"Estate planning" in Tupelo refers to the decisions a person makes concerning what is to be done with their assets after their death, and the procedure of implementing those wishes.

Estate planning typically requires professional legal and financial advice, because of the complexity and importance of the issues involved. A poorly-executed estate plan can frequently end with survivors suing each other, and prevent your intentions from being effectuated.

In addition to deciding what to do with your assets after your death, your estate plan should also contain things that might become relevant during life. Power of attorney is a big one. Power of attorney is an arrangement in which you provide another person the ability to make decisions for you, if you become incapacitated. Additionally, effective estate planning can help reduce the effect of taxes and court fees on your final disposition to your chosen beneficiaries.

A reliable Tupelo professional experienced in estate planning can make this procedure a great deal easier. They can also help ensure that your estate plan does not end up in court.

Common Features of Tupelo Estates

Will: This is the centerpiece of most estate plans. A will is a document written by a person (the "testator"), typically with the help of a lawyer, which says what is to be done with their property after they die. Most provisions in a will are legally binding, to the extent that ownership of the property legally passes to the named beneficiary. Nonetheless, a will cannot compel a person to do anything against their wishes (though it can certainly state your preferences on the matter, phrasing them as requests).

Living Will: Living wills are also very critical for most people. Essentially, a living will tells everyone concerned (your next of kin, and your doctor) what type of medical care you want if you become incapacitated. It normally includes the circumstances under which a person wishes to be kept on life support, when they want to be taken off of life support, and, sometimes, instructions on when medical staff should and should not attempt resuscitation.

Power of Attorney: This is an arrangement in which you give someone else, typically a trusted family member, the permission to make financial and medical decisions on your behalf, in case you become unable to make or express your own decisions.

Funeral Arrangements: Whatever your preference on this matter (if you have a preference) you should make it known to your family both verbally and in writing. If you have very particular wishes regarding the final disposition of your mortal remains, you should not put those instructions in your will. Or, if you do, you should also put them somewhere else. Wills are normally not read for quite some time after a person dies, and the funeral is typically long over by then, so it will be too late to follow your instructions.

Do I Need a Tupelo Estates Lawyer?

A flawed estate plan in Tupelo can result in those affected by it being confused as to your intent, which can then lead to disputes between them. A reliable attorney can frequently avoid this confusion by ensuring that there is as little ambiguity as possible in your will and other related documents.