Legal Question in Wills and Trusts in Mississippi
Do we need a will?
My husband is a permanent resident of Mississippi, I am a permanent resident of Alabama. Our home is in Alabama, the home in Mississippi is provided by his employer. Our bank accounts are in both names. Our home in Al. goes to him if I die and me if he dies. Our IRAs and retirement funds likewise. Everything denotes who gets what outside a will, do we need a will? THANKS
1 Answer from Attorneys
Re: Do we need a will?
Yes, you need a will to cover unanticipated things and distribution of your assets between your children and you upon the death of the first spouse and distribution of your estate upon the death of the last spouse. Moreover, your will can nominate guardians for any minor children you have.
The small cost of a will these days is a bargain for the peace of mind it gives, and having a will does not require that your estate be probated. It is only probated if a beneficiary or creditor feels probate is necessary to protect his or her interest.
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