Answers to Questions about Creating a Louisiana Estate Plan
- Who should create a Louisiana Estate Plan? Everyone! Many people mistakenly believe that an estate plan is only for the super-rich. In reality, another way to think about the term "estate planning" is to think of it as making an informed decision about the way your possessions are distributed.
- Why should YOU create a Louisiana Estate Plan? For two reasons: First, you have many options to create an effective estate plan. One option you have is to simply not put anything in place. The result of that decision is that the future will unfold willy-nilly and you will force your loved ones to make decisions as problems arise. Not making a choice is a choice itself, but by not making any planned decisions your choice may not have the consequences you desire. Second, you and your family dynamics are unique. Every family has different needs and concerns. Families face issues such as: special needs children, the possibility or reality of a divorce and later blended families, parents who are living longer and need long-term care, or unexpected and prolonged illness of a loved one. Although it is impossible to plan for every unforeseen situation, estate planning begins the process and allows you to be proactive, taking steps you choose. The alternative is reacting, which will result in a struggle to keep up with unexpected and unpleasant unforeseen situations that could have been planned for, or at least discussed when the pressure and stress are not heightened.
- What are the tools you need? Every Louisiana Estate Plan should include two Powers of Attorney, one medical and one financial. A Power of Attorney gives a person you trust the right to make important medical and financial decisions on your behalf - while you are here. A complete Estate Plan will also include plans and details for what happens when you pass. The tools you can use to accomplish those wishes include: A Revocable and/or Irrevocable Trust; a Last Will and Testament and a Limited Liability Company (LLC) to name a few. A Louisiana Estate Planning Attorney can assist you with the proper drafting and execution of these tools.
- How do I start? The journey of planning for your family's future begins with a search for the right person or team to help you. You can start your search by reaching out to a Baton Rouge Estate Planning Attorney and telling them about you and your family, what your wishes are if you become ill and discussing what you would like to happen when you pass. Then, they can begin to craft the right tools for your needs and wishes. You have the power of choice!