The Benefits Of Timely Estate Planning

The Benefits Of Timely Estate Planning

It isn’t uncommon for Louisiana residents to procrastinate when it comes to estate planning. However, being proactive can give individuals a sense of control over what will happen to them and their assets if they get sick, become incapacitated or pass on. Common estate plan tools include a will, a trust, and powers of attorney. Living trusts may be preferable to wills as they don’t need to go through the probate process.

This means that the terms of a trust won’t become public knowledge after a person passes away. Avoiding probate may also make the process of settling an estate faster and less expensive. It is important to note that wills only deal with assets that are titled in a deceased person’s name only. Therefore, not all assets may need to go through probate even if a person doesn’t have a trust.

A power of attorney allows an individual to name an agent to make financial decisions on his or her behalf. This power often takes effect when the principal becomes incapacitated. Agents generally have the right to gift assets to other people or entities, and this may help a person avoid nursing home costs. The use of a Medicaid Asset Protection Trust may also help a person preserve assets while living in a nursing home.

Ideally, an individual will create an estate plan as soon as he or she becomes a legal adult. This may make it easier for a person to protect assets, name a guardian for a minor child or decline medical treatment after becoming incapacitated. If a person already has an estate plan, it may be a good idea to review it on a regular basis with the help of an attorney and other trusted advisers.

Legal Peace Of Mind Is Just A Click Away

Call For A Consultation 225-763-2272

Recent Posts

Categories

Archives

Over 40 years of Experience

Accessible. Accommodating. Your Partners In The Legal Realm

We are not just your attorneys, but your partners in the legal realm. As in any partnership, we believe communication is key. We ask the right questions to learn about your situation and goals. Then we work with you to design a resolution strategy that makes the most sense for you or your business.

As your case progresses, you will find that we are easily accessible by phone, text or email. We strive to be accommodating in setting appointments around our clients’ busy schedules, even if that means early mornings or late evenings. We pride ourselves on creating a welcoming, helpful environment.

Call For A Consultation 225-763-2272

The Partnership

Begins With A Consultation

Andrew B. Ezell & Andrew K. Nicolas
Andrew B. Ezell & Andrew K. Nicolas

contact us today

Fields marked with an * are required

"*" indicates required fields

I Have Read The Disclaimer*
This field is for validation purposes and should be left unchanged.