Why Do I Need To Have A Will?
Your will is a legal document where you state who you want your property to go to when you die. If you have minor children, your will is where you can nominate your choice of a guardian for your minor children to be cared for when you are not around.
In your will, you name exactly who you want to inherit from you, create a trust, or if you own a lot of property, you can create a trust to save on taxes. Succession planning can also include creating a plan for passing your business to your choice of person or organization.
You have worked hard for your legacy and you can conserve your assets by creating a succession plan. Mr. Miciotto offers succession counseling for your estate and for your business. Call him at 318-402-0138 or contact his office online.
Where Will My Property Go If I Do Not Have An Estate Plan?
If you die without a will, the state of Louisiana looks at the property you own, and whether it is community property or separate property in your name alone, and if you are survived by family members and what their relationship is to you.
Then it gets complex. The court factors in children, forced heirs — a child of the deceased who is under 24 years old, or who is permanently disabled — to become beneficiaries of your property.
If you die with no will, your separate property would go first to your children, or grandchildren. If you have no children, your brothers and sisters are next in line, then nieces and nephews, and on, but other relatives may actually have use of your property until they die.
If you have no relatives, your separate property would go to, or escheat, to the state of Louisiana.
How Can I Avoid Unfair Inheritance Results?
Planning ahead is very important to protect both your family now and in the future. When you pass your family will grieve, but having a will helps to lessen their burden to know what your wishes are when you die. You may update your will at any time while you are alive.
Mark J. Miciotto, L.L.C., provides succession and wills counseling at his firm. Contact Mr. Miciotto online or call 318-402-0138 today for a free consultation to learn more.