Total Family Protection: 12 Steps to Estate Planning in Louisiana
Did you know that an estate plan is way more than a will?
In my practice as a Louisiana estate planning lawyer, I collaborate with forward-thinking professionals on ways to pass their values and prosperity to the next generation.
In my practice, I support Louisiana professionals and their families with customized and compassionate estate planning services. In this post, I provide a complete protection plan for your family. Including 12 steps that you can use to outline your approach when beginning the estate planning process.
This is the plan I use in my practice. I use it with clients while we plan their legacy according to their goals. We account for and organize your assets so that you’ll be as prepared as possible for what’s to come.
With this guide, you’ll be better prepared for the hard conversations that hold many families back from making the best plan possible.
You do whatever it takes to make sure your loved ones are taken care of, but what happens when you’re gone?
Ask yourself: how much do I know about what that process actually looks like?
Well, my fellow Louisianan, you’ve come to the right place.
Let’s talk about it.
A well-planned estate can ensure that your family will be taken care of when you are no longer able to do so.
For total family protection, you’ll need to get organized and prepared. It is the first step to securing your family’s future.
It may seem daunting, especially if you’re just getting started.
But, fear not, I’ve got your back.
Remember: we can’t predict the future, but we can try to prepare as much as possible.
Below, you’ll find a detailed list of what to think about when securing your legacy. But, before you can take action, you’ll need to take stock of what you’ve got.
After reading this guide, you’ll have what you need to get started, one step at a time. It will also help you make the informed decision to work with a lawyer or not.
Are you (or someone you love) experiencing analysis paralysis (a.k.a estate planning paralysis)? Then, check out my blog post on how to overcome the tough decision fatigue that many will experience when trying to organize an estate plan on your own. I even take you through more ways to determine if an estate planning lawyer is right for you.
Need to ask specific questions about your situation? I’m here for you.
Before we get started, please know that these 12 steps are general guideposts to help the general population on their estate planning journey. While it is possible to do your own estate planning, it’s important to understand that a well-prepared plan involves way more than a will. 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.
If you read this list and feel more overwhelmed than you did before, it might be time to work with a licensed estate planning attorney in your state.
For my fellow Louisianans, I offer 60-minute strategy sessions for folks looking for a deeper understanding of their own estate planning options.
Booking one of these strategy sessions makes it possible for me to give you legal advice based on your specific goals, and help you formulate a plan.
But, your commitment level is up to you.
This strategy session can be a one-time meeting where you ask questions and formulate your own plan. Or, a strategy session can be the beginning of client/lawyer collaboration, where we work together to investigate your estate planning goals and design an effective and customized estate plan where I do much of the heavy lifting.
That choice is up to you!
If you’re looking to deepen your understanding of estate planning, then sign up for weekly insights and best practices here:
Let’s get into it.
Get your notebook or your Notion doc ready to take some notes.
If you have any questions about these steps, you can reach out to me today at info@addieprewittlaw.com, or book your own strategy session here.
Total Family Protection Estate Plan
Addie’s 12 step guide to make sure your family is as protected as possible by your estate plan.
Understand your primary estate planning goals.
This can be different for everyone.
However, there are best practices that should be followed to maximize the benefit of your loved ones.
If you’re getting caught up on this step, read through my blog for answers to common questions. Here are some posts I recommend:
Still not sure exactly what you want? Here’s what I suggest to get closer to identifying your goals:
Take a piece of paper (or that Notion doc) out right now and write down your three top values. These values should be the most important to you, the kind of importance you feel in your bones. Take a few minutes, but try and write the first few things that come to mind.
These values are step one. How can you uphold these values with your estate plan?
If you’re not sure of the best way to implement your values into an estate plan, then it may be time to schedule a 60-minute strategy session with me. This is what I’m here to teach you. You can ask questions and we can discuss possible strategies.
Compile family history and a comprehensive inventory of your property and debt.
This probably seems like a doozy. Often, this is where people feel the most resistance. It is, however, the most fundamental step.
You’ll need to find all of your important documents (including a will, retirement accounts, property deeds, etc.), and login information and put them all in one accessible place.
The good news is that once this is done, the rest of the process becomes much easier.
I can guide you through the process by offering you tips and advice on how to best organize this information.
Take a deeper dive into estate planning in Louisiana with these helpful blog posts:
Select the person (or persons) 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.
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.
Get more information on what an executor is and what the responsibilities are here.
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.
When thinking about this, ask yourself:
Do I want a DNR?
Do I want certain medical procedures?
Do I not want certain actions to be taken?
Choosing a person to fulfill the stated wishes of your own healthcare adds clarity to difficult situations.
Leave instructions about your end-of-life care preferences for your family and doctors to follow.
This can be related to hospice, catastrophic events, organ donation, etc.
Plan Today for Peace of Mind Tomorrow
5. Designate to whom and how you would like your property to pass at your death, including whether you would like to use trusts, usufructs, specific bequests, or charitable bequests in your estate plan.
It’s up to you to take out the guesswork and be as clear as possible in 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 will set your family up for success, even when you’re not there.
If 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.
If you’re interested in learning more about retirement estate planning and charitable remainder trusts, read the blog post here.
6. 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.
Click here if you’ve been named the executor of the will and what that means.
7. Discuss whether there are any estate and 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.
Prepare yourself by looking into the latest legislative and regulatory changes, so you make a decision that is in line with your values.
As an estate planning lawyer, I take clients through all applicable scenarios, so they can get the most out of a difficult situation.
8. Prepare your estate planning documents, which at a minimum will include a will, a durable power-of-attorney, a health care power-of-attorney, and 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.
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.
9. 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.
10. Discuss burial plans and if cremation is being considered, prepare an affidavit for self-declaration for cremation.
The first week after someone passes is the most difficult.
Make it as easy as possible for loved ones to make arrangements by having clear instructions on what you’d like to happen in terms of burial, cremation and any other arrangements to be made.
This is an act of love and incredibly important to a family during this time.
11. Discuss whether disability insurance, life insurance, or long-term care planning is necessary.
There are a lot of unknowns when it comes to end-of-life care.
As your estate planning attorney, I will help you determine your ideal circumstances given different possibilities.
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.
12. Discuss best practices for securing estate planning documents and periodic reviews of an estate plan to ensure your family is protected.
Once you’ve made your estate plan, it’s important to keep it up to date.
If I become your estate planning lawyer:
I will not only help you create the best legacy possible, but I will stay in touch with you for the duration.
I will be available to make updates and changes as they become necessary throughout your life.
We’ll discuss the best plan of action for your family to contact me and gain access to the important documents upon your passing.
Usually, your estate planning documents will live in a waterproof, fireproof folder with my information on a business sticker affixed to the folder. It’ll look something like this:
It’s always a good time to plan for your family’s future.
I’ve said it before but bears repeating:
The estate planning process can be daunting.
This is exactly why I am an estate planning lawyer. I am here to help my neighbors, colleagues, and fellow Louisianans through the difficult, yet vital, estate planning process.
It may not be simple, but it’s worth it.
Not only am I an estate planning lawyer, but I’m also a married mother of two small boys who, with my husband, own multiple businesses and properties.
So, this protection plan is one I’ve built from lots of experience working with clients, but also from putting together my own estate plan.
My grandfather, my boys, and me a few years back. Three generations together!
It’s common to get caught up on certain steps of the estate planning process.
Especially when it comes to doing a comprehensive inventory of all your stuff. In fact, the thought of doing this is where many people get discouraged before they even start.
Truth be told, I can’t do this step for you. But I can make the process easier to work through.
First, understand that if you don’t do this work now, the responsibility will fall to your grieving loved ones whose actions will be dictated largely by the state.
When you book a strategy session with me, we break this daunting process down into simple steps - starting with a simple inventory of your personal situation. This is the jumping point of our collaboration and one we’ll return to often. By the time we’re signing your documents, you’ll have a comprehensive inventory of your stuff and a clear plan for the future.
You’re not psychic; you don’t know what’s going to happen in the future. Neither do I.
Think about an estate plan as an intention or desire about what one is going to do in the future.
We can't predict the future, and there is no such thing as the perfect estate plan. (P.s. If someone is selling you the perfect estate plan, they are completely full of shit.)
While there is no crystal ball for estate planning, we can certainly do what we can in the present.
An estate plan helps us see what we need to do now in order to achieve that plan in the future.
I often see clients find a sense of purpose when finalizing their estate plan, having discovered a new perspective on their long terms goals.
We are in this together.
Take Care,
Addie
Are you ready to create an estate plan that’s right for you?
FAQ
Q: Do I really need a will?
A: Yes.
Seriously, yes.
Pretty much everyone over the age of 18 needs a will.
You definitely need a will if you: own a house, have kids, or own a business.
Q: Which documents will I likely need to create a well-prepared 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
Q: What is a power of attorney?
A: A power of attorney is a document that gives someone the power to act on your behalf if you are unable to do so. Now you can give a power of attorney even if you are competent. Probably the most frequently used limited power of attorney is to allow your real estate agent to sign the documents to sell your property if you are out of state.
Q: What is a tutor?
A: In Louisiana, a guardian of a minor child is called a tutor. Parents are natural tutors of their children. The last surviving parent can appoint the person that they wish to serve as a tutor of a minor child. This provision is typically found in a will.
Take a look behind the legal curtain.
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Take a deeper dive into Lousiana estate planning with more posts by Addie Prewitt Law:
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.