In early 2022, Bloomberg News reported that Americans can expect to inherit $72.6 trillion over the next quarter century—more than twice as much as a decade ago. With so much potential generational wealth on the line, there is always a risk that it will become the subject of a dispute.
What do these appointments mean to the person(s) named to act? What happens if they fail or decline to act? Can the planning appoint alternative representatives?
So why should you consider a more comprehensive plan than just leaving an out-of-state vacation home in your will?
What is covered by burial insurance?
Some people draft wills or trusts to ensure that the loved ones they will eventually leave behind own a piece of the properties the former will be leaving behind in case of their death.
In certain cases, the Louisiana Affidavit of Small Succession can allow the transfer of property without a judicial succession, saving time and money. But strict qualification rules apply and it may not work in every situation even if you qualify. A similar form can be used to transfer titled vehicles, trailers (including mobile homes) and boats which is given to the DMV or Department of Wildlife and Fisheries.
Of course, just because you have a living trust doesn’t mean you’re all set. Here are a few of the most common mistakes people make with their living trusts.
An Executor administers your wishes through the court-supervised probate process. But you can make his or her job easier and less expensive through the process known as “independent administration.”
A person named as a transfer on death (TOD) beneficiary for an account will receive the assets held in it when the account owner dies, but Louisiana has special rules.
People shopping for funeral or cremation services may be particularly vulnerable to overpaying or being swindled, which is why experts say it is important to be cautious when making those decisions.
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