult guardian to oversee their affairs.

• Update beneficiaries on retirement accounts. You can transfer to your beneficiaries your stocks, bonds and brokerage accounts if you were able to register them. If you have a bank account and retirement plans, naming a beneficiary to these documents can automatically make these accounts "payable on death". This can avoid the probate process.

• Sign up for life insurance. It would be a good investment to get a life insurance if you owe significant amount of estate tax or debts, have young children, and own a house.

• Determine of you will owe estate taxes. Estates taxes will be impose by the government upon your death if your taxable estate is more than the inclusive limits set by law.


• Determine if a living trust is right for you. Property placed in the living trust can be distributed to their designated beneficiaries without undergoing probate which can be expensive and time consuming.

• Define your health care directives . You also need to plan out for your medical care by doing a medical declaration or living will that can indicate the treatments you want or do not want and power of attorney for health care that can assign a trusted person who will make medical decisions for you if you are unable to make it yourself.

• Create a financial power of attorney . If you become incapacitated, handling your affairs can be a problem but not if you have a durable power of attorney for finances. A trusted person you have chosen yourself will be handling your finances and property if that time comes. This trusted person is called an agent or attorney-in-fact.


• Provide for funeral expenses. Payable-on-death bank account can be more reliable and easier to set-up as compared a funeral prepayment plan. This will cover your funeral and other related expenses.

• Make the final arrangements. This document will indicate your wishes for organ and body donations and also the disposition of your body through burial or cremation.

• Define the Succession Plan for your business. Make plans if you own a business by having a successor. If you have a partner in business, have a buyout agreement.

• File all estate planning documents. The person you choose in your will to administer your properties should be given access to your important documents like:

1. will

2. trusts

3. information on bank accounts, mutual funds, and safe deposit boxes

4. information on retirement plans, 401(k) accounts, or IRAs

5. insurance policies

6. real estate deeds

7. certificates for stocks, bonds, annuities

8. Information on debts: credit cards, mortgages and loans, utilities, and unpaid taxes

9. Information on funeral prepayment plans, and any final arrangements instructions you have made.

 
Edit, Download, & Print a Free
Mississippi Last Will
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Edit, Download, & Print a Free
Mississippi Power of Attorney
Page 1
Page 2
Page 3
Page 4
Page 5
 
Edit, Download, & Print a Free
Mississippi Living Trust
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
Related Legal Services near Abbeville, MS
Clark Wynn E
2510 16th St
Gulfport, MS 39501
(228) 575-9996
Attorneys, Legal Service Plans
J Thomas Ash Attorney
1008 20th Ave
Meridian, MS 39301
(601) 693-9992
Bankruptcy Law Attorneys
Chittom Michael B
200 E Capitol St
Jackson, MS 39201
(601) 968-9986
Attorneys, Legal Service Plans
Steven D Boon Law Firm
405 Tombigbee St
Jackson, MS 39201
(601) 960-9966
General Practice Attorneys, Attorneys
Ash Law Firm, P
1008 20th Ave
Meridian, MS 39301
(601) 693-9951
Attorneys, Bankruptcy Law Attorneys, General Practice Attorneys
Lindsey A Boyd Law Firm P
401 E Capitol St # 300
Jackson, MS 39201
(601) 960-9949
General Practice Attorneys, Attorneys, Legal Service Plans
Moore Law Office
1155 S Dr Martin Luther King Jr Blvd
Grenada, MS 38901
(662) 227-9941
Attorneys, General Practice Attorneys
Johnson James D
1507 Hardy St # 105
Hattiesburg, MS 39401
(601) 584-9933
General Practice Attorneys, Attorneys, Legal Service Plans
Davis & Davis PLLC
1229 31st Ave
Gulfport, MS 39501
(228) 864-9922
Automobile Accident Attorneys,  Labor & Employment Law Attorneys,  Employee Benefits & Worker Compen
Shook Law Firm & Dispute Rsltn
610 Adeline St
Hattiesburg, MS 39401
(601) 554-9919
Attorneys, General Practice Attorneys, Legal Service Plans
Signs Jennifer W
1310 25th Ave
Gulfport, MS 39501
(228) 864-9900
Attorneys, Legal Service Plans
Stone Ben H
1310 25th Ave
Gulfport, MS 39501
(228) 864-9900
Attorneys
Wilder H Rodger
1310 25th Ave
Gulfport, MS 39501
(228) 864-9900
Attorneys, Legal Service Plans
Wyly Terese T
1310 25th Ave
Gulfport, MS 39501
(228) 864-9900
Attorneys
Ford Tim
188 E Capitol St # 1400
Jackson, MS 39201
(601) 961-9900
Attorneys
Andress Scott E
188 E Capitol St # 1400
Jackson, MS 39201
(601) 961-9900
Attorneys
Cox Ricky J
1310 25th Ave
Gulfport, MS 39501
(228) 864-9900
General Practice Attorneys, Attorneys
Crawford Todd G
1310 25th Ave
Gulfport, MS 39501
(228) 864-9900
Attorneys, Legal Service Plans
Anderson Tom Attorney
1310 25th Ave
Gulfport, MS 39501
(228) 864-9900
Attorneys
Baca Gerald Atty
1310 25th Ave
Gulfport, MS 39501
(228) 864-9900
Attorneys
Bailey Ann
1310 25th Ave
Gulfport, MS 39501
(228) 864-9900
Attorneys, Legal Service Plans
Carron Chris
1310 25th Ave
Gulfport, MS 39501
(228) 864-9900
Attorneys, Legal Service Plans
Manuel Leo
1310 25th Ave
Gulfport, MS 39501
(228) 864-9900
Attorneys, Legal Service Plans
Pettis Brant
1310 25th Ave
Gulfport, MS 39501
(228) 864-9900
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US