Estate Planning

Often, the prospect of writing a will brings up feelings of uneasiness and anxiety. Yet, devising a will is one of the most important factors in estate planning, one that should promote feelings of security. Wills do not have to be complicated in order to be effective. Having a will ensures that Louisiana law will not dictate the distribution of your assets, the custody of your children, or the care of those under your responsibility with special needs.

A will is a formal, legal document instructing your survivors in the settlement of your estate. It is strongly recommended that everyone consider having a will done, regardless of the value of the estate. If you die without a will, you automatically forfeit the chance to direct the dealings of your estate. In addition to facilitating requests, a will is an opportunity for you to designate your own executor, guardians for minor children, and other fiduciaries.

For those who have life partners and are not married, wills are a means of helping to ensure that these loved ones will be included, whereas Louisiana’s intestacy laws do not recognize these very important people.

About wills & successions

The only way to truly ensure that your wishes at death are known and carried out is to have a will. If you own property, have children, recently married or divorced, or would like to make a specific bequest at your passing, then now is the time to prepare your will. Likewise, if you have a will but have not reviewed it within the last year, now is the time to make certain that your old will fits your current needs.

In addition to drafting wills, we can help you draft a Healthcare Power of Attorney (also known as a “Living Will”) and/or Durable Power of Attorney that will ensure the continued management of your affairs in the event that you become incapacitated during your life.

Community property

Louisiana is a community property state, and things acquired by the effort, skill or industry of one spouse are shared by both spouses. Generally, property acquired during a marriage is considered community property. There are some exceptions, such as property acquired with money that is separate property, or gifts made to one spouse.

Dying without a will

Also called intestacy — a decedent’s property will go into the hands of the person or class of people most closely related to the decedent as set forth by the Louisiana Legislature.

• Separate property passes to children, then parents and/or siblings, then direct ascendants of the closest relationship, then collateral relatives of the closest degree.
• For community property, a surviving spouse gets a usufruct and the decedent’s children get naked ownership in equal shares. If there are no children, the surviving spouse inherits all of the community property.

Forced heirs

Children under the age of 24, and children of any age who cannot take care of themselves, are forced heirs and must inherit a portion of the estate. The portion is a percentage based on the number of forced heirs. Grandchildren may be forced heirs if their parent is deceased and would have been a forced heir.

Succession / probate

All property of a deceased person must be probated for ownership to pass to another. Small estates (value less than $50,000 and no immovable property) can be probated with one pleading.

Trusts

Trusts are juridical entities that can have ownership of property. One benefit of trusts in estate planning is allowing money and other assets to grow tax free until disbursed to the beneficiaries. The types of trusts are too numerous to list here.

Types of wills

• An olographic will is written in the testator’s handwriting and has been signed and dated by the testator. To probate an olographic will there must be evidence of the testator’s handwriting.
• A notarial will is a testament that has been signed before a notary and two witnesses. The testator must sign every page of the testament.

Usufructs

A usufruct allows a person who is not the owner of property to enjoy the use and the fruits of the property. An owner of property subject to a usufruct is called a naked owner. Often, a surviving spouse will get a usufruct over the community property while the children get the naked ownership.