Estate planning refers to the process of organizing and arranging a person’s assets to ensure they are distributed according to the person’s wishes after they pass away or become incapacitated. A thorough estate plan can protect not only a person’s loved ones but also their assets. To help you better understand this process and what it involves, in the guide below, we will go through six things you should know about estate planning in Louisiana.
Estate Planning Is NOT Only for the Wealthy
Many people assume that estate planning is just for those with a significant amount of assets. However, the truth is that estate planning is a critical part of financial planning that anyone with any type of assets or dependents should consider.
You Leave Your Assets To The State
Without an estate plan, you will leave the state of Louisiana in control of your assets. This means that the state’s “intestacy laws” will control who inherits your property and will dictate how your assets will be divided.
You Should Not Wait To Create an Estate Plan
You should not wait until you are older to create an estate plan. Instead, earlier is better when it comes to these plans. This is because creating a plan when you do not have an emergency looming allows you more time to explore all your options and make solid decisions regarding your most cherished possessions.
Estate Planning Is Not a One Time Thing
It is important to understand that estate planning is not an event but rather a process. While creating an estate plan is the first step, individuals need to continue to revisit these plans after significant changes in their life, such as a divorce, marriage, baby, or death. However, even if there have been no major changes, it is still critical to look over these plans every few years to ensure that new laws have not affected them in any way.
Estate Planning Can Protect Your Loved Ones
Estate planning involves more than just safeguarding your assets or ensuring that your loved ones inherit your property. A well-executed estate plan can also guarantee the appropriate care for your dependents after your passing. These dependents may include young children, loved ones with special needs, or even aging parents who rely on your care.
You Do Not Have To Create an Estate Plan On Your Own
Estate planning can be a daunting task, especially for those who are not familiar with the complex rules and regulations that come with it. However, you do not have to do it alone. Seeking the assistance of a qualified Louisiana estate planning attorney can help you navigate this challenging process and create an effective plan that works for you and your loved ones.
To Learn More About Estate Planning in Louisiana, Contact Losavio & DeJean, LLC Today
If you want further information about estate planning in Louisiana or are ready to get started on your own estate plan, contact Losavio & DeJean, LLC today to review your legal options.