Frank D. Edens
Attorney at Law
Attorney at Law
I have practiced law since 1984. Over that time, I was a partner in the law firm of Adams & Edens, Brandon, MS in general practice including estate planning. I also founded an Internet Company focusing on legal forms in 1999. Now I am limiting my practice to estate planning, from a Simple Will to a Complex Estate. Wills, Living Wills, Power of Attorney, Living Trusts, Testamentary Trusts, Life Insurance Trust and others.
Years in Practice
#3 in Class
The person who probates your Will is called an Executor, Executrix, or Personal Representative. This person is the person who will file your Will with the Court and handle all matters relating to your estate such as collecting assets, paying debts, etc.
This person can be your spouse, child (over 18), other adult person or bank.
Yes. This is very important and people are generally not familiar with the different types of ownership and there effect on our estate.
Type of ownership include Joint Tenants, Tenants by the Entirely, Tenants in Common, Life Estate, Transfer on Death Deed, etc.
Please pay close attention to options when you and your spouse have children from former marriages, or otherwise.
There is a way to make sure you are both datisfied and that no changes will be made after you die by your spouse.
If you are not informed your children may receive nothing.
This is also a situation where you must be informed to assure you are both satisfied with who gets your estate.
And you need to make sure what you and your spouse agree cannot be changed after you die.
Many people do not take care of situations like this properly and children are left out of receiving anything.
A Living Will is not a Will at all but instead of a document that specifies what you want done in the event you become injured or otherwise will not recover such as being in a coma.
In this document you tell what you want done regarding life support.
A Living Trust is one form of estate planning that is effective when made. They are designed to help avoid probate although many times a simple probate may still be required.
In this case you convey property to the Living Trust instead of owning it individually and you are the trustee and make all decisions relating to the property the same as if you owned it individually. When you die another person becomes trustee and handles the property as you specify.
A trust can provide that is revocable or irrevocable. There are advantages and disadvanced for both. Some important advanagtes deal with whether the assest of the trust will be conunted in your estate for estate tax purposes.
Generally, if a trust is of the kind qualitifed and irrevocable it is not counted for estate tax purposes.
Be careful to pay attention about when you should make a new Will.
Divorce – Your X could take under your Will in some situations unless your make a new one. If you divorce, please make a new Will as soon as possible.
Children – Having more childen that you need to name.
Death – death of a beneficiary in some situations.