Estate Planning
It is important to know that Estate Planning is so much more than just drafting your will or creating a trust. Estate Planning is thoughtfully designed plan for all of the expected and unexpected challenges as you acquire more property and wealth, encounter new and changing relationships with spouses, children, and relatives, and deal with medical shifts and life events.
Estate Planning includes planning for the end-of-life transition of your money and assets with a Last Will & Testament or a Revocable or Irrevocable Trust. It also includes decisions about a Power of Attorney or Mandate and a Living Will.
Power of Attorney
The creation of a Durable Power of Attorney which covers finances, property, banking, investments, business assets and dealings, medical bills and insurance and health decisions, digital assets, and even pets is important to have in case you get incapacitated.
Living Will
A Living Will, which is similar to the medical directive that you fill out at a medical facility. Taking to the time to think about the choices you would make – whether or not accept care and the type and duration of that care – is something to decide before you have to decide.
- Simple straightforward process of assigning assets after death
- Cost efficient as a lower upfront cost with minor updates
- Executor carries out the decedent’s wishes after death
- Can appoint specific legatees who can be particular, general, or universal
- Can use exhibits to assign specific items and assets to specific people
- Requires opening Succession to acquire a final Judgment of Possession
- It is a matter of public record
- Takes over after death through the terms of the will
- Assigns guardianship of your children through a Testamentary Trust
- Subject to forced heirship rules
- Assets need to be formally transferred (funded) into the Revocable or Irrevocable Trust to be shielded from the Succession process
- Higher upfront cost with updates included with the package
- Trustee handles the trust during life and the Successor Trustee carries out the decedent’s wishes after death
- Bypasses Succession to acquire ownership – is often paired with a Pour-Over Will to cover any assets not funded in the trust
- It is not a matter of public record (private)
- Cannot assign guardianship of minor children, only manages property
- Subject to forced heirship rules (Revocable) and Louisiana Trust Code rules (Irrevocable)
Our attorney, David P. Curlin handles Estate Planning and Successions for Our Firm. He is well-versed and experienced in handling both the planning stages and estate management after a death of a loved one.