Justin Hasley Peter J. Markow, Jr. Jeffrey Moffett Amy Lee Topik
Wills and Estates
Everyone needs a directory of some type that can be enforced upon an untimely death or debilitating injury. While most people will only consider an estate plan as a necessity for the wealthy, this is actually not true. Parents with minor children need a legal instrument in place to govern certain aspects of their life if incapacitated. Disposition of children and assigning a designated individual to handle financial affairs until recovery or beyond can be very important. While it is not necessary to have an attorney prepare a will or set up an estate plan, it is always best to discuss personal options with estate plan attorneys like Markow Walker when there could be circumstances that need addressing.
Wills can do much more than assign assets to certain individuals. A will can be a legal instrument that details what you would want in the event of being unable to handle your own personal decisions. Not only can your wishes be known concerning dependent children, but power of attorney designations can be included as well. Disposition of personal property can be included in a will for those who do not need a comprehensive estate plan.
People with considerable personal assets will always want an enforceable and protective estate plan that could include establishing either a revocable or irrevocable trust. One of the most desirable estate plan structures is one that avoids excessive taxation or an estate going to probate, which can often be accomplished with the right estate planning attorney who can optimize all personal wishes and asset protections. Surprises are common when estates go to court, and the state will always be evaluating the estate for tax attachment, not to mention creditors who may be pursuing any outstanding debts.
While individuals rarely want to confront what may happen if they become incapacitated or die in an abrupt fashion, it is still important to protect your family by protecting your assets and have your wishes known in a legally binding document. Mississippi residents should always contact the estate plan attorneys at Markow Walker PA for developing a comprehensive estate plan.