Wills and trusts are the principal legal instruments attorneys use to help clients transfer assets to their heirs. The experienced attorneys at The Waldrop Firm, P.C. can advise you on the best means for you to address your legacy concerns, including the transfer of financial and real property assets, estate tax avoidance, guardianships for minor children, and support for philanthropic causes. I draft precise wills that reflect your desires and establish various types of trusts that serve your estate planning needs.
A will is essential at every stage of your life. A living will sets the parameters for medical intervention should you become incapacitated. This assures that when you are most vulnerable, your wishes will be honored.
Your last will and testament provides the opportunity to distribute your property, establish care for your children and otherwise express your wishes upon your death. A will is the primary means by which you can leave property to a person or entity other than a blood relative, such as a domestic partner, a friend or a charity. If you die without a will, the court determines how your property is distributed, who cares for your children and even what happens to your pet – making decisions that might not reflect your desires. We draft valid wills that clearly convey your intentions.
It is a good idea to review your will with your attorney every three to five years, and update the will to reflect changes in your circumstances and priorities. I draft valid codicils that address changes in your financial situation, marital status, number of children, philanthropic interests and general lifestyle decisions.
Depending on your financial circumstances, a will may not be the best way for you to transfer assets to your heirs. Trusts, legal entities you create to hold and transfer your property, can shield your wealth from losses due to liability and taxation, so your heirs can keep more of what you bequeath to them. I can help you select the type of trust instrument that addresses your legacy concerns, such as:
Trusts are very flexible instruments. I can help you create an instrument that addresses your unique estate planning needs.
The Waldrop Firm, P.C. serves clients in DeSoto County and throughout Mississippi. Call 901-567-8341 or contact my office online to schedule a consultation.