Many Louisiana residents may have several considerations when it comes to creating their estate plans. Though elder law may seem like a complicated sea to navigate, reliable information could help individuals move forward with their plans more easily. Additionally, experienced attorneys well-versed in this practice area could help ensure that individuals make the best decisions for their circumstances.
Though each case is different, there are some estate planning steps that may be useful in the majority of cases. Creating a durable power of attorney is one of those steps. This allows an individual to appoint an agent who is able to make financial decisions and/or medical decisions for the individual if necessary. Similarly, individuals may wish to create advanced medical directives in order to make their wishes known about how their medical treatment should proceed under certain conditions.
Of course, creating a will is the most common step with which individuals may be familiar. This document allows parties to designate to whom their property should be bequeathed in the event of their deaths. Typically, a will also names an executor to be in charge of handling the estate. Without a will or trust document, state law will be utilized to distribute assets and otherwise attend to an estate.
Estate planning could be beneficial for individuals of any age and any income level. Therefore, Louisiana residents who are interested in making plans of their own may find more information on prudent steps useful. Experienced elder law attorneys are also available for interested individuals who wish to have assistance when creating their plans.
Source: Forbes, “5 Documents You Need To Avoid Costly Estate Planning Errors“, Peter Lazaroff, Oct. 16, 2016