Covington Family Law and Estate Planning
Too many put off estate planning because they think they don’t own enough, or they’re not old enough and assume they have plenty of time. Others are confused about what estate planning really entails and don’t know who can help them. For some others, they just don’t want to think it! We can’t successfully predict how long we will live, and illness and accidents happen to people of all ages. When something happens to someone who hasn’t prepared, their family has to pick up the pieces and try to figure out a lot of confusing financial statements and search for proof of assets. No one wants to think of their family fighting over material possessions after they are gone, although we have all heard stories of that exact situation happening. Detailed and specific instructions are the best way to ensure this doesn’t happen to your loved ones.
Believe it or not, you have an estate. Your “estate” is comprised of everything you own, like your house, vehicle, any other real estate properties, a checking and/or savings accounts, investments in the stock market, life insurance, furniture, and personal possessions that may or may not be worth a significant amount of money. No matter how substantial or how modest, everyone’s estate has something in common- you can’t take it with you when you go. That is why you need an attorney who can help you decide what will happen to it all. For those in Covington, LA, this person is Julia Deal.
Remember– if you don’t have a plan, the state of Louisiana has one for you, but you probably won’t like it. Making a plan in advance and naming whom you want to receive the things you own after you die should be handled sooner rather than later. It is not a matter of if your possessions will need to be passed down, but when. This is why you should reach out to Julia Deal, an Associate Attorney at Ellen Cronin Badeaux, LLC, to handle your family law and estate planning needs. She will go over many things with you and be sure that your estate planning includes the following:
- Instructions for your care if you become disabled before you die.
- Name a guardian and an inheritance manager for minor children.
- Provide for family members with special needs without disrupting government benefits. This is known as a special needs trust.
- Add additional restrictions for loved ones who might be irresponsible with money. This may involved setting us a trust, where the person or people inheriting your possessions and funds do not actually manage the account.
- List specific life insurance instructions. This is typically included in a will.
- Provide for the transfer of your business. This line of succession is of particular importance if you are an entrepreneur.
- Minimize taxes, court costs, and unnecessary legal fees.
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