Louisiana Estate Plans
Estate plans are a great tool for individuals to ensure that their loved ones will be looked after upon your death. It simply means planning what will happen with your property at the time of your death. It includes wills, possibly trusts, and other documents. It may include providing for guardians for disabled people or minors. It expands to include pre-death planning such as powers of attorney and living wills and possibly competency issues.
Why You Need an Estate Plan in Louisiana
In Louisiana, if you die without a will your property goes to your children with a usufruct in favor of your surviving spouse. This means that Louisiana’s default estate plan could be very different from what you actually want! This poses a huge problem especially for unmarried couples, couples in second marriages, and children from previous relationships.
What You Need in Your Estate Plan
We can address the following issues with you as they pertain to your circumstances and needs:
- Naming beneficiaries to inherit your assets
- Setting up trusts
- Making plans for your pets
- Powers of Attorney for Healthcare
- Powers of Attorney for Financial Decisions
- Medical Planning if you are on life support
- Funeral wishes
- Incapacity planning
- Care for disabled individuals
By planning ahead, you can make sure that you are in charge.
When to Update Your Estate Plan
You need to update your estate planning documents regularly to reflect changes in your family and circumstances. We recommend you review your estate plan every five (5) years, or at any major life event such as a birth, marriage, death, or divorce.
Don’t Forget Your Pets
We provide pet trusts! Have you thought about what would happen to your furry family members? Pets can easily get lost in the shuffle that follows death if plans for their well-being have not been included in your estate planning documents.