Answering Your Estate Planning Questions
In Mississippi, to probate an estate means to have a court-supervised administrative process to identify, gather and distribute the assets of a loved one who has died (the decedent). During the probate process, the court appoints a manager of the estate. This person is known as the executor/executrix if there is a will or the administrator/administratrix if there is not a will. The executor/executrix is normally named in the will. However, the administrator/administratrix is appointed by the court. The manager of the estate is in charge of getting an estate attorney, notifying the decedent’s beneficiaries and creditors, paying expenses and distributing assets.
Estate Planning In Mississippi
Estate planning is the process of creating a plan for the transfer of your assets in the event you are disabled and upon your death. Estate planning is important because it allows you to decide where and to whom your assets go, instead of the court. Further, estate planning gives you the peace of mind knowing that your loved ones are cared for in your absence.
The estate planning process involves a detailed discussion and analysis of your assets, how you want those assets distributed, your debts, your financial needs and your loved one’s financial needs. There are many tools that can be used to satisfy your estate planning needs. Some examples are a will, trust, power of attorney, health care designation and living will. There are more complex estate planning tools, but most individuals can accomplish their estate planning needs with one or two of the aforementioned tools.
Call Us For Advanced Counsel
Our job is to help you pick the right the tool and achieve your estate planning goals. At Arnold and Associates, LLC, we employ a unique blend of experience that will help you craft an effective, cost-efficient estate plan to help you and your loved ones feel at ease. Call 601-345-4355 or complete our intake form to schedule a consultation at our firm today.