Wills, Trust, and Successions in Louisiana
At Bonaventure Law Firm, LLC, we recognize that life is more than just about the vision they have for their business interest. We believe that each person has a vision for their life and the legacy he or she will leave behind. As with business, that visions changes and matures over time. We want you to feel secure that your vision and legacy goes as planned.
At Bonaventure Law Firm, our emphasis is on building a relationship with our clients and establishing a partnership that may be relied upon long after these documents are executed. We recognize that over time, your needs or vision may change, and modification to these documents may be necessary. By ensuring that you receive attentive, timely and committed personal service in the beginning of this process without excessive and unnecessary high legal fees, we hope to gain not only your business, but your trust. Call us today to set up an appointment. We have helped many people in the Ascension, East Baton Rouge, and surrounding parishes in drafting wills, trust and other estate planning documents, as well as helped them after a loved one has past by handling the succession. We standby willing to help you as well.
What is Estate Planning?
In general terms, it is the process of organizing everything you own so that you can pass it to your beneficiaries in the way that you want it. While the majority of estate planning typically pertains to your preserving, managing, and transferring your assets after you die, a good estate plan will also include solutions to other matters what happens if you are incapacitated for a long period of time. It can also cover matters such as who will care for your minor children if you were to die or become incapacitated. It can also include plans to assist family members and other loved ones in a structured fashion that allows them to achieve their potential and their own visions. For our business clients and their business partners, it can include a succession plan for your company.
Is an Estate Plan Necessary?
In Louisiana, if you don’t make your own plan, then the alternative is that after you die or become incapacitated, Louisiana law will decide, which may not end up benefitting the people, charities, or the things that you wanted done with your estate after you pass away or become incapacitated. Nobody thinks of dying young, but if you’re the parent of small children, what happens to your children? What if you have a blended family, will your new spouse or new step-children have any inheritance rights? If you own a business that has more than one co-owner, what will happen if something happens to you or the other owners?
What is Involved in Estate Planning?
At Bonaventure Law Firm, when you decide that you would like to create an estate plan, the first step is we meet and through confidential discussions, we explore your objectives and explore opportunities and ideas for dealing with issues that are important to you. Through these discussions, we will construct a plan that may include the following documents:
· Trust
(Click any of the above for further explanation as to these documents).
What is a Succession?
A succession is the legal process of settling a deceased person’s estate and distributing the property after debts are repaid. In Louisiana, regardless of whether a person left a will, a succession is required to place a person in possession of a deceased person's assets unless the estate has few assets. The time and expense required for these proceeding depends on the situation. If a person dies with a will, the succession is referred to as a testate succession. The executor probates the will and settles the estate, Thereafter, if the will is uncontested, the court places the heirs in possession as stated in the will. If there is no will, the succession is considered intestate. If all heirs agree and the estate isn't burdened with debt, the heirs are placed in possession in what is referred to as an unadministered intestate succession. If any of the above is not the situation, then the succession will require administration, which is more complex, and requires the court to appoint an administrator to resolve the issues.