Give the Gift of a Family Legacy this Year with Estate Planning

Helpful Checklist for Mississippi Families

The holidays are right around the corner and as you think about your gift list, consider what we’ve learned from the pandemic and the importance of preparation. This year, why not reflect on the love of your family and what their future would look like if something devastating happened to you. Are they prepared to handle all your financial obligations and other matters if you become incapacitated or die?

Give your loved ones the priceless gift of peace of mind when you work on your estate planning. The team at Executive Planning Group (EPG) in Mississippi understands the requirements for preserving your wealth and assets for the next generation. We use an integrated approach to help you achieve your financial and estate planning goals.

6 Steps to Focus on During Estate Planning

Getting started on planning your estate begins with these six steps:

  1. Decide on a Health Care Agent: You need someone with your best interests in mind to act on your behalf for medical decisions if you become disabled or cannot make decisions for yourself. This person is vital to ensuring your wishes are granted in the event of an accident or other debilitating occurrence. Most people choose a family member or a very close friend whom they trust. Since this is a tremendous responsibility, you’ll want someone calm and level-headed in a crisis.
  2. Choose a Financial Agent: Just like you may need help with health decisions, you or your family will need assistance with financial affairs. The powers you grant this person include but are not limited to banking, lending or borrowing, handling your government benefits, taxes, insurance, real estate, and obtaining legal advice. The responsibility is significant and requires someone you can trust completely.
  3. Create a List With all Your Assets: Knowing what you own will aid you in your estate planning. Write down all your assets, including your personal property, real estate, bank accounts, retirement accounts, and investments. It’s also wise to list your current liabilities.
  4. Pick Beneficiaries for Your Will or Trust: When you die, your estate and other assets should go to whomever you choose. This person(s) is your beneficiary. Most commonly, this will be a spouse, children, or other relatives. Mississippi has specific laws in place for beneficiaries so be sure to consult your attorney for additional guidance.
  5. Create a Will or Living Trust: To ensure your loved ones receive everything you want them to have, you need a document like a will or living trust in place. Most people are familiar with wills that leave instructions for distributing assets after the death of a principal. It may be possible to avoid probate after death with a living will.
  6. Store Documents Safely: Everything will be for naught if your legal documents are destroyed because of fire or flooding. It’s a good idea to keep your records in a fire or waterproof safe at your home or office. Copies can be given to your trustee and executor, but the originals should stay with you.

Work with a Company Dedicated to Your Legacy

Let your hard work pay off when you establish an estate plan that protects your family and builds a legacy. EPG helps high net worth individuals like you preserve your wealth for generations. We serve executives, small businesses, and individuals with more than estate planning. Call on us for financial planning, life insurance, and other financial products. Request a quote online.

Call us at 601-982-3000 to discuss your specific estate planning needs in Mississippi.

Disclaimer: Securities offered through Valmark Securities, Inc. Member FINRASIPC. Investment advisory services offered through Valmark Advisers, Inc., an SEC-registered investment advisor. Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.

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