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What happens if you don't have an estate plan when you die?

It's a fact that many people don't prepare for their deaths with an estate plan. Some may not have planned because their deaths were unexpected, but others have been old enough to know that an estate plan was necessary. Having an estate plan is important for a number of reasons, and not taking the time to plan could hurt your family later.

Adding an ethical will to the estate planning approach

When most people think about creating their estate plan, they focus on the more practical aspects. They may consider how to draft their will, whether to set up a trust, or how to structure a power of attorney. Little thought is given to the more emotional aspects of estate planning, but those are the details that often mean the most to those left behind when a Louisiana resident passes away.

Factoring Fido into the estate planning process

Many Louisiana residents spend a great deal of time thinking about how to pass accumulated assets down to the next generation. They spend almost no time, however, planning how their pet will be cared for in the event of the owner's incapacitation or death. Pet care can and should be included in the estate planning process, so that a loved cat, dog or other pet will be properly cared for when the time comes.

Be sure to include digital assets in estate planning efforts

When faced with the need to prepare one's estate, many Louisiana residents feel overwhelmed and unsure where to begin. They realize that creating a will is a good place to start, and many are interested in learning more about trusts as a vehicle for passing down wealth without significant tax losses. When it comes to less obvious estate planning needs, however, many people simply are unaware of how to proceed.

Estate planning and IRAs

Individual Retirement Accounts are a fantastic way to let your money grow tax-free until you decide to retire. But they also offer some benefits for those who are drafting estate plans. Social Security benefits, 401(k)s and pensions are safeguarded from creditors during a bankruptcy, and IRAs are as well. This means that they won't be able to seize those assets should you declare bankruptcy.

Are you keeping your estate plan updated?

All too often, people forget that they need to update their last will and estate plan with some regularity. Every time your personal situation changes, whether you divorce or you have another child, you need to consider updating and revising your estate plan and last will and testament.

Age Gracefully With Louisiana Estate Planning Attorneys

There are several legal services that Elder Law attorneys in Louisiana offer people to assure them of a comfortable life when they get old and cannot fend for themselves. There are high chances that you will become feeble and incapacitated in old age and such a time will not be the best for making critical decisions. Therefore, it is advisable to adopt estate planning early to arrange for the transfer of your assets after passing away. Everybody wishes to gather the maximum wealth possible for the intended heirs and to be in control while alive. Failure to make an arrangement often results in disagreements within the family especially when the individual is married with children and owns high-value assets. You don't have to be a high-class person to seek estate planning. It is a vital component of everyone's financial plan.

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