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.
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.
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.
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.