Is Your Legacy In Order?
Very few people want to think about death but we all know that reality will come when it is our turn. One large area of each person’s legacy will be the passing on of material assets to the next generation(s).
Most people expect to leave their property to their closest family members and/or favorite charitable causes. Others prefer to ignore the topic altogether. Either way, when people fail to prepare a will or trusts, they leave matters to chance and miss the opportunity to help design to their own material legacy.
Without a will, the deceased person’s wishes have no power over state intestate succession laws. This was apparently the case with the popular musician Prince, who died with a large fortune but no will was found. Predictably, his intestate death involving significant assets led to family squabbles as well as squandered legal expenses. His failure to plan most likely had huge tax consequences for the estate, as well.
Prepare Now To Protect Assets Over The Long Term
An estate plan is one of life’s greatest bargains, although other people will reap the benefit. Most people care about family or charitable causes enough to realize how important it may be. Leaving an inheritance to chance usually leaves family members or others with heavy burdens. Planning ahead through a will, trusts and other means is a responsible way to control assets beyond one’s lifetime. An attorney can explain estate planning in more detail to you with advice customized to your unique asset portfolio and priorities.
You can assert control and prevent troubles by putting your estate plan in order, naming your beneficiaries and making other key decisions while you have a voice. Take advantage of the opportunity to decide the fate of your assets such as real estate, rather than letting state laws dictate what will happen with any property you leave behind someday.
Purvis & Co. PLLC is an established estate planning law firm in the Mississippi Gulf Coast region with ample experience helping clients review, create, amend and finalize estate planning tools like:
- Will: Perhaps a basic will, a complex will including trusts or a pour-over will.
- Trusts: A revocable living trust, an irrevocable living trust, a special-needs trust or a generation-skipping trust, for example.
- Powers of attorney: A durable power of attorney, a health care directive and any other(s) that your lawyer may recommend depending on your assets, your wishes and your unique life circumstances.
- Healthcare directive: An advance healthcare directive allows an individual to give instructions regarding healthcare, and to name someone to act on that individual’s behalf if one day he or she becomes unable to make health-related decisions independently.
Devise Your Personalized Estate Plan
Discuss your priorities and your hopes for your assets beyond your lifetime in an initial consultation with a lawyer at our Gulfport law firm. Our estate planning practice offers our clients peace of mind and efficient preparation of testamentary documents. Call 228-206-5540 or complete our online inquiry form.