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estate planning Archives

Create an estate plan before an unforeseen event occurs

In Louisiana and across the United States, people tend to procrastinate about planning their estates. Drafting wills and creating trusts are not at the top of most to-do lists. Sadly, financial affairs can become complicated if a person becomes ill. Most lawyers advise clients to create family trusts. Estate planning before something unexpected happens is the best plan. Contacting an estate planning attorney can help clarify any questions or concerns.

Using trusts for young beneficiaries

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.

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.

Complex family dynamics and estate planning

Some people in Louisiana may be facing challenging family dynamics while creating an estate plan. Many estate planning advisors suggest that a successful estate plan must have an element of communication with family members. Some people write a letter of intent to go with their estate plan and explain the choices made.

Online wills present possible estate planning risks

Yes, there's something to be said for a Louisiana resident that makes the effort to actually make out a will. It's better to actually have some type of document prepared than to have nothing at all. But a do-it-yourself approach to will prep, like what's commonly available online, could result in some unexpected and potentially costly estate-planning mistakes.

What powers of attorney can and cannot do

Powers of attorney are important parts of an estate plan, but people in Louisiana should be aware of some common misconceptions about them. One myth is that a power of attorney is a uniform document that can be used from state to state. This is not the case; some states may not even recognize a power of attorney from another state.

Procrastinating is not ideal in estate planning

Those who own property or live in Louisiana may be stressing over the prospect of creating an estate plan. The good news is that the anticipation may actually be worse than creating the plan itself. Those who are concerned about how to make an estate plan should consult with an attorney for help.

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