You might think estate planning is something only older people need to worry about. However, creating a will in Mississippi while you are still young can provide many benefits. Life is unpredictable, and documenting your wishes early could spare your loved ones significant stress during difficult times.
Why young people should consider estate planning
Even if you do not own a mansion or have millions of dollars in your bank account, you likely have assets worth protecting. Your car, savings account and personal belongings have value. Without a will, Mississippi intestacy laws generally determine who receives your property.
These default rules might not align with your wishes. Generally, the state divides your assets into equal shares between your spouse and children. Your spouse’s share might decrease as the number of children you have increases. This could result in your spouse receiving less than intended.
By writing a will, even as a young person, you may have some degree of control over who inherits from you. Keep in mind that only assets held solely in your name without a designated beneficiary are governed by intestacy laws. If you want specific items to go to certain people, a will ensures your desires are honored.
Protecting your loved ones and dependents
If you have a child, creating a will becomes even more important. You may nominate guardians for your minor children, ensuring they are cared for by someone you trust. If you pass away, legal custody typically goes to your child’s surviving parent under Mississippi law.
However, if no surviving parent is able or willing to serve, the court may appoint a guardian for your children. By writing a will, you could nominate a guardian, though the court generally makes the final appointment based on the child’s best interests. The court might not consider your choice if it finds your nominee unfit or unsuitable for the role. Additionally, if you have pets, you can make arrangements for their care in your will.
Peace of mind and future planning
Creating a will while you are young and healthy could give you control over your legacy. You can update it as the circumstances of your life change. This often includes getting married, having children or acquiring new assets. Writing a will early means you can take your time to make thoughtful decisions rather than rushing through the process during a crisis.
Keep in mind that a typed will could be legally void in Mississippi unless you sign it with at least two witnesses present. Each witness must then attest your will in your presence. This typically applies regardless of your age. A handwritten will, also known as a holographic will, is also valid without witnesses.
Taking control of your legacy
The choice to create a will now may provide your loved ones with guidance after emergencies such as a fatal accident. By documenting your wishes early, you may provide your family with clarity and direction. Taking this step while you still have time and perspective might help you spare your family from guessing your wishes and intentions.