Estate planning allows you to protect your business and personal assets while you’re still alive. You can start by creating a will or trust and add as much or as little complexity to your plan. Crucial estate planning tools include wills and healthcare directives, which allow you to control the allocation of your finances, belongings, assets, and medical decisions. Working with professional estate planners gives you the assistance needed to make informed decisions regarding asset protection, healthcare, and legacy preservation.
Executive Planning Group provides guidance and expertise for business owners and high net worth individuals ready to start their estate planning process.
Learn what estate planning involves and how the process works.
Six Steps to Get Your Estate Planning Started
A crucial step in your estate planning journey is choosing a healthcare agent to make decisions in case you become incapacitated. You also need to make a detailed list of your financial assets. Finally, creating a will or trust gives you the power to distribute your wealth as you wish before or after you pass away.
Executive Planning Group has experience in estate planning and can guide you through each step of the process. Follow these six steps to create an estate plan that will give you peace of mind and protect your beneficiaries.
- Choose a health care agent. Pick someone you trust to make important medical decisions in case you become disabled or incapacitated. An advance health care directive documents your wishes and gives your health care agent the power to carry them out.
- Choose a financial agent. Appoint a trusted individual to handle your financial affairs using a power of attorney. You can use this document for your personal and business interests.
- Make a list of all assets. List all your assets and liabilities, including personal property, real estate, checking and savings accounts, and investments. You can use this checklist to ensure that you haven’t missed anything when you prepare a will or trust.
- Choose beneficiaries. Who will receive each of your assets? Work with your financial advisor to create a distribution plan. Spouses, children, grandchildren, loved ones, and business partners are examples of typical beneficiaries.
- Create a will or trust. Write a will or establish a revocable living trust, as follows:
- A will expresses your wishes for distributing your wealth. You should include all pertinent assets, including businesses, homes, vehicles, real estate holdings, bank accounts, and valuable items like paintings or jewelry.
- A trust, like a will, is a legally binding document and has named beneficiaries. This estate planning tool puts assets under the control of a third party. You can move your assets into a trust while you’re still alive. Create trusts to separate your business and personal assets, protecting your family members and business partners. Trusts are also a great way to leave behind a legacy for children and grandchildren. In Mississippi, forming a trust allows high net worth individuals to maintain control over their estates and may provide tax benefits.
- Keep your documents safe. Store your estate planning documents in a secure, fireproof safe or in a safe deposit box. Make sure that your loved ones have access to these documents.
Essential Estate Planning Services for Executives, Business Owners, and Families
Is now a good time to explore your estate planning goals? Proper estate planning in Mississippi goes beyond wealth distribution. At Executive Planning Group, we cover these aspects of estate planning:
- Financial planning (personal, business)
- Succession planning for your business
- Charitable giving
- Life insurance
- Shareholders’ agreement
- Powers of attorney (healthcare, financial)
- Wills and trusts
Call us at 601-982-3000 or fill out our contact form to get started with your estate planning in Mississippi.
Disclaimer: Securities offered through Valmark Securities, Inc., Member FINRA, SIPC. 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.
