#Estate planning document checklist how to#

The grantor must name a trustee (usually they appoint themselves) and at least one (1) successor trustee. During the grantor’s life, their estate is still accessible and will continue to benefit them. Revocable Living Trust – A Trust is an entity created by a grantor (principal) into which a portion, or the entirety, of their estate is placed in order to avoid probate after they die. Signing Requirements – Two (2) witnesses must sign in the presence of the testator.A Last Will and Testament will have to go through probate court before the estate can be settled. The principal, or testator as they are referred to in a Will, will choose an executor to carry out their requests as per the Will’s instructions.

Last Will and Testament – Perhaps the most common estate planning tool, a Will is a detailed document that includes instructions regarding the distribution of the principal’s assets. In order for the beneficiaries to receive their endowment, the principal must create a document outlining what each beneficiary is entitled to. Furthermore, at least one (1) of the witnesses cannot be related by blood, marriage, or adoption, nor can they be a beneficiary of the principal’s estate. Note: Witnesses cannot be the health care agent or an employee of the health care facility or provider.

Signing Requirements – Two (2) witnesses OR a notary public.

(An Advance Health Care Directive may also be referred to as a Medical Power of Attorney and Living Will.) Also included in the Directive are sections pertaining to organ donation and the principal’s designated physician. A health care agent, or attorney-in-fact, is appointed to convey the principal’s decisions to the medical staff. A health care agent must always act with the principal’s best interests in mind for this reason, a family member or close friend should be selected as an agent.Īdvance Health Care Directive – This form will establish what type of medical treatments and care the principal wishes to receive in the event of an accident or other debilitating occurrence. The agent’s duties only come into effect when the principal has become disabled and is unable to make decisions for themselves. The following guide can be used in conjuncture with legal advice to stay focused on the tasks at hand.Ī health care agent, also known as a health care proxy, is a person who makes important medical decisions for someone (principal). Planning for the future is a complicated process and should be carried out with great care, preferably with assistance from an attorney.

Create a Last Will and Testament or a Living Trust.

Choose Beneficiaries For Will and/or Trust.

#Estate planning document checklist how to#

How to Create an Estate Plan in Mississippi (6 steps) And to make sure that the individual’s estate is in the right hands after they die, they should create a Last Will and Testament and/or a Revocable Living Trust.

A Durable Power of Attorney will give a financial agent power over the person’s financial affairs in the event that they are unable to make sound financial judgments. For medical purposes, an Advance Health Care Directive should be created, and a health care agent should be appointed to represent the individual’s best interests. An individual creating an estate plan will have to draft a number of legal instruments to protect themselves and their assets, both during their life and after death. A Mississippi estate planning checklist contains tasks that need to be completed during the process of planning what happens to one’s estate after death.