Succession & Estate Planning Services
Succession & Estate Planning Services in New Orleans and Metairie
Succession & Estate Planning Services
Planning for your passing is not the most exciting task, but it is one of the most important things you can do when planning for the future of your family and/or business. Your estate is made up of everything that goes into the net worth of an individual. This includes but is not limited to land, real estate, finances, assets, liabilities and more. If you own it, or have a controlling interest in it, it’s a part of your estate. Proper estate planning services will determine what happens to these things when you pass away. Neglecting to have a plan in place will result in a drawn-out process of your estate being distributed amongst your loved ones in the courtroom. This does not always end favorably for most parties involved. Proper succession and estate planning will allow you the peace of mind knowing exactly what will happen to your assets in the event of your death and will allow your loved ones to grieve without the hassle of unnecessary courtroom dealings.
Succession vs. Estate Planning
Although these terms are often used interchangeably, they are not the same and should not be treated as such. Estate Planning focuses on creating your plan for your estate before you pass. Succession is essentially the process that takes place after you or your loved one dies. Succession includes having the will validated by the court system and the actual distribution of assets to the heirs as stated in the will. This process can be very smooth if the proper estate planning elements were in place prior to the passing of your loved one. If there was not a will in place or if the will is not considered valid, it can become a more complicated process. Carmen can assist you in understanding how Succession law works and what to do to ensure a process as smooth as possible.
What do succession & Estate planning services include?
A local succession and estate planning attorney like Liriano Law Firm will be able to assist you in the proper documentation needed for succession and a valid estate plan. The most common components of estate planning include:
-Creating a will.
-Creating a trust.
-Designating power of attorney (Including medical or healthcare power of attorney).
-Ensuring your will is valid.
-Distribution of deceased’s property to heirs and beneficiaries and assisting in debt settling.
Call Carmen today with all your succession and estate planning questions and get started on planning for your future.
Succession & Estate Planning FAQ
Yes. One of the major benefits of drafting a will is the ability to name the guardian of your minor children. Family dynamics are tricky enough without having to decide who will be raising your minor children if you pass away. Having this clearly stated in the will can alleviate much headache and heartache for your children and loved ones.
Yes. Every estate can benefit from a will and uncomplicated wills are reasonably priced. No matter how big or small an estate is, each has items in it that are unique and special. Drafting a will can allow you the ability to decide how those items are divided after your passing. It can also allow you the time to think of anyone, that may not have rights via intestate laws (children, spouse, parents), that you would like to leave a part of your estate to.
If you die without a will, your estate will be distributed under intestate laws. Generally, for community property, your property will be distributed to your children, with a right of use of the community property given to your spouse. Separate property will be distributed to your children first and if you have no children or grandchildren, to your parents. The laws regarding intestate succession can be complicated so reaching out to an Estate Planning attorney is advised, especially for blended families.
A living trust is an element of Estate Planning that allows for an individual to move certain parts of their Estate into a Trust. This allows for the listed items in the trust to be passed directly to the beneficiary without the need for a Succession (probate). Some trusts also provide tax advantages to the creator of the Trust.
A Power of Attorney allows for another individual to step into your shoes and makes all decisions, from finances to healthcare, on your behalf. They can be as broad or as specific as you would like them to be. Power of Attorneys can be drafted to be valid even if you are incapacitated, allowing for a trusted individual to manage your estate and healthcare when you need it most.
Contact Liriano Law Firm with any questions you may have. We are ready to fight for you.
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