Best Estate Planning Attorneys in New Orleans

FAQs

• What is the non-emergency contact number for the local police station in New Orleans, Louisiana?

  The non-emergency contact number for the local police station in New Orleans is 504-821-2222

• Where can I get a copy of police reports for incidents related to my case in New Orleans, Louisiana?

  You can obtain a copy of a police report in New Orleans by visiting the Records and Identification Division, located at 715 South Broad Street, First Floor, from Monday to Friday, 9:00 a.m.- 3:00 p.m. You may also access the online request page at http://nola.nextrequest.com/.

• How can you protect your business in New Orleans after you pass away?

  If you are a business owner in New Orleans, you can seek legal assistance in drafting your business succession in your estate. Having an efficient transfer of assets after you pass away is vital to the survival of your company. You have the option of a retention plan or buy-sell retention. A retention plan keeps the business shares within the family, while the buy-sell retention plan offers shareholders and employees the right to first refusal.

• How can you plan for the care of your minor children in New Orleans?

  You can arrange for guardianship of your minor children in New Orleans by creating a will. Usually, a guardian is a close family member or a long-time family friend. Your decision can be based on religious beliefs, educational background, and the willingness to accept the responsibility to take care of your child in the event that both parents are no longer available.

• What kinds of assets can you include in your revocable living trust in New Orleans?

  If you are planning to execute a revocable living trust in New Orleans, you can include various types of property. Among the assets you can include are real estate properties, automobiles, boats, and firearms. It is important to note that all assets that are in the trust will not be part of any probate process when you pass away. It is recommended that you ask assistance from an estate lawyer to avoid any mistakes in the process.

• Can you still make changes in your will in New Orleans while you are alive?

  Yes, you can still make changes or updates to your will while you are still alive. States laws governing New Orleans allow a testator to make changes, especially if there have been major life changes such as marriages, childbirth or adoption, death of a loved one, and new properties acquired.

• What are the types of power of attorneys in New Orleans?

  If you are planning to execute a power of attorney, also known as a mandate or procuration in New Orleans and across the state of Louisiana, there are three options to choose from. First is the durable power of attorney, which is effective from the moment you have one until you become incapacitated. The second option is the springing power of attorney, which comes into effect when you become incapacitated. The last type is the conditional power of attorney, where certain conditions must be met before it takes effect.

• What does an estate planning attorney do?

  An estate consists of the total assets that form an individual’s net worth, no matter how large or small. Estate planning attorneys use their in-depth knowledge of state and federal laws to help people best manage what will happen with their estates after they die or become incapacitated. Estate planning attorneys can prepare wills, form trusts, reduce estate tax burdens, and decrease or eliminate the need for probate court.

• What are valuable estate planning services an attorney can provide?

  With the many intricacies of assets, taxes, and state and federal laws that can affect a person’s estate, an estate planning lawyer can be a valuable professional asset, no matter how large or small a person’s estate may be. An estate planning attorney can:

  • Create a comprehensive plan to protect a client's legacy, that includes a will, power of attorney, trusts, life insurance, and advanced medical directives
  • Optimize an estate plan as tax laws, life events, assets, and goals change over time
  • Protect a client’s loved ones by preventing assets from entering probate
  • Help clients designate a person to make important health decisions for them if they become incapacitated

  
  

• Can estate planning attorneys help create trusts/wills?

  Estate planning attorneys can create trusts and wills. Through a will, an attorney can help a client designate their estate’s beneficiaries and assign an executor to represent the will in probate court. These attorneys can also create trusts, allowing a client to assign a trustee to oversee the estate, potentially avoiding probate court and holding assets to be distributed over time.

• Is estate planning the same as drafting a will?

  While both estate plans and wills officially document how their owners wish to allocate certain assets after their death, there are key differences. In estate planning, a will is often just one of several documents that form a comprehensive plan. In a will, people must designate a person responsible for executing their will after their death. The will can include guardians for their children when they die and beneficiaries to receive an inheritance of money, property, and other assets.

• What are the steps involved in estate planning?

  To create a thorough and effective estate plan, individuals should follow these steps:

  • Prepare a will that designates an estate executor; indicate who will receive what assets, and assign a trust and guardians for any children. Consider using an attorney if the will is in any way complex.
  • To avoid probate, have an attorney create a revocable living trust.
  • Assign beneficiaries to other assets, such as life insurance policies, retirement plans, and securities.
  • Use an attorney to prepare a living will, name a health care proxy, and create a HIPAA release form.
  • Update the plan every five years.

  
  

• How long does the estate planning process last?

  The length of the process can vary greatly depending on the size and complexity of the estate, the specific law office, and whether there’s an emergency or urgent need. If you’re using an attorney, you can generally expect it to take one to five weeks. You may be able to speed up the process by immediately providing your attorney with any bank statements or other documents they need.

• What is a trust?

  A trust is an agreement between a grantor, a trustee, and a beneficiary. In this agreement, the grantor allocates funds or real property assets to the trustee to be held either until the grantor passes away or until a specific, agreed-upon date. At that point, it's the responsibility of the trustee to distribute funds or property to the beneficiary or beneficiaries. While there are similarities between a will and a trust, a will is a more comprehensive document that typically requires probate court, while a trust allows assets to pass to the beneficiary without probate.

• How does a trust fund work?

  When opening a trust fund, a grantor allocates a trustee to oversee and manage assets in the account. This trustee can sometimes be a relative, an estate lawyer, or a bank that acts as the legal owner of the trust. While holding assets, the trustee is required to file taxes on trust assets.

• How does a living trust work?

  A living trust enables a grantor to manage their assets through a trustee while still alive. They can continually add funds and/or property to their trust fund by transferring them to the trustee, who accepts ownership of everything held in the fund. The grantor can name a beneficiary for their trust, and their assets will be automatically transferred to that person or establishment upon their death.

• Do I need a lawyer for a will?

  No, a lawyer is not required to draft or complete a will. However, there are some scenarios in which hiring an estate lawyer to assist with a will is a good idea, including when children or high-value assets are involved. Additionally, an estate lawyer can help to reduce probate fees and taxes paid by loved ones after a person dies. It's also best to work with a professional to ensure that the will addresses everything necessary, such as funeral plans, guardianship, and asset distribution.

• Can you have both a will and a living trust?

  Yes, and individuals who have a living trust should also have a will. While a living trust enables a person to leave funds and assets to a loved one when they're gone, a will is required to cover any assets that aren't included in the trust, such as guardianship of dependents, funeral plans, and forgiveness of outstanding debts, if applicable.

• How much does it cost to set up a trust?

  The cost of setting up a trust varies quite a bit depending on a variety of factors, including terms that are in place, special provisions for minor beneficiaries, and trustees' basic fees. In most cases, the minimum cost of setting up a trust is about $1,500, but depending on the factors mentioned above, this cost can increase by thousands of dollars.