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Proper Estate Planning allows you determine how your estate will be distributed and how your family will be cared for. It also allows you to determine who will handle your matters and allows you to make decisions regarding end of life treatment.
A will is a common document used to state how you want to protect your family and distribute your wealth. A properly constructed will makes it difficult to contest or defeat. The will can be a couple pages or many pages depending upon the size of the estate and the preferences of the testator. The will allows you decide how your belongings will be distributed and your family will be cared for after your death. In many cases, the will also determines who will care for your minor children.
Mississippi allows you to transfer ownership of real property upon your death. By signing and recording the transfer of your real property deed, ownership will automatically be transferred to your beneficiary at the time of your death. The beneficiary has no rights until your death and you can revoke the transfer at any time.
A Power of Attorney allows you to determine who can act on your behalf with regards to financial matters. If something were to happen to you and you were unable to manage your financial matters, the person you designate would legally be able to. This person should be a trusted family member such as a spouse or child or a trusted friend.
A Healthcare Directive is similar to a Power of Attorney but deals with healthcare matters rather than financial matters. The person you designate will be able to make medical decisions if you are unable to. This person should be a trusted family member or friend. A Healthcare Directive also determines your wishes will regards to life saving devices and procedures.
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