The best plans mean nothing if they are impossible to execute when it’s time to do so. Estate planning is a process of putting certain plans in place and drafting specific documents that will protect the interests of a Louisiana adult, but it’s crucial to make sure those plans will actually work in the future. It’s also critical to make sure the right plans are there that will go into effect as soon as they are needed.
Estate plans are important as soon as someone becomes unable to speak for himself or herself. Many assume estate plans are only necessary after someone dies, but they also have many benefits for the living. They allow an adult to outline medical care preferences in case of incapacitation, and there are also documents that name a specific person to make important legal and financial decisions on his or her behalf.
A durable power of attorney for finances names someone to make financial decisions in case the individual is not able to do so. There are two types, one that goes into effect only in the event of incapacitation, and the other goes into effect as soon as it’s finalized. The right choice depends on the individual needs and the objectives of the person creating the power of attorney.
Life is unpredictable, but there are steps one can take that will allow him or her to have more control over what happens in the future. One of these things is drafting documents that will provide the ability to manage finances in case of an unexpected event or emergency. When making an estate plan, it is helpful to work with an experienced Louisiana attorney.
