Estate Planning

Wills and Estate Planning

An estate planning lawyer can advise you when naming an executor, trust administrator, or trustee in your will.  An executor handles your estate in probate court.  You name a trust administrator in your will to administer the assets in trust you have left for the beneficiaries.  While these roles are different, you can choose one person to handle both tasks.

Choosing a trustee

You outline the specific duties of the trustee, the person you choose to administer the trust, in your will.  However, there are general provisions a trustee needs to follow.  He or she must:

• Not delegate responsibilities to anyone else
• Administer the trust in accordance with the trust’s provisions
• Keep the trust assets separate from personal assets
• Be loyal to the trust's beneficiaries
• Account to the trust’s beneficiaries
• Exercise reasonable skill and care in handling trust assets

The Jackson, MS estate planning law firm of Glover Russell, P.A., guides you in preparing your will and helps you choose a trustee.

The responsibilities of your executor

When naming an executor, you must choose carefully.  This person is responsible for paying any taxes and or carrying out your wishes and handling the debts and assets you leave behind.  The estate planning attorneys at Glover Russell, P.A., can help you to choose the appropriate executor.

Your executor should understand what you are asking him or her to do.  The executor’s duties are specific:

Filing the will Going to court Hiring an attorney Opening and closing bank accounts

Collecting assets Addressing tax issues Paying debts Distributing assets to beneficiaries

Power of attorney

You can grant a person power of attorney to handle your assets if you become incapacitated.  You can also grant a durable power of attorney for health care to let a trusted representative make healthcare decisions for you.

Glover Russell, P.A., offers estate planning services that include selecting and outlining the duties of your power of attorney:

Managing your assets Transferring your assets Making gifts on your behalf Business succession

Dealing with the Internal Revenue Service (IRS) Paying your expenses Making health care decisions for you Contesting a will

Learn more about the Jackson estate planning services at Glover Russell, P.A., and contact the law firm to discuss your unique estate planning needs.

Trust vs. living will

A trust is formed when you, the grantor, give legal ownership to another person, called the trustee.  The trustee then invests and manages the assets for the benefit of your chosen beneficiaries.

There are two types of trusts:

• Living – Established during the grantor’s lifetime with the assets and ownership transferred to the chosen trustee
• Testamentary – Established in a will which transfers the assets and ownership after the grantor’s death

Trusts may also be revocable, where the grantor can change or terminate the trust at will, or irrevocable, meaning the grantor cannot change the trust.

A living will or advanced health directive expresses your desires about measures that may be taken to sustain or prolong your life.  These documents can also state your feelings on certain medical procedures.  Usually, living wills do not grant your representative any power unless certain medical conditions exist:

• You are permanently unconscious
• You are in a coma
• You cannot communicate decisions about your medical treatment

Speak to a lawyer about your estate plan concerns and make an informed decision about your estate planning needs. When you need an experienced and knowledgeable Jackson estate planning law firm, please call our office at 888-457-4379 or contact us online so we may assist you.