Estate planning is a way in which you can have some peace of mind when unfortunate circumstances catch you by surprise. Even if you are relatively young, planning for your future now will ensure that your wishes are respected after your passing. The most common way in which to ensure your heirs receive what you intend for them to receive after your passing is to create a will. This is a document that lists out what you want to happen with your assets after your passing.
Many people draft wills on their own, and there is certainly an abundance of information and resources available to help you, however, a Mississippi Wills, Trusts & Estates Attorney can help you draft a will that will protect your interests and that of your loved ones when the time comes. It is unfortunate that many family members cut ties with each other after having disagreements regarding a loved one’s estate. Who is entitled to what is often the reason for such disagreements. Lindsey McGee Turk of Turk Law Firm, PLLC helps families with the estate planning process on a regular basis. She has the resources to help you craft a plan that will work best for your situation. For example, if you have money saved that you would like to be used for the benefit of your children, you may consider setting up a trust account so that the money cannot be used for any other purpose than to benefit the children.
Estate Planning Options Provided by Turk Law Firm, PLLC
At Turk Law Firm, PLLC, Lindsey McGee Turk provides estate planning legal services, including, but not necessarily limited to, the following:
- Drafting wills for clients to express their intent regarding the distribution of assets, as briefly described above (when an individual dies and he or she already has a valid will in place, this person is deemed to have died “testate”; if an individual dies without a valid will, that person is deemed to have died “intestate”);
- Setting up trust accounts to meet your particular needs, such as revocable trusts, irrevocable trusts, credit shelter or “family trusts,” and qualified personal residence trusts, among others;
- Setting up estates upon the passing of loved ones to administer probate matters when no valid and/or executed estate documents exist;
- Helping clients plan to avoid the probate process that often creates unnecessary stress and emotional trauma amongst family members;
- Drafting various types of powers of attorney for clients who appoint another individual to have legal authority to make certain decisions on behalf of the other person; and
- Drafting healthcare directives or “living wills” that dictate the scope of medical care an individual is to receive if he or she is no longer to make decisions on his or her own (i.e., if the individual is incapacitated due to an injury or illness).
The Benefits of Planning Now
As briefly discussed above, many people do not recognize the important of planning now for an uncertain future. Being young and healthy are good reasons not to think about what will happen after you pass on, but it is important to remember that anything can happen at any time without warning, and if such an unfortunate situation occurs, your loved ones may be left fighting in probate proceedings over what they are entitled to after your passing.
The entire purpose of estate planning, and creating wills, trusts, and other valid estate documents, is to avoid the stress of probate proceedings where a judge must try to determine what your intent was prior to your passing. It is very difficult to always determine what one’s intent is for his or her loved ones. By drafting a will, you can explicitly state how your property and other assets should be distributed, and to whom such property and assets are to be distributed. If your intent is clearly explained, there can be very little dispute as to how your property and assets are distributed. As such, there should not be a need to fight in court about what your intent truly was.
Additionally, considering trust accounts as a means of protecting your assets is also a great estate planning tool that will benefit your loved ones later on in life. For example, if you would like to set aside money to pay for your children’s college education, setting up a trust account now to secure those funds is a good way to plan for your children’s future. Paying for college is a challenge for many people, and having a trust account specifically used for college expenses is enormously helpful for both parents and children. By having a trust account set up, the proceeds cannot be used for other expenses your children may incur. This helps parents have some sort of control over the proceeds, and a trustee will administer the account. This is just one example of how a trust account can be a great estate planning tool. Mississippi Wills, Trusts & Estates Attorney Lindsey McGee Turk can provide you with the various options you may have for setting up a trust account.
Further, other estate planning documents, such as powers of attorney and healthcare directives, are also helpful for limited purposes where an individual simply is not able to make adequate decisions for him or herself. As briefly discussed above, there are plenty of forms available online that can help you understand the process, however, legal forms are often very confusing and require the review of a qualified Mississippi Wills, Trusts & Estates Attorney. Regardless of what your current needs are in terms of planning for the future, there is likely an option that will best suit your needs and wishes, and Lindsey McGee Turk can recommend methods by which you can meet your goals, whether that be in the form of drafting a will, setting up a trust account, or perhaps drafting a healthcare directive or “living will.” No two situations are exactly alike, and our clients at Turk Law Firm, PLLC receive the individualized and unique advice and guidance they deserve.
Contact Turk Law Firm, PLLC Today to Schedule Your Free Consultation
Whether you have lost a loved one and you are seeking advice on setting up an estate, or whether you are just beginning the estate planning process and wish to plan for the future by having a will drafted or having a trust account set up, it is essential that you consult with a highly skilled Mississippi Wills, Trusts & Estates Attorney right away. At Turk Law Firm, PLLC, Lindsey McGee Turk will thoroughly evaluate what estate planning tools may be best for your individual situation. Many individuals complete estate documents on their own without the assistance of an attorney, and while this works well for some people, it is always best to have a qualified Mississippi Wills, Trusts & Estates Attorney review the documents you have completed to ensure they are valid under Mississippi law. If it turns out that a loved one’s will document is not valid under Mississippi law, heirs may not receive what they otherwise would be entitled to. As such, speaking with an attorney is a good start to planning for your later years. To speak with Lindsey McGee Turk regarding your situation, please contact Turk Law Firm, PLLC today by calling (601) 214-1471 to schedule your free consultation.
