Parents in Louisiana who have young children are likely to want to leave certain high-value assets to those children. However, they should make sure that the estate plan they develop is more complex than just a will. In fact, including a trust as part of an estate plan can help parents ensure that the assets they leave to children or young adults will not be irresponsibly managed.
Estate planning for chronically ill people
People in Louisiana who have a chronic illness might want to revise their estate plan. They do not necessarily need documents that are different from those that others have. However, some types of chronic illness may eventually lead to a person's inability to understand and sign documents, and in those cases, it is important to get the right estate planning documents in place while this is still possible.
Porsche recalls Panamera sedans and Cayenne SUVs
Almost 100,000 Porsche owners in Louisiana and around the country will soon be receiving recall notices in the mail. The German carmaker recently announced that 99,665 Cayenne SUVs produced between 2003 and 2010 and Panamera sedans built between 2010 and 2016 have transmission bushings that will likely need to be replaced. The recall is scheduled to begin on Aug. 11 according to the National Highway Traffic Safety Administration.
About trusts and estate planning
There are many different legal devices Louisiana residents can use to develop an estate plan that will ensure that their wishes are honored after they die. One of these is the trust, which can be a very important part of an effective estate plan.
Avoiding mistakes with estate plans
One of the mistakes Louisiana residents can make with estate planning is not developing an estate plan at all. There are many people who do not have a will, and if they die without a will in place, the state will be required to determine who should step into the role of executor and who will receive their assets. Married couples should be sure to develop an estate plan as intestacy laws do not stipulate that all assets will be transferred to the ownership of a surviving spouse.
