The Importance of Wills: Protecting Yourself and Your Family
The unknown is a murky, intimidating void in which we project our deepest concerns about the future. The hardest part about beginning a will is just that-the beginning. It means considering the option that one day you will no longer be a part of this world and your precious friends and family will live on without you. It sounds like dark stuff, but it doesn’t have to be!
Wills don’t have to be a reminder of the end to come. To me, they simply serve as vessel to show your family how much you care.
It’s a relief to know that your family will not have to tear their hair out wondering what you could have possibly wanted to do with your estate. It’s liberating to be able to express explicitly how you want your belongings to be treated and who you want to inherit your lucky pair of sushi socks. Even your in-laws will have to abide by your totally unique set of standards for your possessions.
Dividing Your Estate: Getting Started with Successions Law
But how do you start? First, of course, you consult with an attorney you trust. There are two primary ways in Successions Law of going about dividing your estate: Wills and Trusts. Wills are pretty self-explanatory. After you die, your assets are distributed according to your will.
Wills are great. They really are a straightforward way of dictating to whom your assets will be given and how much they will receive in accordance with Louisiana law. Before your inheritors receive the assets on which you’ve decided, your will must go through court during what is known as a “probate process.” The probate process simply refers to the steps taken to validate, or “prove,” your will in the court of law. The length of the process depends on how complicated you leave your estate.
How do you skip the probate process? A Revocable Trust is an option to help your family avoid the probate process. You entrust your estate to a “trustee” who later distributes your estate according to the trustee’s documents. A trust also keeps the distribution of your assets out of the public record, so you can continue to protect the privacy of your loved ones long after you’re gone.
Both of these options provide a priceless level of protection. Not only will you rest easy knowing that the division of your assets is one less thing you need to worry about, but your family will also appreciate that you thought ahead to protect them from potential legal roadblocks.
Ask Your Attorney Which Successions Option is Right for You
Making plans so your family will know what to do after your gone is a bittersweet process. You know you’re doing the right thing, but it’s not always easy to imagine your family moving forward without you.
That’s why an attorney will make the process as time-efficient and easy as possible, so you can focus on getting back to what’s most important: Spending time with the ones you love. Contact Edward J. McCloskey today to schedule a consultation.