Over the past several weeks I have had occasion to address an all too common circumstance surrounding surprise beneficiary designations. Unfortunately, these "suprises" usually only become known at the death of the account owner when the surviving spouse or children seek to claim benefits they were expecting, only to discover that the beneficiary designation contains […]

In modern society, our pets are an important part of our families. We take them to the groomer so they look their best, take them to the doctor when they are sick, and take them to stay in the “Pet Hotel" or “Spa” when we travel. We even pay extra so they get played with […]

In Private Letter Ruling 200846001, the IRS ruled favorably for the taxpayer with regard to a Grantor Retained Annuity Trust, or “GRAT,” that contained a provision allowing the grantor, or creator of the trust, to substitute assets of the GRAT for other assets of equivalent value. A Grantor Retained Annuity Trust is a “freeze” technique used by individuals with taxable estates. Assets that are expected to appreciate in value are contributed to a grantor trust.

Probate is generally thought of as being an expensive and time consuming process.  The short answer is because probate requires certain formalities and delays built into the court system. These are not necessarily bad things, and on some occasions we will even go out of our way to ensure that the estate, or at least […]

Probate is generally thought of as being an expensive and time consuming process.  The short answer is because probate requires certain formalities and delays built into the court system. These are not necessarily bad things, and on some occasions we will even go out of our way to ensure that the estate, or at least […]

In first week of the first year of law school, every lawyer learns that property is "a bundle of sticks." What this quaint saying means is that ownership of property can be divided into multiple sections. The most common example of this division of property rights is probably the severance of the “mineral” rights from […]

Frequently our clients create revocable living trusts as a substitute for a will. There are a number of reasons that they choose this estate planning mechanism, most common among them being probate avoidance and control during periods of incapacity. However, in order for the trust to control the estate, it must hold title to all […]

Many states, including Mississippi, recognize handwritten or "holographic" wills. A holographic will is a will is written entirely by the hand of the testator.  It must be signed by the testator or himself, but need not be witnessed or notarized. Any challenge to the handwritten will is likely to raise the possibility of disputes over […]

Oral wills are known as "nuncupative" wills. Such wills are valid in about half of the states, including Mississippi. In order to be valid, the "nuncupative" will must be expressed during an individual’s last illness, and if the bequest exceeds $100 in value, must be proven by 2 witnesses. Additionally, the individual's death must be […]

A revocable living trust, more commonly called simply a "living in trust" is usually used as a will substitute and probate avoidance device. Probate is the process of transferring property from the dead to the living. It requires several legal formalities and court oversight, including petitions, an oath, court orders, and notices, before the transfer […]