The idea of estate planning is often associated with the wealthy, but it’s something that regular families benefit from, too. For many Louisiana families, an estate plan is less about wealth preservation for future generations and more about ensuring clarity, fairness, and efficiency; something an estate planning attorney can help you with.
What Should Go Into a Solid Estate Plan for the Average Louisiana Family?
A Will
Without a valid will, property is assigned according to the provisions of Louisiana’s intestacy laws, which can produce results a family may not expect. For this reason, a will is usually the first document to be completed as part of your estate plan. It is possible to create a valid will by writing it out by hand, then dating and signing it. However, we would recommend a notarial will, which is one signed before a notary and witnesses.
Trusts
Don’t be too quick to think of trust funds and jet-setters. While not everyone will need a trust, they are not the exclusive preserve of the wealthy and can be useful in certain situations. For example, we can help parents to create a testamentary trust for minor children so that assets are managed responsibly until adulthood.
Power of Attorney
A general durable power of attorney allows a trusted person to act on financial and legal matters if you become incapacitated. Without it, the family may need to petition the court for an interdiction proceeding, which can take time and make life difficult. For example, if one spouse suffers a stroke and cannot sign documents to sell community property, a power of attorney avoids delays and added expense.
Health Care Documents
Advance directives and medical powers of attorney give guidance on medical treatment and give your designated health representative the right to make health decisions on your behalf if you are unable to. Louisiana law permits a “living will” declaring preferences about life-sustaining procedures. Families who discuss these matters in advance often experience less conflict during stressful medical situations.
Beneficiary Designations and Titles
Some property passes outside of a will, such as retirement accounts, life insurance, and payable-on-death bank accounts. In Louisiana, attention should also be paid to how property is titled since this affects distribution. For example, a couple who incorrectly assumes all assets are community may unintentionally disinherit children from a first marriage.
Planning for Minors and Dependents
If you are a parent, you should name a tutor (guardian) for minor children in your will. This avoids uncertainty over who will care for the children if both parents pass away unexpectedly. Louisiana courts respect these appointments unless a serious issue is presented to them to show that the designated tutor is unsuitable. Families with dependents who have special needs may also consider a supplemental needs trust to preserve their child’s eligibility for government benefits.
Consult an Estate Planning Attorney
It can seem difficult to know where to begin when making plans for the future, but as lawyers experienced in this field, we can help. We will listen carefully as you explain your situation, and ask questions that will help us to get the full picture of your life and wishes.
