LA Probate Law: Mistakes You Don’t Want to Make With Your Estate Plan
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. If you need to create an estate plan, it is helpful (but necessary) to complete our estate planning questionnaire. If you have an existing estate plan, bring it with you at the time of your appointment. 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.
Planning with Help
We can’t count the number of people who think it’s fine to write their own Will. Or equally as bad, they’ll download a do-it-yourself form off the Internet. Estate planning is a complex legal area that is governed by a whole host of rules and regulations. 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. If you have the wrong form, if it’s not signed in the right place or if you’ve somehow missed something else along the way, there’s a good chance that your homemade Will won’t be honored and a judge will decide how your estate is distributed. Your Will and other estate planning documents won’t do anyone any good if they can’t be found. Getting organized means gathering up all those important documents and putting them in a safe and accessible place. Tell your loved ones where that place is and make sure to include things like the location of the key for your safe deposit box, your bank account numbers and other pertinent information that your family might need after you’re gone.
Take Charge
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. The main reasons that people put off making an estate plan are: they think they are too young, they are healthy, they can’t afford it, fear of death, or indecisive. If the thought of creating a plan is overwhelming, start small. Create a list of your property. See how it is titled, what the fair market value is, and the amount of debt against it. Once it’s set up, review it routinely to make sure it still meets your goals.
Assets Keeping Up to Date
The Will you created ten years ago is probably not the Will you need today. Let’s face it: there will be changes and they will occur in 3 areas: the law will change, your circumstances will change and the attorneys advice, which is always dependent on the law and your situation will, of necessity, change. Keeping your estate plan updated is an important part of creating it. You want to be sure that your plan always reflects your estate and your most current wishes. 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. Most importantly, seeking the expertise of an elder law attorney is crucial because simply put, estate planning is a complicated process. Probate attorneys spend years learning all the intricacies of elder law, with the goal of providing the best possible legal and financial advice; so do yourself a huge favor and let them do their job! You can still be actively involved in the process, but you’ll also have the assistance of an expert to explain and simplify the complex issues — the ideal way to ensure your long term wishes are met in the most professional and precise manner possible!
LA Probate Law: Mistakes You Don’t Want to Make With Your Estate Plan
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