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Gregory D. Keenum, PA – Booneville’s Trusted Trust & Will Attorney

Trust & Will Attorney Booneville Mississippi

Trust & Will Attorney Booneville Mississippi

Planning for the future is one of the most important steps you can take to protect your loved ones and ensure your wishes are honored. Trusts and wills are essential tools in estate planning, allowing individuals to control how their assets are distributed after they pass away. Without a valid estate plan, Mississippi’s intestacy laws will determine how your property is divided, which may not align with your intentions. At Gregory D. Keenum, PA, we help individuals and families create customized estate plans that provide security, minimize legal complications, and give peace of mind.

Understanding Wills in Mississippi

A will is a legally binding document that outlines how a person’s assets should be distributed after their death. It allows individuals to name beneficiaries, appoint an executor to manage their estate, and designate guardians for minor children. Without a valid will, the state decides how property is divided among heirs, which can lead to unintended outcomes and family disputes.

Mississippi law requires wills to be written, signed by the testator, and witnessed by at least two individuals. While some handwritten wills may be recognized under specific circumstances, improperly executed wills can be challenged or deemed invalid in court. Updating a will periodically is also important, especially after major life changes such as marriage, divorce, the birth of children, or acquiring significant assets. Working with an estate planning attorney ensures that your will complies with state laws and fully reflects your wishes.

A well-drafted will not only distributes property, but also provides guidance, authority and comfort during emotionally difficult times. By appointing a trusted executor, you can ensure that your assets are managed efficiently and in accordance with your wishes. You can also specify bequests for personal items, family heirlooms or charitable donations, which helps to prevent confusion and disputes among beneficiaries.

In addition, wills can include important provisions such as instructions for funeral and burial, guidance on debt repayment, and contingency plans in case a primary beneficiary dies before you. These details are often overlooked, but they can make a significant difference for surviving family members. An experienced attorney can help ensure that no critical elements are left out of your will.

Asset Protection Trusts in Mississippi: What’s Allowed Under State Law

Common Pitfalls of DIY Wills

Many people try to draft wills using online templates or handwritten notes, thinking it will save them time or money. But these documents often don’t meet Mississippi’s strict requirements or contain ambiguous language, which can lead to costly legal battles. For instance, phrases like “my children” may not include stepchildren or grandchildren, and vague descriptions of assets can cause disputes. At Gregory D. Keenum PA, we create clear, legally sound wills that are tailored to your specific family situation, ensuring that your intentions are clearly understood and enforceable.

Types of Trusts Available

There are several types of trusts available depending on individual goals and needs. A revocable living trust allows individuals to retain control over their assets during their lifetime while designating beneficiaries to inherit them after death. This type of trust can be changed or revoked as circumstances evolve. An irrevocable trust, on the other hand, permanently transfers assets out of the grantor’s estate, offering potential tax benefits and asset protection.

For individuals with specific concerns, other specialized trusts are available, such as special needs trusts for disabled beneficiaries, charitable trusts for philanthropy, and spendthrift trusts that limit how funds are used to protect beneficiaries from financial mismanagement. An estate planning attorney can help determine which type of trust best suits an individual’s goals.

Trusts can be particularly advantageous for individuals who have property in multiple states, run family businesses, or wish to maintain privacy regarding the distribution of their assets. Unlike wills, trusts are not subject to public probate proceedings, meaning the details of your estate can remain private. This confidentiality is often appealing to families who want to avoid unnecessary public disclosures.

In addition, trusts provide greater flexibility and control over the distribution of assets. For instance, a trust can provide continuous financial support to a beneficiary over time instead of a one-time inheritance. This is particularly beneficial for young beneficiaries who are financially inexperienced or have special circumstances that necessitate long-term planning.

Trusts for Mississippi Families: Practical Applications

  • Revocable Living Trusts: These are ideal for avoiding probate in Prentiss County and maintaining privacy, unlike wills that become public records. They also allow you to plan for potential incapacity by naming a successor trustee who can manage your affairs in case you become ill, avoiding the need for court-supervised guardianship.
  • Irrevocable Life Insurance Trusts (ILITs): These help keep life insurance proceeds out of your estate, while ensuring funds are available to cover estate taxes or provide support for loved ones.
  • Special Needs Trusts: These allow you to provide for a disabled child or relative while protecting their eligibility for government benefits like Medicaid and Supplemental Security Income (SSI).
  • Land and Farm Trusts: These help preserve agricultural property by preventing forced division among heirs, a common issue in Mississippi where siblings inherit undivided interest in farmland.

Updating Your Estate Plan: Life Changes Demand Legal Updates

Your estate plan is not a “set it and forget it” document. There are certain major life events that should trigger a review of your plan:

  • Marriage or divorce (divorce may automatically revoke provisions for an ex-spouse, but not always in Mississippi)
  • Birth or adoption of a child
  • Death of a named executor, trustee, or beneficiary
  • Purchase of significant assets (land, business, retirement accounts, etc.)
  • Changes in tax laws or family dynamics (estrangement, addiction, disability, etc.)

We recommend periodic reviews of your plan to ensure it remains current and effective. We offer complimentary reviews to help you stay on track.

Avoiding Probate and Protecting Your Estate

One of the main reasons individuals choose to establish trusts is to avoid probate, the court-supervised process of settling an estate. Probate can be time-consuming and costly, delaying the distribution of assets to beneficiaries. By placing assets in a trust, individuals can ensure a smoother transition of wealth while keeping their estate matters private. Even with a will, probate is often required, though proper estate planning can help streamline the process and minimize complications.

Why You Need a Will in Mississippi: Protecting Your Family’s Future

Contact Gregory D. Keenum, PA. for Estate Planning Guidance 

Creating a well-structured estate plan that includes trusts and wills is essential for protecting your assets and ensuring that your legacy is handled according to your wishes. At Gregory D. Keenum, PA, we guide clients through the estate planning process, helping them create personalized solutions tailored to their specific needs. If you need assistance drafting a will, setting up a trust, or reviewing your estate plan, contact our office today to schedule a consultation.

Common Trusts & Wills FAQs

What happens if I die without a will in Mississippi?

If you die intestate (without a will), Mississippi’s laws determine how your assets are distributed. This formula may not reflect your wishes, potentially excluding partners, friends, or charities. The court will also appoint an administrator and a guardian for minor children, rather than following your personal choices.

What is the main advantage of a revocable living trust over a will?

A primary advantage is avoiding probate. Assets held in a trust can be distributed to beneficiaries privately and often more quickly, without court supervision. This saves time, reduces costs, and maintains privacy. A will, in contrast, must go through the probate process to be validated.

Do I need both a will and a trust?

Often, yes. This is called a “pour-over will and trust” plan. A trust handles the majority of your assets, while a will acts as a safety net to name guardians for minor children and to “pour over” any assets you accidentally left out of the trust into it upon your death.

How often should I update my estate plan?

You should review your plan every 3-5 years or after any major life event, such as marriage, divorce, birth of a child, significant change in assets, or relocation. Laws also change, so periodic review with an attorney ensures your plan remains effective and aligned with your goals.

Can I create a will or trust myself using an online service?

While possible, it is risky. Generic forms may not comply with Mississippi’s specific laws or address complex family or financial situations. Errors in execution can render documents invalid. An attorney provides customized advice to ensure your plan is legally sound and accomplishes your specific objectives.

What is a special needs trust and when is it used?

A special needs trust is designed to provide for a disabled beneficiary without disqualifying them from essential government benefits like Medicaid or Supplemental Security Income (SSI). It allows assets to be used for supplemental care and quality-of-life expenses while preserving eligibility for need-based assistance.

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