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.
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.
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.
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.
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.
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.
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.
Since the terms of irrevocable trusts are designed to be permanent, these arrangements can be difficult to break. However, there may be instances when such a trust is no longer beneficial for a Louisiana estate owner or their heirs.
While many people may have estate plans that do not take digital assets into account, some Louisiana residents might want to look at the issue. Digital assets can range from photographs to emails to cryptocurrency and more. They may have both sentimental and monetary value.
Some people in Louisiana might think they do not need to create a will because they have so few assets. However, a will can also be used to name a guardian for any minor children. Family members may go to court if a guardian is not named, but the relative who is granted guardianship might not be the one a parent would have chosen. This is also true if the person is responsible for the care of an adult who is mentally incapacitated.