Wills and trusts are both important types of estate documents that can help people in Louisiana to plan for the future and provide for their loved ones after they pass away. A full estate plan will often include a will as well as one or several trusts. While one of these documents may be the major backbone of the estate, both can play a major role in properly ensuring that a person's assets are distributed correctly. There are different reasons why people may choose to focus primarily on a will or on a trust to pass on funds and property.
Many people in Louisiana and throughout the country have pets, and it is possible to care for them after the owners have passed on. Money and other assets can be left behind for cats, dogs and other animals as part of an estate plan. While this can be done through a will, it may be best to do so with a trust.
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.
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.
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.