Designate Beneficiaries and Other Rolesīy following this brief guide, an individual can ensure that they have made the necessary preparations for the end of their life and the distribution of their estate.How to Create an Estate Plan in Louisiana (6 steps) The Health Care Power of Attorney and Durable Power of Attorney allow an individual to appoint one (1) or more representatives to make decisions on their behalf in the event that they become incapacitated. The Last Will and Testament and Revocable Living Trust are the most commonly used legal instruments for planning the division of an individual’s property when they die. In addition to estate planning, the checklist presents options that an individual may elect to prepare for the loss of decisional capacity. Do so more often if you experience a major change in circumstance (marriage, divorce, children, inheritance, retirement, etc.).A Louisiana estate planning checklist is a document that provides a descriptive list of the important forms necessary to set up an individual’s plans for the distribution of their estate. Review your will, including assets and beneficiaries, every two years to ensure everything is accounted for. If you followed the step above, this will be much easier. Create a will that lays out what happens to your assets after you die.They can help you with important estate plan documents you need to include, like a will, trust and healthcare directive, and answer any questions you may have. It’s important to meet with your estate attorney to get a full picture of what your estate plan will look like. Determine the person who will manage your estate and include their contact information.ĭraft an estate plan with your estate attorney Decide the guardianship of your child(ren), if needed, and determine who will receive which assets after your passing, then note their contact information. You may want to consider using a password management system to store multiple passwords that can be accessed with one password. Provide a list of passwords that will grant access to any digital assets or accounts that may hold important information or have value, such as social media and online bank accounts. Passwords for all online financial accounts and other digital assets.Factor in any life insurance policies, their cash values and death benefits. Account for your debts and loans, such as your mortgage, personal loans, lines of credit, etc. This can include your home, other real estate, vehicles, art, jewelry and other physical assets. Compile recent bank, brokerage and retirement account statements. Current and anticipated future income.Take inventory of your financial assets for your estate planĮvaluate your current circumstances and existing assets, gathering any documentation before you meet with your attorney. However, it’s important to work with an attorney to draft these documents and update your plan throughout your life. If an estate planning attorney isn’t an option for you right now, there are estate planning software programs that can help you create and maintain these documents. You might not need every estate planning document right away. Whatever your stage of life, and whatever the value of your estate, this checklist provides a path to follow for creating and maintaining your estate plan. Only 46% of people over the age of 55 have an estate planning document.
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