Estate Planning Checklist in Mississippi

An estate planning checklist in Mississippi is a tool that can help you create an estate plan. It can help you avoid leaving out essential documents and guide you to address key decisions in your estate plan that align with your goals. An estate plan can help protect your assets, your wishes, and your loved ones. It can help provide for your family, support your goals, and reduce uncertainty.

Estate planning can be helpful at any stage of life, but especially after major life changes. If you are getting started on your estate plan or if you are revisiting your plan, it can be useful to review the basic elements of an estate plan.

Hire an Estate Planning Lawyer Who Can Meet Your Needs

An estate planning lawyer can help you feel confident that your wishes are clearly expressed and your plan is consistent with Mississippi law. If you require a will, a trust, a power of attorney, or need assistance with probate, experienced legal counsel can help you design a complete estate plan that protects your interests and gives you peace of mind for the future.

Determine Your Estate Planning Goals

The first action to take when making an estate planning checklist in Mississippi is to determine your goals. Ask yourself questions such as who you want to inherit your assets, who should be responsible for financial and healthcare decisions in the event of incapacity, and whether you have minor children or other dependents that need to be provided for. 

Business owners, individuals with significant property, and those wishing to leave charitable gifts also need to include those objectives in the planning process. Taking the time to carefully determine your priorities can result in an estate plan that aligns with your wishes and offers guidance to your loved ones.

Gather Your Financial and Personal Information

It’s beneficial to have a clear picture of your assets, outstanding debts, and important documents in hand before you start creating your estate plan. Make an inventory of your real property, bank and investment accounts, retirement plans, insurance, business interests, and other valuable property. Include a list of current liabilities and debts as well. Review beneficiary designations on financial accounts, retirement plans, and life insurance policies.

When your information is neatly arranged, it can significantly speed up estate planning and help you avoid missing key elements. Updating this information is a simple way to keep your estate plan current as your finances and family change.

Prepare the Essential Estate Planning Documents

A typical estate plan may include a number of different legal documents that address different issues that could arise in the future. A will can be used to specify your wishes regarding the distribution of your property. Alternatively, there are various types of trusts that can be set up to help you reach your estate planning goals, depending on your specific circumstances.

For example, many people choose to execute a durable power of attorney to name someone who can manage their financial affairs for them if necessary. These healthcare directives, at times encompassing a healthcare power of attorney, serve to designate an individual to make medical choices on your behalf should you become incapacitated. An attorney can help you determine which types of legal documents would be most suitable for your situation.

Review and Update Your Estate Plan Regularly

Estate planning demands ongoing attention, not just an initial setup. Life changes that may necessitate a review of your estate planning documents include marriage, divorce, birth or adoption of a child, retirement, major financial changes, or death of a beneficiary.

Also, your beneficiary designations on retirement accounts and insurance policies should be double-checked so that they align with your estate plan. It is wise to review your estate plan periodically to keep documents up to date and your objectives current.

Why Choose Us?

Leigh Berry is a sole practitioner who offers individualized legal advice based on each client’s specific situation, rather than a general approach. Berry Law Firm, PLLC, has been serving Marion County for over three decades. We are local and familiar with the communities our clients live in. Our local law firm holds the same appreciation for upholding the beauty and historic traditions of our county as you do.

FAQs

What Happens if Someone Passes Away Without a Will in Mississippi?

In Mississippi, if a person dies without a will, the estate distribution is handled according to state intestate succession laws, not the decedent’s preferences. Mississippi’s intestacy laws, specifically Code § 91-1-1, and other relevant statutes, dictate that a deceased person’s assets typically go to their surviving spouse and blood relatives in a set order.

Do All Estates Have to Go Through Probate in Mississippi?

In Mississippi, not all estates need to go through probate. In many cases, the type of property owned, titling of assets, and beneficiary designations determine if probate is necessary. Estates that must go through probate typically proceed through the Marion County Chancery Court for Columbia and Marion County residents. The exact probate process varies based on the estate and applicable law.

How Often Should You Review Your Estate Plan?

Reviewing your estate plan every few years or after a major life event can help you confirm that your plan still accurately represents your desires. Updates to your family, finances, or changes to Mississippi estate planning laws can alter the appropriateness of your current documents. 

In Marion County, with an estimated 2024 population of 24,193 according to the U.S. Census Bureau, there are many families who need to keep their estate plan updated as their situation changes.

Is Estate Planning Only for Older Adults?

Estate planning is not just for seniors, as powers of attorney and healthcare directives can be relevant to any adult at different points in life. Parents of minor children, homeowners, and business owners may also want to consider putting an estate plan in place. There are an estimated 4,700 residents who were age 65 or older in Marion County in 2024, making up 19.5% of the total county population. 

Contact a Mississippi Estate Planning Lawyer

When it comes to protecting your wishes and providing clarity for your loved ones, nothing is more effective than a well-thought-out estate plan. If you are drafting your first will, thinking about creating a trust, or updating existing estate planning documents after a major life change, taking action now can help you avoid unnecessary complications in the future.

Every individual and family is unique, and your plan should be tailored to your specific goals and needs. Berry Law Firm, PLLC, offers estate planning services to clients in Columbia, Marion County, and the surrounding Mississippi communities to help you create an estate plan tailored to your needs and goals while complying with Mississippi law. Schedule a consultation to hire an estate planning lawyer who can help you meet your goals.