Some individuals may consider a successful estate plan one that covers the needs and desires of the creator. Many people think that in order to cover those areas, a will is the only document needed. Because elder law can cover numerous areas of a Louisiana resident’s life, exploring other planning documents may be prudent.
Most individuals first think of a will when considering estate planning because it is a commonly used document. Indeed, wills can offer many benefits, and utilizing this tool often helps parties address needs concerning guardianship, property distribution and a variety of other topics they want their family to address after death. Of course, this document only goes into effect after the creator’s death and validation through probate.
What some people may be less aware of is the fact that estate planning can also provide benefits while an individual is still alive. By creating power of attorney and health care proxy documents, a person can ensure that one’s medical and financial needs will be taken care of in the event that he or she cannot handle them. Individuals can use these documents to appoint trusted agents to make important decisions should the need arise.
By exploring the various uses of an estate plan, Louisiana residents may find that they could gain more benefits from creating a plan than they had initially thought. The multitude of options that come along with planning can help interested parties tailor plans to their specific needs and goals. If those individuals would like assistance with this endeavor, they may wish to speak with experienced elder law attorneys.
Source: wgrz.com, “Estate Planning 101: Things To Do Before You’re Gone“, Steve Brown, May 11, 2017