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According to Forbes, nearly 2.5 million Americans die each year, leaving little or no directions about the distribution of their assets to their loved ones. While death may not be an option, making a will that can protect your rights and give each person their deserved share of your property is very much a matter of choice. Even for people who have made an estate plan for the execution of their estate and have already drawn up a will, a will can be updated and changed according to changing circumstances.

How do you know if it’s time to change your will? This blog outlines the situations your Southhaven Estate Attorney will tell you when you should update your will.

When should it be updated?

  • In the event of the birth of a child, you may want to assign some of your property to the newest entrant of the family.
  • If you have recently gotten married or divorced, you may have to make necessary changes in your estate plan to accommodate the new additions or subtractions
  • The executor, testator or guardian or the will dies or refuses to accept the responsibilities leveled against them.
  • If you decide to change your mind about certain gifts that you have made in the previous will.
  • The law change and you have to modify your will accordingly
  • The value of the estate fluctuates to a new high or low and the will needs to be modified to reflect the current changes
  • The sole beneficiary or one of the beneficiaries of the will dies.
  • Changes in the estate, either by way of acquisition or by way of sale.
  • The children grow up and no longer remain minors.

How can it be updated?

There are two ways to update your will. You can either:

  • Make a new one, and add a clause in it that revokes the previous one
  • Create a codicil as an attachment to the existing will and sign it giving effect to the change made under the will.

There is no one way of updating your will as the facts represent. You can have your will updated in a number of different ways and each will depend largely on the situation. For example if your old has tax advantages, it would be best if you simply used a codicil to make changes to that one.

If you want more information on when is it the best time to update your will or how should you go about doing it talk to a good Southhaven Estate Attorney. For more information on estate law, contact us today!

 

 

Whether you are a new mother or a senior citizen with her children married off and living their own lives, there is a dire need for you to start thinking about your estate planning.

Why Is Estate Planning Important?

There comes a time in every human’s life where they are unable to perform everyday tasks they used to and might need someone else to take over the handling of finances and other assets. In such cases, it is always better to have drafted a will which indicates which of your loved ones get what percentage of everything that you have. In the case of not drafting a will, after the death of the asset holder, the government decides how your estate is to be divided among your immediate relatives.

Your heirs could have to pay a specific amount of money to the government if a proper will is not drafted before your death.

What Is To Be Done?

Bosserman Law’s estate planning services always recommend that drafting a will and planning your estate from a younger age is very important especially for women who are single mothers. After your death, you don’t want to add to the grief of your children running around in courts to receive what you wanted to leave them. Plan ahead so your children receive the maximum of your assets and it does not matter how much you have, Estate planning should be done even if you have a small retirement account and one car.

Choose Your Executor Wisely

This is an important decision as your executor will be the one responsible for all the money you have saved up in your life. Many people choose close friends or relatives but it is recommended to choose a person who is financial savvy.

Consider Transferring Your Assets During Your Lifetime

It is always considered a good plan to transfer all your assets before you die because this way you can avoid all the taxes you can. If you gift $14,000 a year to your loved ones in cash or other assets, you can avoid the gift tax.

Do It Now

It is essential that when considering estate planning in Southaven, you should contact your lawyer to guide and advise you in the estate planning process. Start early so you can leave your family and friends everything that they deserve.

 

Do your loved ones know where your important papers are?

Is it possible for anyone other than yourself to make sense of your financial matters?

What would you want done should you be incapacitated?

It sounds depressing to think of these questions when you’re still in good health. But getting your affairs in order will give you peace of mind and make things easier for your loved ones at a difficult time.

Here’s how you can get your affairs in order in three easy steps.

1. Round Up Your Important Documents

Unless you plan on sending your loved ones on a wild goose chase, you should gather all your important papers and store them in one place.

Important documents include your financial records, deeds to any property you own, insurance policies and personal records such as birth certificates and divorce papers.

2. Make a Will

If you die without a will, the law will decide who your heirs are.

This could be a problem.

You might want to leave some of your property to a close friend, or make a bequest to your favorite charity. You might also want to exclude someone who would otherwise inherit by law. This isn’t possible unless you have a will.

Your will tells people exactly how you want your property to be divided up when you’re gone. You’ll also nominate an executor to sort it out and decide who’ll take care of your minor children and pets.

3. Plan Ahead

Death isn’t the only bad thing that could happen.

An accident or illness could leave you unable to take important decisions for yourself, leaving the task to distraught relatives.

Make life easier for your loved ones by drawing up a legal document that gives you a say on how your affairs are to be conducted.

A living will allows you to set out your wishes on what kind of health care you want, so your relatives won’t need to make those tough decisions for you. Alternatively, you could nominate a person and empower them to take medical decisions on your behalf by means of a power of attorney.

Are you looking to get your affairs in order? Contact Bosserman Law at 662-890-9958 to set up an appointment.

 

Making a Last Will and Testament isn’t something most folks think about very often. It doesn’t become a priority until someone nears the end stages of their life.

The truth is that it’s never too early to create a will because you don’t know what the future holds – regardless if you are in the prime of your life. Read on to find  some helpful guidelines for drafting your Last Will and Testament.

Beneficiaries

You’ll need to select beneficiaries to receive your assets and belongings. Common beneficiaries are spouses and children. If you wish to give some of your belongings to other family members or friends, you will need to write out the specifics of this in your will.

Note that in the absence of a will, the state of Mississippi distributes your property according to “intestacy” laws. Your closest living relatives will receive your property and belongings. If you prefer friends rather than family members to receive your things, then creating a will is necessary.

Executor

In your will, you need to name an executor (the person who makes sure your property and belongings go to whom you designate). You can enlist the services of a lawyer or bank to act as executor of your will. These entities will require a fee. If you choose a family member or friend, make sure he or she is someone who is responsible and trustworthy. You may wish this person to receive a payment for their service. It must be noted in your will as well.

Guardians

Do you have children? You may want to name a guardian for them in the event of your or the other parent’s death. You don’t have to gain permission from the person you have in mind, but it’s a good idea to ask. Your designated guardian will be better prepared if they already know of your intent.

Final Words

For a will to be valid in Mississippi, it must be signed by you in front of two witnesses and signed by the witnesses as well. You can have it notarized so it will be “self-proving” (which quickens the probate process), but this isn’t required. You may also attach personal letters to your will for guardians, children, spouse, etc.

For questions or assistance regarding your Last Will and Testament, don’t hesitate to contact us at Bosserman Law.

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5740 Getwell Road
Building 9 Suite A
Southaven, MS 38672