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Individuals with straightforward estates may not need complex estate plans. Often, a simple Last Will and Testament can meet people’s needs and shield the estate from intestacy, which occurs when someone dies without a valid Will. However, a basic Will may not adequately address the complexities of larger or more diverse estates. Consequently, for many…

A revocable living trust is a legal tool designed to help you manage your assets while alive and decide how they will be shared after you die. You create this trust during your lifetime, allowing you to keep control over your assets. This means you can change, add to, or even cancel the trust whenever…

Probate is a legal procedure that organizes the distribution of a deceased individual’s assets to designated beneficiaries or heirs. It also settles any outstanding debts, such as loans or credit obligations, along with relevant taxes. Various factors influence the necessity of probate for an estate, including its total value, the presence of a Last Will…

In Louisiana, the transfer of property ownership after a person’s death is known as succession or probate. This important legal process helps distribute the decedent’s assets—such as real estate, bank accounts, and personal belongings—to their legally recognized heirs. Consequently, succession typically involves identifying and confirming the heirs but may also necessitate compliance with various legal…

In Louisiana, like in many states, default laws dictate how your property is distributed if you die without an estate plan. These rules are part of the state’s succession system and determine how your assets are divided among heirs. For some, these default regulations may align with their intentions, so they may feel that documents,…

When it comes to estate planning, one aspect individuals tend to overlook is the potential cost of long-term care. With the rising expenses of nursing homes and other forms of care, protecting assets from Medicaid’s spend-down requirement becomes essential. This is where a Louisiana Medicaid Asset Protection Trust (MAPT) can play a role in protecting…

When a person passes away in Louisiana, the court often appoints an executor to oversee the administration of the deceased’s estate. This role is crucial, as the executor is responsible for ensuring that the deceased’s wishes, as outlined in their Last Will and Testament, are honored and their assets are distributed appropriately. However, many people…

In Louisiana, “succession” refers specifically to the legal probate process. This procedure, overseen by the court, aims to transfer a deceased person’s assets to their chosen heirs or beneficiaries. The succession process also ensures proper settlement of the deceased’s estate by identifying and appraising all assets, settling any debts and taxes, and distributing the remaining…

Estate planning is a critical tool for individuals of all ages and financial situations. Although many understand that estate planning involves the distribution of assets after their death, few may realize that it also plays a critical role in ensuring their legacy reflects their values and intentions. However, by clearly expressing these wishes through estate…