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Estate Planning Attorneys in Ridgeland, MS
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Estate planning is for everyone. Whether you are young or in the prime of life, starting a business or preparing to retire, expecting your first child or first grandchild, having an estate plan is crucial to protecting your assets, providing for your own healthcare and financial well-being, and leaving a legacy for future generations.
At the Hancock Law Firm, we take all of these factors into consideration and help you create a comprehensive estate plan tailored to your own unique needs. We address all aspects of estate planning through a combination of wills, trusts, powers of attorney, and legacy estate planning to create an estate plan that is right for you.
Drafting a Will
The will is one of the key building blocks of any estate plan. Even if you are creating one or more trusts to dispose of your property, it is still essential to include a will to make sure every asset in your estate is covered and disposed of according to your wishes. The will is also the proper place to name an executor for your estate, make any special bequests, and appoint a guardian for your minor children if one might be necessary.
Trusts offer certain advantages over wills. For instance, a trust is confidential, whereas a will becomes a matter of public record. Also, property transferred through a trust does not have to go through probate. A revocable living trust is an excellent tool for transferring property. In addition to revocable living trusts, we can establish a variety of other trusts specially formulated for advanced tax planning or other special needs. Although not everyone needs a trust, when it may be beneficial, we will advise you accordingly and create the trust to suit your needs.
We can help with any of the following types of trusts, among others:
- Bypass trusts or credit shelters
- Charitable remainder trusts
- Irrevocable trusts
- Special needs trusts
- Irrevocable life insurance trusts (ILIT) or insurance funded trusts
Powers of Attorney
While most people think of estate planning as dealing with matters after your death, it is just as important to think about what may happen in the event you become physically or mentally incapacitated, even for just a short while, and unable to make or communicate decisions about your healthcare and your own legal and financial affairs. With a properly executed power of attorney, advance health care directive or living will, you can instruct others about your wishes regarding your healthcare, or designate someone you trust to make medical, legal, and financial decisions on your behalf. Without the proper documents in place, it may be necessary for a court to impose a guardianship on you or your estate, or for family members to go to court fighting over your best interests as they see them. Making these important decisions in advance saves time, expense, and needless worry for your loved ones, while helping to ensure that decisions are made as you would have them made.
Legacy Estate Planning
You may have more to leave than just your property and tangible assets. Many people choose to leave a personal message to loved ones in their will, or through a legacy video or intangible gifts. We can discuss with you what you would like to do in regards to your legacy and advise you on the proper ways to carry out these intentions.
Get Help with Your Estate Plan from Our Attorneys
For advice and assistance on creating an estate plan, or if life changes have occurred and your current estate plan needs to be modified, trust the Hancock Law Firm to provide sound legal advice and professional assistance in crafting a comprehensive, effective and enforceable estate plan. Call our office in Ridgeland at (601) 853-2223, or contact us online to schedule a consultation with one of our experienced Ridgeland estate planning attorneys.
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