Estate planning is the process of arranging and anticipating the management and disposal of an individual’s estate during their life in preparation for their death or future incapacity. Although estate planning can benefit your future and relieve your loved ones from many problems and stress, many people fail to create these plans because they do not fully understand the process. To provide you with the clarification you need, in this guide, we will answer some frequently asked questions regarding estate planning in Louisiana.
What Can a Last Will and Testament Help You With?
Creating a Last Will and Testament has numerous benefits, but people usually make them for these reasons:
- Custody arrangements for minor children
- To indicate will get to keep a person’s pets, estate, and other personal property
- Charitable donations
- To dictate what will happen to a business and other financial obligations
Do You Need an Estate Plan If You Have No Money?
Even if you have no money, you likely still have an estate. This is because an estate consists of everything you own, including your home, motor vehicle, checking and savings accounts, life insurance, investments, furniture, other real estate, and personal possessions. Consequently, if you want to ensure that these things go to the people you love after you have passed away, you need to consider creating an estate plan that can ensure these items will pass on how you want them to.
What Happens If You Do Not Have a Last Will and Testament in Louisiana?
If you pass away without creating a Will in Louisiana, the state laws will dictate how your assets will be distributed. In such a scenario, your belongings may not have a clear purpose, and they might end up being passed on to people whom you did not intend to leave them to. Therefore, it is crucial to have a plan in place to ensure that your valuables are passed on to the people you want them to go to.
What Things Should You Discuss When Creating an Estate Plan in Louisiana?
A proper estate plan will usually address the following questions:
- What loved ones do you want to handle your finances when you cannot do so?
- What are the main concerns you wish to address regarding your estate?
- Who do you want to make medical decisions when you cannot do so yourself?
- Who do you want to be responsible for your estate after you pass away?
- How will you want your estate to be distributed after you pass away?
- Are taxes a concern?
- Do you want to avoid a nursing home?
- Do you want to avoid probate?
- Are there any minor children?
- Will any changes in the law or your future life impact the estate plan?
Consulting with an experienced estate planning lawyer in Louisiana can assist you in answering these questions and exploring additional concerns that may impact your estate plan, which you may not have even considered.
Who Can I Contact To Create an Estate Plan in Louisiana?
If you are interested in estate planning in Louisiana or ready to make your own estate plan, contact Losavio & DeJean, LLC today to explore your legal options. We aim to provide our clients with the legal guidance to help them live well, securely, and independently for as long as possible. Reach out to us today, and let us show you how we can help.