In Louisiana, the law that dictates inheritance and wills can be somewhat complex. Because of this, it is entirely possible that some people may have issues with the will of a deceased loved one. However, only certain ones have the ability to challenge a will.
If you choose to leave your instructions for the distribution of your assets in a last will and testament, some of those assets may have to be sold in order to pay debts and taxes during the probate process. However, you may be able to pass them to your beneficiaries without diminishing any of the value by placing the assets in a trust.
A sudden accident or medical emergency could cause you to become incapacitated to the point that you cannot tell Louisiana health care providers what you want. According to Peoples Health, a living will allows you to decide and communicate ahead of time what life-sustaining medical procedures you want in the event that doctors determine you have a terminal and irreversible condition.
Not all estate planning tools affect what happens after death. In Louisiana, advance medical directives provide direction regarding health care decisions.
There are many reasons for which you may decide to revoke your old will and start anew. For instance, you may have added a new member to your family, gone through a divorce or tied the knot. You may also have had a falling out with a beneficiary or decided that one beneficiary could use certain assets more than another. Whatever the reason for wanting to change or revoke your will in Louisiana, you need to go about doing so in a legally satisfying manner. Failure to rescind or modify your will in a proper fashion could lead to misunderstanding and costly probate upon your death.
As you plan which of your beneficiaries will receive your assets in your Louisiana will, keep in mind that this particular estate planning tool is not designed to include everything you own. In fact, your will is a limited tool, although it is probably a necessary one.
Planning an estate is not a top priority for many people in Louisiana, especially those who do not recognize an immediate need for planning so far into the future. However, people who take the initiative to begin planning their estate long before they ever need to implement its details, are often much more confident and better prepared to take on the unexpected with peace of mind.
One of the main goals of estate planning is to avoid having discord arise amongst your beneficiaries in Baton Rouge once you are gone. Alas, there is no guarantee that, even despite your best intentions, one of those you leave behind will be unsatisfied with their interest in your estate. Depending on the source of their dissatisfaction, they may attempt to challenge (or even invalidate) your will. Such an action would no doubt lead to untold tension. What if, however, there were away to deter such a challenge from ever happening?
When people are in the prime of their life, enjoying family, a good job and a stable living situation, it can be difficult for them to get into the thought process of planning their estate. However, it is in these moments that planning an estate is so critical for folks in Louisiana. Families who take the initiative to begin planning when life is calm and pleasant can potentially divert disaster and family feuds after their death by having a coordinated, organized and understandable plan in place for what they want to be done with their estate and inheritance.
In Louisiana, you have the right to create your estate plans that outline what happens to your assets upon your death. You can decide which heirs get what assets. You can make all the decisions. When you die, as long as you have legal plans, the court upholds your estate and ensures the proper distribution of your assets. However, there is one situation where your wishes may not come to fruition.