A succession (probate) is required when there is no other method to transfer a deceased person’s assets to their heirs. Although the heirs may be the “owner” of the decedent’s assets, a succession is required to formally transfer the ownership and re-title the assets in the name of the heirs. Other methods to transfer assets to the heirs include beneficiary designations on IRAs, 401(k)s, 403(b)s, 457 plans, payable on death accounts and trusts. These beneficiary designated assets do not go through probate and are not controlled by the will or intestacy laws. Assets titled joint tenancy with rights of survivorship
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My prior post focused on the importance of planning for the needs of a disabled child. In particular, the post highlighted the benefits of using a special needs trust to enhance the quality of life of a special needs child while preserving eligibility for governmental assistance. There are two main types of special needs trusts. These are known as third party special needs trusts and self-settled special needs trusts. A third party special needs trust holds assets that came from someone other than the disabled individual. Parents of a disabled child may leave assets to a special needs trust created
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This past Saturday, September 14, I had the pleasure of serving as a discussion panelist for the “Life Planning for Persons with Disabilities” workshop sponsored by the Arc of East Ascension in Gonzales, LA. The workshop was a wonderful event and attendees had the opportunity to learn about many considerations when planning for a disabled child. In this post I will discuss several key takeaways from the workshop. Planning for a disabled child involves dealing with several key issues to help ensure that your child will have a competent tutor (guardian) and the financial resources available to meet your disabled
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A properly drafted revocable trust or a testament (will) is the cornerstone of an effective estate plan. Unfortunately, it is estimated that 70 percent of Americans die without an estate plan. A person who dies with a valid will dies testate, and a person who dies without a valid will dies intestate. If you die without a trust or a will, the State of Louisiana’s intestacy laws determine who will inherit your estate. The problem with the intestacy laws is that you lose all control with regard to who inherits your estate and how your assets will be inherited (e.
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When an estate goes through an administration, a succession representative must be appointed by the Court. When you draft your will, you should name a succession representative and a successor if the first is unable or unwilling to serve. You maintain control over this decision rather than the Court. In many cases, the surviving spouse is named the estate’s succession representative or executor. If there is no surviving spouse or if the surviving spouse is unwilling or unable to serve as the succession representative, the testator (the person drafting the will) typically relies on the children to act in this capacity. Often
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