Some Louisiana residents may think that estate planning involves creating a will and little else. However, this can involve numerous decisions and various legal documents. Therefore, rather than simply carrying out the basic actions for an estate plan, individuals may wish to find out more information concerning elder law issues and determine whether any further actions could fit their needs.
In addition to a will, many individuals may recognize a trust as a common planning tool. What some parties may not know is that a variety of trusts could be used for different purposes. A revocable living trust helps individuals keep their estate out of probate, while a Medicaid asset protection trust protects assets from potentially being used to cover nursing home costs. Additionally, an inheritance trust helps keep assets out of children’s divorces and can assist in avoiding other legal issues.
Parties can also leave instructions as part of their plans that address certain aspects of their affairs. Funeral instructions detail how the arrangements should be handled, and such instructions may also state whether organ donation is acceptable. Furthermore, individuals could leave instructions on who should be contacted in regard to their passing.
Estate plans can provide Louisiana residents the opportunity to get their affairs in order well before their time of death. Each plan can be as detailed or simple as each individual chooses as such plans are customizable to personal needs and desires. Parties who are interested in learning more about planning documents and strategies may wish to speak with experienced elder law attorneys.
Source: recordonline.com, “Elder Law Estate Plan documents“, Bonnie Kraham, Feb. 9, 2017