When it comes to planning for your future, one of the most important steps you can take is creating a will. A will is a legal document that outlines exactly how you would like your assets to be distributed after your passing. Creating a will can seem daunting but with the help of the Liriano Law Firm, your local estate planning lawyer, it can be painless and will ensure that your assets are distributed exactly as you intend.
Without a will, your assets will be divided according to intestate laws. For example, an individual who passes away with a surviving spouse and children will have their assets passed to their children, with the spouse retaining some rights but not full ownership of those assets. For some, this may be how they intend their estate to be distributed but for many, it may not align with their wishes. This is why creating a will is such an important part of planning for your future.
Creating a will is also a way to eliminate or reduce the potential for issues to arise between heirs after your death. With a will, you can control exactly how your assets will be distributed and who will be entitled to which items. If your estate consists of family heirlooms or specialized items, it can lessen many of the issues that may arise if the family is left to their own to sort out the estate. Alleviating disputes and preventing disagreements among heirs is a key benefit to creating a will.
Community Property
In Louisiana, another consideration is community property. Property and assets acquired during a marriage are considered community property. Separate property is generally acquired prior to the marriage and, by intestate laws, is transferred just to the children after the death of a parent. Community property is transferred to the children with the surviving spouse retaining rights in the property after death. With all of these elements, getting ahead of the process and speaking with an Estate Planning Attorney to answer all of your questions is extremely important.
Types of Wills
The laws in Louisiana outline two types of wills an individual can create. One is a holographic will. A holographic will is one that is completely written in the hand of the testator. It must be dated and signed in the hand of the testator to be considered valid in Louisiana. The second type of will in Louisiana is a notarial will. A notarial will is more common in Louisiana. It must be signed in the presence of a notary and two qualified witnesses. Each will contains elements that must be completed correctly for the will to be valid, which is why speaking with an attorney is crucial for this process.
Creating a will can provide peace of mind to both you and your heirs. It allows for your wishes to take effect after your death and provide you with control over exactly how the estate, that you built during your lifetime, will be distributed. You’ve worked a lifetime creating your estate, with the right Estate Planning Attorney you can protect it even after you are gone. The Liriano Law Firm can guide you through the pitfalls many encounter when they sit down to write a will and can make the process as painless as possible, giving you and your heirs one less thing to worry about.