A good estate plan is more than a will, which typically only becomes effective after death. An estate plan lets you state your wishes for life’s practical, medical, residential, and financial changes. All people, regardless of their wealth or age, need to plan for the cost of long-term care, how to take care of their loved ones after they pass away, and the kinds of life-saving medical treatment they may want to opt into or out of.
As individuals age, they begin to face unique legal issues that are difficult to face alone, which is why hiring a knowledgeable estate planning lawyer is essential. Damon Baldone is a Metairie elder law attorney who can help you prepare for the future.
Creating an Estate Plan with an Elder Law Lawyer
Estate planning documents can help someone establish a strategy for their loved ones to follow to fulfill their wishes. A proper plan will play a major role in determining the property rights of heirs and providing for a more comfortable road ahead.
Wills
Most people need a will as part of basic estate planning. This document allows people to pass their assets on upon their death. Without a will, a person dies intestate, so the state will decide who retrieves their property. That means that your property may not go to their person of choice. For example, a spouse does not inherit property if they have children. Instead, half of the community property passes to the children and the spouse has the right to use the property. The state also has a concept called forced heirship that enables some children and grandchildren to inherit even if this is not what the decedent wanted.
Power of Attorney
A power of attorney (POA) is a document that allows someone to act on behalf of another in certain situations. Each state has its own civil codes regarding POA documents and their validity.
Trusts
A common option is to transfer property through a trust. A trust can go into effect at any time after its creation. Most trusts are required to be in writing, and unlike a will, heirs do not need to wait until a testator’s death to receive property.
With so much on the line, it is wise to hire a qualified elder law attorney in Metairie to assess estate planning needs.
Applicable Elder Laws to Know
The state has unique laws regarding estate planning. Some key concepts apply to estate planning that are essential to know.
Forced Heirship
Certain heirs, typically children, are entitled to a portion of the decedent’s estate, regardless of the decedent’s wishes. Children 23 or younger or who are permanently disabled are considered “forced heirs” and are entitled to a share of the estate. When there is one forced heir, they are entitled to 25% of the estate; if there are two or more, they are collectively entitled to 50%.
Usufruct
A usufruct gives someone, often a surviving spouse, the right to use and enjoy an asset, like a house, during their lifetime, without actually owning it. The ownership remains with the heirs.
Community Property
The state follows the community property system, but some civil law nuances set it apart from other states. Locally, it includes all assets acquired during the marriage. Upon death, half of this property belongs to the surviving spouse unless the deceased spouse leaves a will or there is a usufruct.These are only some of many local distinctions. A qualified legal professional in Metairie could explain the intricacies of elder law and how it can affect a family.
Hire a Qualified Metairie Elder Law Attorney to Assist You Today
An effective plan can bring you peace of mind for the present as well as the future of your heirs. Wills, healthcare directives, trusts, and other documents can help you to retain control after an illness, injury, or death. It is essential to have legal counsel advise you about your options. To learn more about how a Metairie elder law attorney can help you, call today to schedule a consultation.
