Your Will must be signed in front of two adult witnesses both present when the Will is signed by you and each other.  Since your Will may contain a self-proving affidavit that has to be signed by a Notary, the Witnesses and Notary should be present when the Will is signed.

Safekeeping your Will:    Your Will should be kept in a safe place.  Be sure to let someone know where you keep your Will. Make sure someone also has a Copy of the Will, such as your attorney if you have one.

Changing your Will:    You may change your Will by making a new one, or making a Codicil (amendment or change) to your Will.  A Codicil has to be signed the same as a regular Will.  You may desire to consider changed to your Will for a variety of reasons including:

(1) You marry or divorce;
(2) Birth or adoption of child;
(3) Death of a family member or beneficiary;
(4) Changes in the Federal Estate Tax laws or State Tax laws;
(5) Substantial change in the value of your estate;
(6) Change in the nature of your property holdings;
(7) A Guardian or Executor or Trustee moves away, dies, or is no longer willing or able     to serve;
(8) Your children are no longer minors, or are old enough to handle financial matters on     their own;
(9) You move to another state; or
(10) You wish to eliminate gifts to certain beneficiaries.

Questions you need to Answer to Complete your Will

• Personal Information (name, email, state, county)
• Marital status with Spouse’s name
• Children
• Bequest of Specific property
• Disposition of the homestead (primary residence)
• Residue of the estate (rest of property)
• Contingency for remaining property
• Existence of beneficiaries who are minors
• Guardian until what age?
• Name of guardian
• Trustee
• Alternate trustee
• Appointment of Personal representative
• Alternate

Who may make a Will?
Generally, any person 18 years or older of sound mind may make a Will in Mississippi.

How long is a will valid?
A validly prepared and properly executed Will is valid until you intentionally revoke it or prepare and execute a new Will that revokes the previous Will.  In addition, a change in marital status, such as a divorce, may impact provisions in a Will and/or beneficiary designations.

What are self-probating wills?
A so-called “Self-Proving Will” typically has affidavits of the witnesses who saw the decedent sign the Will.  The affidavits are attached to the Will.  In those affidavits, the witnesses state: that they saw the deceased execute or sign the Will, the deceased asked them to be witnesses to the Will, he or she appeared mentally competent at the time, and acted voluntarily (not out of fear, intimidation, or coercion).  Without such affidavits, it would typically have been necessary for the Executor (or a lawyer for the Executor) to locate the original witnesses and have them come into court (if possible) to state the circumstances surrounding the execution of the Will, or at least give an affidavit.

Does a will cover all my property?
No. For example, if you own pension plan assets, or 401(k) plan assets, or life insurance, or annuities, or property held through a “Trust”, such property and benefits would typically pass to the specific beneficiaries you have named with the manager of the pension plan, the company sponsoring the 401(k), each life insurance company, each annuity company, and in the Trust. Of course if the beneficiary of such assets is simply named as “my estate” then the Will would control who gets the property and benefits.   Property held in joint tenants with right of survivorship also passes outside of the will.

What effect does moving to a different state have on a will?
A Will that is properly made and properly executed in your former state of residence, that would be valid under the laws of your former state, will almost invariably be regarded as valid by the laws of your new state.

What reasons are there to change or update a will?

Typical reasons for changing or updating a Will are:
(1) You marry or divorce;
(2) Birth or adoption of child;
(3) Death of a family member or beneficiary;
(4) Changes in the Federal Estate Tax laws or State Tax laws;
(5) Substantial change in the value of your estate;
(6) Change in the nature of your property holdings;
(7) A Guardian or Executor or Trustee moves away, dies, or is no longer willing or able to serve;
(8) Your children are no longer minors, or are old enough to handle financial matters on their own;
(9) You move to another state; or
(10) You wish to eliminate gifts to certain beneficiaries;

How can I revoke a will?
If you are mentally competent, you can revoke a prior Will by destroying it, obliterating it, burning it, or tearing it up.  Of course, unless the act of revocation is properly witnessed and recorded, someone may later contend the Will was simply “lost” and not revoked, or that you lacked mental competence at the time you “attempted” to revoke your Will. This could give rise to a “Will Contest”.   It is preferable to execute a new will specifically revoking all previous wills.

What is a Personal Representative or Executor?
When making your Will, consider and designate your Personal Representative (Often called an Executor or Executrix) to supervise the transfer of your property to those designated in the Will (the person you appoint can be a person receiving property from you). The person appointed is often your spouse, but you should designate an alternate in case your spouse dies before you do.  The alternate should be someone you trust who will get along with the beneficiaries named in the Will – the alternate may be one of these beneficiaries. Also consider and designate guardians and trustees for minor children if necessary.

What should I keep in mind when I select the executor of my will?
Choosing as an executor is a crucial decision since his or her job can be a thankless one.  The executor usually gets the blame if things do not go the way family members expect.   Since the executor is bound to carry out the terms of your will and obey the laws of the state, pick someone who is organized and trustworthy.   If your bank has a trust department, you might discuss this with a trust officer. Many banks serve as executors and trustees and their fees are generally reasonable.  If you decide to name a person, consider an executor that has a personal interest in your family, is familiar with your affairs (but does not have a conflict of interest), has people skills, and the competence and maturity to do the job well.

Who is a Beneficiary under a will?
An individual, institution, trustee, or estate receiving or becoming eligible to receive benefits under a will, an insurance policy, a retirement plan, annuity, trust, or other contract is known as a beneficiary. Usually a person who inherits under a will is a beneficiary.

 

Definitions

Administrator, administratrix — this is a person who administers an estate of a person who died without a Will.
Assets — all types of property that you own, including but limited to real estate, personal property, intangible property, choses in action, etc..
Beneficiary — a person named in your Will to receive some portion of your estate.
Bequest, bequeath — this a where you leave personal property by a will. Example: “I bequeath my diamond ring to ___”.
Codicil — a supplement, amendment, or addition to a will. A codicil may explain, modify, add to, subtract from, qualify, alter, or revoke provisions in a will.
Common disaster provision — a statement in a will which provides how property is to be disbursed if the person writing the Will and a beneficiary die in a common disaster.
Decedent — a person who has died.
Devise — to transfer real property by Will. Example: “I devise my home to _____”.
Devisee — person who received real property by a Will.
Estate — the assets a person owns.
Executor, executrix, personal representative — the person named in a will to probate the Will and administer your estate according to your wishes.
Fiduciary — an executor, guardian, administrator, personal representative or trustee.
Guardian — a person legally appointed to care for another, such as a minor child.
Heir — a person entitled under the law of intestate succession to the property of a descendent. Sometimes beneficiaries named in a will are called heirs, but technically this is not correct.
Intestate — a person who dies without a valid will.
Lapse — the failure of a bequest (as because the intended recipient dies before the testator).
Legatee — recipient of personal property by a will.
Per Stirpes — by right of representation. Rights given to Children of a deceased child of yours. Example: if a decedent had three children, one of whom had already died leaving issue(children), the estate would be divided into thirds, with each living child receiving a one-third share, and the issue of the deceased child dividing a one-third share equally amongst themselves.
Probate — process of validating the Will of a deceased person in Court.
Revoke — process of destroying the effectiveness of (a will) by executing another or by an act of destruction.
Succession law — governing law if there is no will which controls who will receive your property.
Testator, testatrix — person who makes a will.
Witness — one who sees the testator sign his name on his will or hears him declare it to be his will and, at the request of the testator, signs his name and address at the end of the will.