LA Probate Law What Type of Estate Plan Do I Need
The type of estate plan you need depends on your circumstances. The basic goal of any good estate plan is preparing for both death and incapacity. Generally this will include powers of attorney for health care and finances. It is always smart to have a will and in many instances, a living trust is also an excellent choice. LA Probate Law 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.
Trust
The entity known as a trust will be essential in creating various strategies for accomplishing asset protection, estate planning, and privacy benefits says LA Probate Law. Trusts are extremely flexible in form and almost any asset protection and estate planning goal can be accomplished by an attorney who is knowledgeable and experienced in this field. Using creative trust strategies, the planning opportunities for achieving tax savings and asset protection advantages are unlimited. The following examples will provide you with an overview of some of the techniques that can be used to achieve particular objectives in a variety of circumstances. The living trust, also known as a revocable living trust, is a written legal document similar to a will that sets forth your wishes and plans regarding matters during your life and upon your death. Your wishes and plans can be changed during your lifetime as your circumstances change. By creating a customized estate plan, which includes a living trust, you will have peace of mind that your wishes will be fulfilled upon your death.
Durable Power of Attorney
You can grant a Power of Attorney to another person for any case where you cannot represent your own interests. LA Probate Law gives example, you can send an agent to an important meeting you are unable to attend, and they may act on your behalf for the duration of that meeting. A Durable Power of Attorney, on the other hand, remains in effect if you become incompetent. In cases of terminal illness or permanent unconsciousness, you can set out health care directives for your agent, much like in a Living Will.
Last Will and Testament
A Last Will and Testament allows you to set out your specific wishes for how you want your property and assets to be divided upon your death. It also designates who will assume guardianship responsibility of any minor children if neither parent can serve as guardian. You can use a will to make bequests to charities explains LA Probate Law. Wills are easy to prepare, but are subjected to probate process, which, depending on the size of your estate, could take some time. Probate is the court process required when you die to verify your Will, if you have one. If you don’t have a Will, this process determines who your closest blood relatives are that will inherit from you. This court process also assures debts are paid.
LA Probate Law What Type of Estate Plan Do I Need
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