It's Never Too Early...
What will happen to your assets and your loved ones when you die? Too many times people are not prepared for the inevitable. You need to ensure your loved ones, your business, and/or the charities you are passionate about are taken care of upon your passing. The only way to make this happen is to plan ahead. Fighting amongst family members after the death of a loved one only adds to the sorrow. By providing proper instructions in the event of your death, you can make this emotional ordeal as easy as possible.
Estate planning is highly recommended, in order to bring your instructions to action and minimize the tax liabilities, legal fees and court costs. You do not need to be a millionaire to benefit from cost effective estate planning. If you don’t have a plan, the state you live in will enforce theirs on your behalf, and it may not be beneficial to your loved ones. It’s never too early to begin.
A will provides instructions to your loved ones on how to divide up your property upon your death. A will can be as simple as giving everything to your spouse or children or it can establish a trust to ensure your heirs and estate are protected for years to come. To be valid in Louisiana, a will must either be olographic (hand written) or notarial (typed and signed in front of a notary and two witnesses). The Louisiana Civil Code has strict formalities that must be adhered to for a will to be upheld in a court of law. Contact us today to ensure your will is valid.
Trusts are excellent avenues to safeguard your assets from taxes and force your heirs to spend the money wisely. A trust will hold the legal title to the assets for the benefit of the beneficiaries. A trust can provide a beneficiary cannot touch any assets until they reach a certain age and/or can only spend money on certain things (education, car, living expenses). Trusts are great tools to bring all of your assets together in one plan by providing maximum privacy. Revocable living trusts are valid in every state and can be changed any time. Wills die with you, trusts don’t.
Whenever a person dies, his/her assets need to be transferred to the proper heirs. If the deceased has a valid will, the property will be transferred according to his/her wishes. If the deceased did not have a valid will, the Louisiana Civil Code dictates how a persons assets are transferred. If the value of the estate is less than $125,000, an affidavit of small succession may be an option to save time and money. If the value of the state is greater than $125,000, opening a succession in a court of law will likely be required. We are on standby reading to assist you with your needs during these difficult times.
Don’t put it off.
We will help you carry out your wishes. The best time to plan is now. Even though no one likes to think about his or her own mortality, everyone wants their wishes met. Give us a call today, and we will do just that.