LA Probate Law: Create & Change Estate Plans
A good estate plan is usually designed to deal with multiple contingencies and does not necessarily have to be updated regularly. However, if there have been any major life changes since you prepared your estate plan; it might be wise to have it reviewed LA Probate Law. Major life changes that warrant a reconsideration of your estate plan include a marriage, divorce or purchase or sale of real property.
Planning
We are experienced estate planners and can guide you through the process quickly and efficiently. We will listen to your desires, evaluate your needs and make recommendations appropriate for your circumstances. Contact our office to schedule an appointment. If you need to create an estate plan, it is helpful (but necessary) to complete an estate planning questionnaire. If you have an existing estate plan, bring it with you at the time of your appointment. Whether or not an impaired individual can create an estate plan depends largely on their type and level of impairment. If the person is making decisions about managing their affairs before death, the impaired individual also needs to be able to appreciate the potential consequences of his actions says LA Probate Law. The best way to determine whether or not an individual is capable of creating an estate plan is for the impaired person to privately consult an attorney and possibly a medical professional.
Helping Others
Many people prepare estate plans which allow trusted individuals to take charge of their affairs when they are no longer able to do so. Most living trusts contain provisions for the appointment of a successor trustee in the event of incapacity says LA Probate Law. Likewise, a power of attorney is commonly used for estate planning purposes authorizes an attorney-in-fact (or agent) to act only when the person who signed it is incapacitated. The specifics about whether you can exercise legal control over a loved one’s affairs after incapacity, and how you exercise that authority, depend on the terms of the particular estate planning document. For instance, some estate planning documents require a medical opinion from two doctors. Others estate planning documents require that the drafter be deemed incompetent by a court. The parties can also use a resignation and appointment procedure if the elderly person will consent.
Add Your Name to Family Assets to Help
Adding a party on an asset generally gives the new person some level of power and control over the asset. For instance, once on a bank account, the new individual has power to transfer or remove all of the assets. Placing a friend or family on the asset makes the asset vulnerable to the friend’s creditors. Finally, including family or friends on assets can also create unintended tax consequences. LA Probate Law has encountered a number of situations where families make asset transfers only to later receive bad news that they have been penalized by the taxation authorities.
LA Probate Law: Create & Change Estate Plans
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