Dealing with the death of a loved one is never easy, but the grieving process can be even more complicated when they fail to leave behind a will. A lack of estate planning documents can leave you and other potential heirs confused about how to handle your family member's estate, but you may have options for an easier approach. Estates valued at $125,000 or less can be handled through small succession, a process that is usually quicker and less expensive than typical succession.
Most people already know that they should have a will that outlines how they would like their estate to be handled, including the distribution of their assets to heirs. However, this is just the tip of the estate planning iceberg. More than just passing on physical possessions, people in Lake Charles can pass on their values and create a lasting legacy.
For young adults in Lake Charles, creating an estate plan can seem more than necessary. After all, what could a person with few assets and no dependents have to protect? As it turns out, quite a lot. Estate planning in early adulthood is essential for virtually everyone, even those who are young and healthy.
While some parents in Lake Charles prepare to send their children off to college or out into the world for their first "grown-up" jobs, others are traveling a somewhat different path. Parents of special needs parents often provide care for their children for much longer than average, and with that comes certain obstacles, particularly those related to finances. When used as part of estate planning, special needs trusts can greatly benefit everyone involved.
Every year, couples across the Lake Charles area let out a deep sigh of relief as they finalize their divorces and move on with their lives. Unfortunately, many forget one last thing when wrapping up the loose ends of their old married lives -- their wills. Anyone who has experienced a major life change should revisit the estate planning process and make important updates as needed.
Fans of popular Marvel Comics super heroes often idolize Stan Lee, the former editor-in-chief and creator of many popular characters. However, few fans might know of his current estate planning problems. Like many elderly Lake Charles residents, Lee was allegedly taken advantage of by men who tried to manipulate his estate and gain control of valuable assets.
Thinking about end-of-life matters is not exactly enjoyable, and many Lake Charles residents avoid this uncomfortable topic altogether. This can be devastating for not only a person's estate, but also for the family who is left behind without any clear guidance on their loved one's wishes. Avoiding estate planning can also cause taxes and fees to eat up assets that might have otherwise been distributed to heirs.
Advanced technology has brought convenience to many Louisiana residents and others through online banking and other forms of currency transfer. Such convenience has prompted an estate planning concern, however, especially in situations involving cryptocurrencies. Those who have assets in cryptocurrency accounts will want to protect their loved ones' interests by including encrypted information in their estate plans.
One certainty about life is that change is inevitable. While many Louisiana residents may be creatures of habit, perhaps hoping their lives will stay as much the same as possible for years to come, others thrive on adventure and also on change. When it comes to estate planning, the idea of change causes some people to hesitate when considering their plans because they mistakenly believe that once an estate plan is filed, it is permanent.
Not every Louisiana estate owner dies with all financial and other personal affairs neatly organized and set for the estate administration process. Then again, some who do execute thorough estate planning actions still wind up leaving family members with complicated problems to resolve. An estate executor for former First Lady Jacqueline Bouvier Kennedy Onassis's first cousin is currently entangled in such circumstances, claiming that the owner of a particular art gallery is in possession of a portrait that is rightfully owned by his aunt's estate.