If you have decided to create a trust or a will, there are definitely a number of options on the table. It is critical for you to figure out which estate plan will suit your needs best, and help your loved ones in the years ahead. If you have a family member with special needs, a special needs trust could be the way to go. However, you may have questions about this option and it is essential to review the ins and outs of special needs trusts before moving forward. This option can provide a variety of benefits for those who create these trusts and their loved ones.
Over the past several decades, many social barriers have been broken down and people are now more open to different types of relationships and family situations. One of these situations is when a couple gets married after one or both partners have been married before. This may happen after the death of a spouse or after a divorce. In either situation, the new marriage can be a source of joy and the start of a positive future.
Ending your marriage can bring up a number of considerations, including legal, financial and emotional considerations. Aside from custody disputes, child support and alimony, you may need to look into other aspects of your life, such as your estate plan. Many people have wills and trusts, which can offer a great deal of security and relief knowing that one's estate will be managed properly after they pass away. However, the end of a marriage may necessitate making changes to your estate plan for a variety of reasons. In Baton Rouge and across Lousiana, it is pivotal for people to address their estate planning needs promptly.
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.