Estate planning can be a tedious task. At Mestayer Law Firm, we are well versed in estate and trust planning and hope to not only guide you through this process, but make sure that you are well-informed. Here are some of the most frequently asked questions when it comes to estate planning.
What is estate planning?
Every person has what is called an “estate”. That estate is made up of your assets, which are things you own or have ownership over like your home, land, car, fiances, savings, investments and personal property. When you die, your estate is distributed to either your family or the people you designate. Estate planning is the act of planning for unforeseen circumstances and is the process of making a choice about where your assets will go, what will be done with your remains and how your estate should be executed.
Do I need to worry about estate planning?
Contrary to popular belief, estate planning is not just for people with large sums of money in the bank or multiple pieces of land. Estate planning is a smart choice for any individual who has specific desires about where their assets go and what events take place as a result if they become unable to take care of their own affairs. If you aren’t sure if it’s right for you, consult an estate planning attorney to get more information.
When should I start my estate planning?
Thinking about unforeseeable circumstances is not a pleasant experience, but dealing with your estate when no plans have been made is a big burden to put on your family. It’s advisable to start your estate planning long before you actually need it. The earlier you start the more confidence you will have. It will also give you plenty of time to get things in order, make the hard decisions and tie up any loose ends. You can always adjust your plans as life moves forward and by starting early you can ensure things are in place when the unexpected happens.
What is the difference between estate planning and a will?
Many of us have wills or know what wills are, and while they are extremely smart to have, they do not cover everything. Estate planning will allow you to cover more and make sure there nothing is left up to chance. Wills are public record, where most estate planning documents are not. They also go through probate court, which can be taxing on your loved ones due to the amount of time it takes.
Have other questions about estate planning or a specific scenario you want to run through? Call Mestayer Law Firm today at (228) 762-1193! We are waiting and ready to help you with all your estate planning needs in Pascagoula, MS and the surrounding area.
No representation is made that the quality of legal services performed is greater than the quality of legal services performed by other lawyers.
This article does not create an attorney-client relationship. I am licensed to practice law in Mississippi and have based the information presented on US laws. This article is legal information and is for entertainment and informational purposes only and should not be seen as legal advice. You should consult with an attorney before you rely on this information. Any information provided in this blog is accurate and true to the best of my knowledge, but that there may be omissions, errors or mistakes.
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