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Many people avoid discussing their Will or never even create one. If you choose not to have a Will, Louisiana law will make the decision on the course of action to be taken to divide your assets. Having a Will can help you protect your loved ones and your lifetime earnings. Instead of allowing the government to decide how to spend what you've created with all of your hard work, it is important to take the time and plan your Will with an estate planning attorney. How you choose to distribute your estate is almost wholly up to you if you have a Will. You may choose to give it all to one person, often spouses, relatives, or friends. Donating to charitable organizations is another common request found. Cash, personal property such as jewelry, cars, and other items can also be given to specific people. Beyond the common estate planning, Louisiana laws make it possible to establish a Special Needs Trust for disabled heirs, available to them at your discretion to enhance their lives. You may also create Trusts for minors, assigning a tutor or trustee to ensure that the inheritance is protected and not abused by guardians. Similarly, a class trust can provide for minors. You can also provide for an independent administration in your Will. Louisiana Act 974, passed in 2001, allows you to circumvent going through a complex court system while executing the estate orders. Independent administrators can be provided by you in your will before your death, or by a mutual consensus among all of the beneficiaries of the residue of your estate. The administrator will handle all the distribution of money so that you can have more control over how and when people receive certain assets. This is especially convenient if you plan on leaving large portions of your estate to minors who are not mature enough to make large financial decisions which portions should be put in trust in your wills for distribution at a later date. Louisiana estate planning can be simplified by preparing a will. If you forgot this legal document, your assets will be divided in accordance with state laws. There are two types of property that comprise an estate. Community property is property acquired during your marriage which belongs to you and your spouse, while separate property is property which belongs to one spouse alone. Community property passes to any children you have first, and if any are predeceased, it will be inherited by their children. The spouse has usufruct over the assets. Without a Will your spouse will take care of the assets until the children are 18 years of age. ln case you have no children, the surviving spouse receives the community property and your living siblings receive the separate property unless your parents are still living, in which case they would have a lifetime usufruct over the assets. When planning your estate, Louisiana gives preference to children until the age of 24 as they are entitled to a certain fixed portion of your estate giving the children a larger portion of the assets, which may not be in your and your spouse's best interest. By having a Will, you can control where all of your money goes. There are probably many people who are not related to you that you would like to leave financially secured after your death as well. That is why it is very essential to consult an estate planning attorney to be sure your estate is handled carefully. If you want to ensure hassle free distribution of your assets after your death, it is very important for you to leave Louisiana legal Wills. To secure the future of your family, you can consult a legal expert. For details visit www.melcherslawfirm.com.
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