When you start to plan for your future, one of the big things you want to think about is who will inherit your estate. Passing along your assets can be a big decision, and you want to make sure it’s done properly. The best way to ensure your estate is divided up to your choosing is to have a will and/or a trust set up.
Who Inherits Your Estate If You Don’t Have a Will
If you do not have a will, your estate will be decided by the courts. Inheritance laws and rights in the state of Mississippi classify this type of estate as “intestate,” which means there is no will, or at least not a valid one. When an estate is intestate, and you are married, the amount your spouse gets will be determined by the number of children you have. If you have none your spouse inherits everything.
Similarly, if you have children, but no spouse, your children will ultimately inherit everything. Under Mississippi law, any children who receive inheritance must be legal children, either biological or adopted. Foster children or stepchildren never legally adopted will not be considered.
If you have no spouse and no children, your estate will pass to your closest living relative, regardless of your relationship with them.
How Can You Ensure Your Estate Is Divided To Your Liking
The only way to ensure your estate is divided up how you see fit is to put your wishes into writing before your passing. This means sitting down with an attorney and setting up a will, an estate or a trust.
You worked hard to create your estate, so if you want to have a say in where your life’s earnings go, it’s critical you say something before it’s too late. Once you pass, you won’t be able to make these decisions and they will be left at the mercy of the courts. Additionally, if you have family members or loved ones you want to inherit your assets (or even be dismayed from inheriting your assets), you have to set that up with the aid of an attorney.
It’s best to start your estate planning early, because you never know what may happen. For legal assistance with your estate planning, call Mestayer Law Firm today! Our professional team of estate planning attorneys are ready to help you start planning for the future.
No representation is made that the quality of legal services performed is greater than the quality of legal services performed by other lawyers.
This article does not create an attorney-client relationship. I am licensed to practice law in Mississippi and have based the information presented on US laws. This article is legal information and is for entertainment and informational purposes only and should not be seen as legal advice. You should consult with an attorney before you rely on this information. Any information provided in this blog is accurate and true to the best of my knowledge, but that there may be omissions, errors or mistakes.