The Northside Sun from Jackson, Mississippi • Page 31

Retire ment Page 15B A set of basic documents can ensure that you choose who will take care of your children, and that in a moment of terrible tragedy your plan is in place. Howell Kyle Wynn has a long history of providing excellent estate planning services. We can help. discuss your current goals and create a plan that gives you peace of mind. Call us today and set up a free consultation.

601.978.1700 Have you designated a guardian for your child? Any child under 21 must have a legal guardian. If you cannot be there for them, who will be? rely on the courts to sort out the future of your children or let them decide who will be responsible for their welfare. Do some planning. Get a trust or a will. We can help.

HOWELL KYLE WYNN HOWELL KYLE AND WYNN By ELIZABETH WYNN Special to the Sun EVERY YEAR thousands of individuals create their own wills, powers of attorney, and other estate planning documents with the help of online tools and books. Some people, even those in the legal field, think that a do it yourself (DIY) document is bet- er than no document at all. I disagree, and suggest that you consider the potential neg- a tive consequences of doing your own planning versus the benefits of consulting an experienced attorney. In many cases the cost of correcting problems created by DIY estate planning is more expensive than paying a professional to do it for you. AVOID MISTAKES A lawyer can help you prevent mistakes.

You may not understand legal terms. For example, in your power of attorney, you may unintentionally give someone more egal authority than you want. This could essentially give them total control over your assets if you are incapacited. Estate planning documents are incredibly complex and require attention to detail. Documents must be properly executed.

You may need a witness to your signature. The document may require a notary. Even then it may not be legally binding. One incorrect question, overlooking one particular situation or omitting pertinent information can lead to major mistakes later. QUESTIONS Attorneys are trained and experienced in nknowns and variables.

Therefore, deter- ining contingencies is a major part of estate planning and without an experienced a ttorney, you will probably be unprepared for all the possible situations, such as death of a beneficiary or disposing of later acquired assets. One of the most common issues attorneys hear from potential clients is never thought of Estate planning attorneys know the questions to ask and what to do with the answers given. Many particulars can change even in a hort period of time. People pass away, relationships end and it is important that you plan for every possible situation. In order to do so, it is best to consult a knowledgeable attorney.

MINIMIZE COSTS he value of your estate can be reduced by costly probate expenses, including court costs, fees, fees, pub- ication fees, bonds and formal appraisals. An attorney can help you minimize these costs, which maximizes the assets and property left to your loved ones. KNOW THE LAWS Not knowing what is legally appropriate is another problem of DIY estate planning. Each state has its own laws concerning estate planning issues. In order for your documents to be valid, they must comply with your laws.

For example, if you disinherit a person who, by law, cannot by excluded, that person may end up with a larger share of your estate than if you had left them a nominal amount. If you use a DIY form document, it is likely that no consideration was given to the laws of a specific state. In this area, it is very important to have a professional tell you what is or is not legal. CONTINUING SUPPORT DIY sources usually come with a disclaimer similar to this: is not a law firm, and it is not a substitute for an attorney or law firm. We cannot provide any type of legal advice, explanation, opinion, recommendation about your legal rights, defenses, or These sources readily admit that they are not attorneys.

A nother variable to consider is that DIY sources do not have well-trained and highly competent legal staff ready to assist you with any further actions you must take. Hiring a well-established law firm will give you peace of mind knowing you have continued support. risk doing your own estate planning. It be you who realizes you were not equipped to do the job. Instead, those learning this lesson will be the loved ones you have left behind at your death.

DIY estate planning may be tempting because it is cheap and easy, but in the long run, you will probably save time and money by contacting an estate planning specialist to discuss goals for your estate and your best options. Elizabeath Wynn is a partner in the law firm of Howell Kyle and Wynn. pass away, relationships end and it is important that you plan for every POSSIBLE SITUATION. -Elizabeth Wynn.