Wills and Estate Planning in Oxford, MS

At Tollison & Webb P.A., we offer comprehensive estate planning services in Oxford, Mississippi, aimed at securing your assets and ensuring peace of mind for your family. Whether you’re drafting your first will, establishing a trust, or preparing for unexpected life events, our knowledgeable estate planning attorneys are here to assist you.

What Estate Planning Service do you Offer?

We offer a full range of estate planning solutions tailored to your unique needs and future goals. A comprehensive estate plan will typically involve most, if not all, of the following services:

• Will Preparation: Drafting a legally sound will is one of the most crucial steps in estate planning. Our team will assist you in creating a personalized will to distribute your assets according to your wishes, appoint guardians for minor children, and specify charitable contributions or special instructions.
• Trust Formation: Trusts are effective tools for managing and protecting your assets. We can help establish a variety of trusts.
• Powers of Attorney: Make sure your financial and medical decisions are managed by someone you trust. We can create a financial power of attorney to appoint a person to oversee your finances if you become incapacitated or a healthcare power of attorney to designate a trusted individual to make medical decisions for you.
• Living Wills and Advanced Directives: Clearly outline your healthcare preferences ahead of time with living wills and advance directives. These documents guarantee that your wishes are respected and ease the burden on your loved ones during difficult times.

Why Is It Important to Have a Will or Estate Plan?

A will is one of the most crucial components of an estate plan. It is vital to ensure that your loved ones understand what will happen to your assets and that they do not face hefty tax bills. If you pass away without a will, your assets will be distributed according to Mississippi’s intestacy laws rather than your wishes. According to Mississippi’s intestate succession laws, your spouse, if you have one, and your children, if you have any, will all receive equal shares of the assets in your estate.

When Should I Make a Will or Estate Plan?

If you have minor children or other loved ones for whom you provide care or financial support, it is crucial to have a will in place. If both parents of minor children pass away unexpectedly without a will that designates a guardian for the children, the state will make that decision instead of the parents. A will is also vital for preventing disputes among beneficiaries regarding who receives which of your assets. When these disputes arise, they often result in significant legal fees and deplete the estate of assets that could have gone to the beneficiaries.

What are the Requirements to Make a Will in Mississippi?

A will is valid in Mississippi if you are of sound mind and at least eighteen years old when it is signed. Additionally, your will must be in writing; if it is non-holographic (meaning it is not written solely by your hand), it must be signed by two witnesses who are not beneficiaries of the will.

What is the Probate Process?

Probate is the process through which the courts validate your will and appoint an executor responsible for ensuring that your debts are paid and your assets are distributed according to the terms of your will. As part of the probate process, your creditors must be notified of your death and given ninety days to file claims against your estate. Generally, this means that your beneficiaries will not have meaningful access to most of your assets until the court determines that any claims against your estate have been resolved.

What Are the Benefits of a Trust?

Different types of trusts offer various other benefits. Trusts are often advantageous for four main reasons. First, they enable the distribution of assets to your beneficiaries outside the probate process, which typically allows them to access those assets more quickly than through probate. Second, certain types of trusts may help reduce tax liabilities. Third, some trusts can protect your assets from any creditors you might have. Finally, some forms of trust can specify how your assets are used to care for minor children or disabled loved ones.

What Types of Trusts Can You Create?

Trusts come in many different forms, and we can help you determine which is appropriate for your estate based on your specific needs.

• Revocable Living Trusts: These trusts allow you to maintain control of your assets during your lifetime while avoiding probate after your passing.
• Irrevocable Trusts: This type of trust helps safeguard your assets from creditors, minimize tax liabilities, and ensure your family’s financial future.
• Charitable Trust: A charitable trust enables you to support charities or non-profit organizations by transferring assets to the organization upon your death. It also offers tax benefits while you are still alive.
• Special Needs Trust: This form of trust supports a disabled loved one while allowing them to maintain eligibility for government assistance.
• Generation-Skipping Trust: These trusts enable grandparents to transfer assets to their grandchildren while minimizing estate taxes.
• Qualified Terminable Interest Property Trust: These trusts, also referred to as QTIP trusts, are set up to provide for a spouse. Upon the death of your spouse, any remaining assets will be distributed to your designated beneficiaries.
• Grantor Retained Annuity Trust: Commonly referred to as a GRAT, these trusts enable the transfer of assets to heirs while utilizing minimal, if any, of the lifetime federal estate tax exclusion. The person who creates the trust receives annuity payments for a specified number of years.

Why Choose Tollison & Webb P.A. for Estate Planning?

Our experienced legal team has years of expertise in wills, trusts, and estate planning in Mississippi. We also recognize that each client’s situation is unique, so we offer customized solutions to meet your goals. With our assistance, you can be confident that your family and assets are protected for the future. Start your estate plan today. Don’t delay in securing your legacy. Contact Tollison & Webb, P.A. to schedule a consultation with one of our estate planning attorneys in Oxford, Mississippi. Call us at (662) 234-7070 or fill out our online contact form to begin.