12 Steps to a Successful Louisiana Estate Plan
It takes more than a DIY will to create an accurate and effective estate plan in Louisiana.
You probably know that an estate plan is way more than will.
In fact, it takes several documents & preparations, all working together, to create a successful estate plan for you and your loved ones.
As a Louisiana estate planning lawyer, I help my clients find ways to take care of their loved ones and future generations.
It’s important to me to make Louisiana estate planning as simple as possible.
You can create a last will and testament, sign a power of attorney, and even write down your final wishes.
But, if you don’t approach your estate plan with a big picture strategy, you might just miss the mark when it comes to creating the best estate plan for you and your family.
The first step of any estate plan is knowing you have to put one in place. So, since you’re here, you’ve already done the first (and probably the most important) step.
“1 in 3 Americans who have no will or living trust claim they don’t have enough assets to leave behind.”
An estate plan is a dedicated collection of documents that offers a plan of action for what happens to you and your property when you die.
Meaning, it’s your best bet in preparing for the unknown.
There are 12 more steps that you can use to outline your approach when beginning the estate planning process.
This is the plan I use in my Louisiana estate planning practice. It’s how I guide all of my clients to create an estate plan that matches their goals. We account for and organize your assets so that you’ll be as prepared as possible for what’s to come.
Start collecting and organizing all the moving parts that come together to form your estate plan.
The Louisiana Estate Planning Workbook
$49 $75
Start preparing for your estate plan, from start to finish. Start with your goals, compile your inventory, assign roles, and much more.
This workbook is the perfect tool to get your ducks in a row for a quick and effective estate planning process.
I assure you, if you show up to a lawyer’s office with this completed workbook, you’ll get the best estate plan possible!
Note that these 12 steps are general guideposts to provide general information about Louisiana estate planning.
While it is possible to do your own estate planning, it’s important to understand that a well-prepared plan involves your focused attention and some critical thinking about you and your future.
So, while this post does not contain any legal advice, it can help you decide whether or not working with an estate planning lawyer is right for you.
A Successful Estate Plan in 12 easy steps
Make sure your family is as protected as possible by your estate plan.
Estate planning goals
Create a comprehensive inventory
Power of attorney
Living Will
Designate beneficiaries
Select your executor
Estate planning taxes
Prepare estate planning documents
Nonprobate property
Final wishes and funerary instructions
Estate planning and life insurance
Discuss your estate plan with your loved ones
Shop Estate Planning Resources
Understand your primary estate planning goals.
Estate planning is for everyone, but it doesn’t mean that everyone needs the same estate plan.
Before you start drawing up paperwork and hiring an estate planning lawyer, take a little time to consider what’s really important for you.
Depending on your goals, you’ll need to consider certain legal perimeters that Louisiana has in place concerning estate planning, especially when it comes to ownership laws and laws of intestacy.
There are best practices that should be followed to maximize the benefit of your loved ones, especially when considering rights of your children, real estate, probate and nonprobate property.
Sit down with your partner, spouse or your closest loved ones to discuss your values and goals before beginning the estate planning process. Understand that things can change and estate plans can be updated.
Take the time to get clear on your goals before doing anything legally binding.
Create an Estate Planning Inventory
You’re probably thinking, “oh, just a comprehensive inventory, is it?”
This step tends to cause some anxiety with my first time estate planning clients.
People start thinking about their house, the boxes in the garage, the stuff in the attic, the safety deposit box and before you know it, they’re in the midst of what I call estate planning paralysis.
It’s normal to feel this kind of resistance.
HOWEVER, creating an inventory is the most fundamental step of any estate plan.
Simply put, you have to know what you own in order to know what you can give away and pass onto your loved ones.
I assure you, it’s not as difficult to put together this inventory as you think.
And, whether or not you’re going to hire an estate planning lawyer, creating an estate planning inventory on your own can save you a lot of time and money in the long run.
Even if you do hire a lawyer, you will most likely be paying a lawyer rate for this step to get done before doing any other estate planning.
Generally speaking, you can maximize the effectiveness of your legal collaboration by compiling your inventory yourself.
““Americans who have had a serious case of COVID-19 are 66% more likely to have a will than those who have not.””
Create a power of attorney
In general, it’s good practice to create a power of attorney as early as possible in your estate planning process.
Doing so entails the selection of the person you would like to name as your financial agent in a durable power of attorney and determine the scope of actions they can take with respect to your property.
In terms of estate planning, it’s important to create a durable power of attorney, so that it will remain in effect should you become incapacitated.
Because the person named in your power of attorney will be in charge when you are not able to advocate for yourself, it is vital that the person named power of attorney or executor of your will understand your wishes.
This will help them determine the best course of action when the time comes for them to take care of your legacy.
Note that these duties can take place prior to your death, in the event that you become incapacitated or otherwise unable to make decisions.
Remember that a power of attorney is no longer valid once you pass away. This is one of the most common misconceptions for many estate planners.
Estate Planning has never been simpler!
Louisiana Living Will Template
$39.00 $49.00
This user-friendly template includes step-by-step instructions and a straightforward declaration of living will template that’s easy to complete.
Tailored to Louisiana's specific legal requirements, it includes provisions for making critical medical decisions and appointing witnesses.
Create a living will
Along with your healthcare power of attorney, it is best practice to create a Louisiana living will.
This is a document, called the Declaration of Living Will, and also referred to as an advance directive.
And, simply put, it’s a simple document that clarifies whether or not you want certain medical procedures done should you become incapacitated. Specifically as it pertains to artificial hydration and artificial nutrition (think feeding tube).
The living will clarifies if you want these procedures to take place or not. The healthcare power of attorney names the person you want in charge of all other healthcare and medical wishes.
I believe that having these two documents working together is the best way to ensure your medical wishes are known and followed when necessary.
Creating a Louisiana Living Will is simple, especially when you have the right tools.
Select the person (or persons) you would like to serve as your healthcare agent, and determine the decision-making abilities you would like to give them with respect to your health.
Get your estate plan done quickly and correctly!
Sign up to download this FREE estate planning inventory worksheet instantly!
Designate your beneficiaries.
It’s important to know to whom and how you would like your property to pass at your death.
This includes both probate and nonprobate property. It’s also important to consider your ownership rights and determine what is community property (shared with spouse) and separate property (what you own outright).
Be sure to consider trusts, real estate ownership, specific bequests, or charitable bequests in your estate plan.
It is crucial to be as accurate and clear as possible in this step.
Creating your estate planning inventory will help greatly during this step.
You can leave a simple plan for your loved ones to follow, relieving them of the difficult decisions required when the time comes.
This is the best way to create a successful estate plan, especially because you won’t be there to carry it out.
If the step feels complicated, especially when it comes to trusts and charitable bequests, it might be a good move to get an estate planning lawyer involved.
Free Louisiana Estate Planning Inventory Worksheet
This free resource makes the first (and most important) step to any estate planning process simple. Don’t put your estate plan off any longer!
Choose your executor.
Select the person you would like to name as executor to oversee the distribution of your property after your death.
It is best practice to name the executor of your estate prior to your passing.
This allows that person to make arrangements and gives them time to prepare and educate themselves on what needs to be done and when.
Remember that a power of attorney is no longer valid once you pass away. Upon death, the executor takes over as the point person for carrying out your estate plan preparations.
It’s important that you and your chosen executor understand the responsibility that this role requires.
Commonly, married couples will name each other as their estate’s executor.
While this may seem like the easiest decision right now - you really should consider who the best person is to carry out your wishes upon your death, especially as you (and your spouse) enter later life stages.
Regardless of you choose, make sure they’re aware of their role and that they fully understand your wishes.
Estate Planning Taxes
Determine whether there are any estate, gift, or income tax planning opportunities.
You don’t know what you don’t know. It’s important that you explore all options and opportunities available to you in planning your estate.
Taxes and your estate plan are largely determined by the value of your estate, the appreciation (and depreciation) of certain types of property, and the current estate planning legislation.
Prepare yourself by looking into the latest legislative and regulatory changes, so you make a decision that is in line with your values.
Creating an inventory will help determine where you stand in terms of taxes, medicare, and other benefits that Louisiana has in place for residents.
As an estate planning lawyer, I take clients through all applicable scenarios, so they can get the most out of a difficult situation.
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When you need a Louisiana estate planning lawyer to prepare your estate plan thoughtfully, strategically, and accurately.
Addie Prewitt offers one-on-one estate planning services for those needing the support of a legal professional.
Prepare Estate Planning Documents
Prepare your estate planning documents, which at a minimum will include:
a last will and testament
a durable healthcare power of attorney
a durable financial power of attorney
a living will
Properly prepared documents are the only way to establish a valid estate plan that can be executed to the fullest extent of your final wishes.
To make sure your estate planning documents are legally recognized by the state of Louisiana, it’s important to seek advisement from a legal professional. Additionally, consider getting your estate plan notarized.
The notarization process is simple and can go a long way for your loved ones implementing your estate plan.
As part of the notarization process, you’ll need to be accompanied by two witnesses.
When selecting witnesses, keep the following in mind:
a witness needs to be a legal adult (it’s best to make sure they’re at least 18 years of age)
a witness cannot be a beneficiary of your estate plan
the notary cannot serve as a witness
It is through these documents that your loved ones will have access to your legacy and generational wealth.
As your estate planning lawyer, I guarantee that these documents are prepared properly and will be accessible to your family after you pass away.
Estate Planning is way more than a living will.
It’s time to get prepared.
Nonprobate Property
Certain property and assets do not pass through your last will and testament.
This type of property is called nonprobate property.
It’s important to review and, if necessary, designate primary and contingent beneficiaries for all non-probate assets such as 401(k) plans and life insurance.
The to-do list of demands can get long for any executor and family dealing with an estate when a loved one has passed.
You don’t want hard-earned assets to get lost during this time. It’s important to designate beneficiaries to all financial accounts and inform those beneficiaries that they have been named.
This ensures your assets will go where you want, as opposed to the state or financial institution deciding where that money goes.
Shop Digital Estate Planning Resources
Funerary Instructions
The days and weeks immediately after someone passes away are more than difficult.
Often, when there’s no plan in place, grieving loved ones can make emotional decisions when it comes to funerals and last rights of the recently departed.
When you make your wishes clear and share them with your loved ones, you can ensure your loved ones have a plan to follow while they deal with loss.
It is often possible to pre-arrange certain elements of your funeral and other end-of-life practices.
This might be something to consider, especially to save your family money and resources as they begin the estate planning process.
Discuss burial plans and if cremation is being considered, prepare an affidavit for self-declaration for cremation.
This is an act of love and incredibly important to a family during this time.
Estate Planning Insurance
Determine whether disability insurance, life insurance, or long-term care planning is necessary.
If you have specific questions about what’s involved in creating contingency plans for your own estate, it’s best to seek the advisement of a licenses Louisiana legal professional.
There are a lot of unknowns when it comes to end-of-life care.
Although you can’t predict the future, you can prepare for it.
Having a thorough, organized, and properly prepared estate plan is the best way to do that.
Get Your Estate Plan Done with Ease (really!)
The first and most important step in any estate planning process is creating an inventory of everything you own (and owe).
Sign up to get the free worksheet instantly!
Discuss your Estate Plan with Loved Ones
You can create all the legal documents and write down your estate planning goals all day long.
But, if you don’t share these decisions with your loved ones, make your wishes known and share your documentation with your estate planning team, then it doesn’t do you much good.
I strongly advise that everyone have frank conversations with their loved ones when it comes to estate planning.
Before selecting roles like executor, healthcare power of attorney, financial power of attorney, and even beneficiaries, make sure you inform your chosen person and get clear on what they will be responsible for when the time comes.
It’s very common for spouses to put each other in charge of their estate plans.
However, it is very important to consider other loved ones and family members as you enter the later stages of life.
There are a lot of responsibilities required in implementing someone’s final wishes.
So, make sure you have clear conversations and keep your estate planning team well informed. That way when the time comes, there’s a clear plan to follow. This greatly reduces additional anxiety and stress for loved ones during a difficult time.
Louisiana estate planning should be as simple and accessible as possible.
Check out the digital resources for tools, templates and articles that will help prepare you, no matter where you are in your estate planning journey.
Take Care,
Addie
FAQ
Q: Which documents will I likely need to create a complete estate plan?
A: It can vary from client to client, but generally, folks looking to make an estate plan can count on needing some, if not all, of the following documents:
Last will and testament
Living trust
Beneficiary designations
Financial power of attorney
Advance healthcare directive/healthcare power of attorney
Insurance policies (health, life, car, home, etc.)
Titles and property deeds (car, home, boat, rental property)
Proof of identity (social security card, prenup agreement, birth/marriage/divorce certificates, etc)
Digital logins and passwords (yes, all of them)
Funerary instructions (although I believe these should be given directly to your loved ones prior to your death.)
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