LA Probate Law Estate Planning for Seniors
What is estate planning? This is the process of making plans for after your death that makes sure all of your assets are distributed to the beneficiaries that you want to have receive them. The ultimate goal is to have this done with the least amount of taxes and fees as possible. LA probate law also covers a person making arrangements that include planning for the possibility of disability. You want to make sure that all of your affairs are handled properly and that your assets are not completely depleted from any long term care you may need. Without this step being taken you could wind up with nothing left to pass on to your children, family and loved ones. It is important to many senior citizens that they have all their “eggs in a row” so that they can alleviate any undue stress from the family that will be left behind when they are gone. For many seniors creating a trust fund is easier for them as it allows them the peace of mind of knowing their family will not be drug through court proceedings when they are gone in order to have their estates settled. It also helps eliminate the need for court proceedings that would involve properties that they own in other states. In the long run it is saving their family from incurring legal fees in order to have these issues settled.
This type of trust also takes place and goes into effect while they are still living and allows them the opportunity to decide who they want to have take over their estate in the event of an accident that would render them disabled and unable to take care of themselves. They can appoint a guardian to look after their best interests and not leave that decision up to the courts to decide. It is important that any LA probate law attorney get a clear understanding of the person’s family dynamics. There are many aspects that need to be covered such as are there any children, are those children married, do these people have children from previous marriages or do their spouses, what type of work do they do and where do they live? Are there issues unresolved between any of these family members? If so why and what is the situation that surrounds these disagreements? Taking all of this information into consideration can help the attorney to advise their clients what kinds of choices need to be made pertaining to who should be appointed as the guardian that would make any medical decisions for the clients benefit. It can also help the attorney to avoid distributions of assets causing strife or unfairness among the beneficiaries that are being named by the client. This kind of advice and information from an experienced professional can go a long way in helping seniors look out for their best interests as well as the best interest of those they love. It can help give them peace of mind that the choices they are making are the right ones and that it will not cause turmoil within their families when they are gone.
LA probate law can sometimes be confusing and having a knowledgeable legal advisor can help these senior clients to understand why certain things should and need to be done in certain ways. In order to properly draw up a living trust all of the clients assets will need to be inventoried, valued and it will need to be decided which beneficiary will receive what asset. By taking inventory the advisor can also determine what kind of taxes may be taken from those assets. Once all of this has been done the attorney can begin working on planning for the estate of their client. Sometimes there is need or desire of the client to use a will instead of creating a living trust and this is the time that will be decided between everyone. It is usually advised that the person chosen to be the power of attorney is the same person that is chosen to be the trustee.
A good LA probate law attorney who has built a solid and caring relationship with their client will take into consideration the views and desires of the senior client they are working for and with as well as the feelings and views of the beneficiaries who are usually the client’s children. It is always important to make sure that seniors are taken care of the way they deserve to be taken care of and that they are not being taken advantage of and that is the sole purpose of hiring an attorney that will take the time to get to know them and the people close to them in their lives. There is a lot to take into consideration and senior citizens can sometimes feel overwhelmed and unsure of how to best handle their affairs in a manner that is fair, equal and will not cause upset when they are gone. By finding an attorney who will help you make the best decisions from an outside, professional and legal standpoint they can make their final decisions knowing they are doing what is best for themselves and their families. This can make the hard decisions a little easier for them and give them the peace of mind that they want and need to have.
LA Probate Law Estate Planning for Seniors
Latest posts by Scott Schomer, Estate Planning Attorney (see all)
- What are the Advantages and Disadvantages of a Living Trust? - January 15, 2019
- Why Avoid Probate? - January 10, 2019
- When Do I Need a Tax ID Number for a Trust? - January 9, 2019