In Louisiana, if you die without a Last Will and Testament, the Court through the probate process, is directed to put ownership of your assets in the name(s) of your heirs according to law. Read on for more information about how this happens. But first…. What Property is Subject to Probate? Under Louisiana law, there are classifications of property. The first is “separate property” and the second is “community property” which is owned jointly by husband and wife. Community property is ... [Continue Reading]
Articles on Estate Planning
A Primer on Louisiana Trusts
What is a Trust? Put simply, a trust is a legal arrangement whereby a one person (the Settlor) puts his or her “stuff” in the trust to be managed by a second person (the Trustee) for the benefit of a third person (the Beneficiary). Importantly, one person can be all of these. In other words, you can wear all three “hats.” You can be the Settlor, and the Trustee and the Beneficiary. Alternatively, more than one person can be each of these. So, for example, two spouses can be the Settlors, ... [Continue Reading]
13 Costly Pitfalls of Engaging in Do-it-Yourself Estate Planning
Understandably, some people want to save money by doing their own estate planning, often by using such sites as legalzoom.com or similar resources. These can sometimes be a good option for the simplest of estate plans. However, this one size fits all approach to estate planning is too often based upon the fallacy that in getting a Last Will and Testament, a person is paying for only a small amount of paper and ink. Nothing could be further from the truth. The value in a comprehensive estate ... [Continue Reading]