What Is Estate Planning?
Estate Planning is much more than just about handling your estate after you pass away. A good Estate Plan Includes:
- Protecting your legacy when you are gone
- Ensuring your wishes are followed when you can’t care for yourself
- Avoiding probate and incompetency proceedings in court
- Preserving your property from taxes and Medicaid liens
- Protecting your heirs by helping them manage their assets
- Keeping assets safe from creditors
Common Legal Instruments Used in Estate Planning
The will is a document that spells out what is to happen to your estate after you die. There used to be several kinds of wills in Louisiana, but now there are only two: the notarial will and the holographic will.
A trust is a kind of legal arrangement used to protect assets and beneficiaries. Click the link to learn the basics of trusts and the general types of trusts available.
A power of attorney is a document that allows you to share your legal powers that you have with other people. It can allow someone to take care of your personal business when you are not able to.
Living Will Declaration
A living will, also known as an advance directive or a Do Not Resuscitate Order (DNR), is a common component of a complete estate plan. By putting a living will in place, you can get the medical care you want, avoid unnecessary suffering and relieve caregivers of the hard decisions during a time of grief.