Estate planning isn’t just about deciding what happens to your assets. No matter how close-knit your family, nothing causes disputes quite like disagreements over the estate and inheritance. We discuss the intricacies of Louisiana law and how an estate planning lawyer can help you create a simple estate plan that complies with the law, ensures your wishes are honored, and saves your family from unnecessary stress and conflict.
Understanding Louisiana’s Estate Planning Laws
Community Property vs. Separate Property
State law recognizes two types of property held by married couples: community property and separate property. Each spouse owns 50% of the community property, which includes all property, assets, and earnings acquired during the marriage.
On the other hand, separate property is solely owned by one spouse. It includes the assets acquired by that partner prior to their marriage, and any gifts, inheritance, or donations given directly to them.
Forced Heirship
Our state is the only one that has forced heirship, which is a vital piece of legislation that needs to be considered when putting together an estate plan. Under forced heirship, certain beneficiaries, such as disabled children and those under 24, receive a predetermined portion of your assets.
Usufruct Rights
If you’re married, your surviving spouse has the right to use and benefit from certain property items under usufruct rights, including a family home. These rights last until their passing, at which point ownership passes to your designated heirs.
Estate Planning Is for Everyone
Estate planning is a necessity for everyone, not just the wealthy. It ensures your estate, however large or small, will be distributed according to your wishes. However, without a proper plan in place, your possessions and assets become subject to Louisiana’s laws of intestacy. This means that the state’s succession laws decide which of your heirs inherits what.
Whether you have a small amount of savings or a portfolio of properties and investments, creating a simple estate plan prevents confusion and ensures your family respects your wishes.
How an Estate Planning Lawyer Can Help
Employing an experienced estate planning attorney will ensure your plan complies with state laws and closes loopholes that could lead to family disputes. Your lawyer will use their knowledge of local state law to tailor a plan to your situation, setting up trusts and using other tools to avoid the drawn-out and expensive probate process.
An attorney can also help you address sensitive issues, such as unequal inheritance, naming of a guardian for young children, or disinheritance of a family member. The legal language they incorporate into your will, trust, and other documents will leave no room for confusion or misinterpretation, so every family member understands your wishes.
Proper estate planning ensures your assets are secured and distributed according to your wishes, while avoiding probate and minimizing legal fees. Most importantly, it can also help prevent disputes arising between family members. If you’re ready to plan for the future, contact Walter D. White, A Professional Law Corporation in Shreveport, LA, and let us guide you through the estate planning process.