Trusted New Orleans Estate Planning Lawyers:

You spent your whole life working hard and building an estate to be proud of.  To be sure that estate transfers to seamlessly, a solid estate plan is paramount.

An estate planning lawyer is an attorney who specializes in assisting families and individuals with planning for the transfer of their estates to their heirs.  An experienced estate planning attorney not only drafts the necessary documents but offers guidance as to which instruments will best suit your situation and meet your estate goals.  Our New Orleans estate planning attorneys will advise you on the difference between probate and non-probate assets, the pros and cons of each type of estate document, the relevant laws that must be taken into account, and more.

You should call an estate planning attorney and make sure your estate plan is soundly set in place to ensure a smooth transfer, to protect your estate from creditors, to avoid a lengthy probate, to prevent disputes among heirs, to avoid excessive taxes, to plan for Medicaid, to protect heirs who have special needs or who have a history of bad money management, to take care of your affairs during your lifetime if you become unable to do so, and much more.  There is no shortage of good reasons to create an estate plan, no matter how big or small your estate may be.

Types of Estate Documents that Our Estate Planning Lawyers Prepare:

There are different types of estate planning documents that fit different situations depending on the circumstances.  Each has its own uses, benefits, and level of complexity.  Our New Orleans estate planning lawyers are experienced at preparing all types of estate plans.

Last Will and Testament:

A last will and testament is the most basic instrument to pass property to an heir or legatee.  Without any estate plan, your estate will pass according to Louisiana’s intestate laws.  With a will, you can dictate which assets pass to which heirs.  This is especially useful when certain family heirlooms are intended to be left to certain heirs.  A will also allows a testator to disinherit an heir.  A will is also useful for parents of young children to appoint their preferred guardians for their children.  They can be useful for blended families with separate property.  The options are endless when it comes to customizing your last will and testament.

Contesting a Will:

A will can be challenged up to five years from when a succession proceeding is opened.  Wills can be contested for many reasons including lack of proper form, forgery, lack of capacity, fraud, or duress.  Our New Orleans estate planning lawyers have prepared hundreds of wills and can help ensure that your last wishes are clearly expressed and in the proper form.  This will help your heirs avoid any future challenges to your estate plan.

Updating a Will:

Wills and other estate planning documents should always be prepared based upon an individual’s personal circumstances as they currently exist.  When personal circumstances change such as a birth of a child, the death of an heir or spouse, a marriage or divorce, a change in finances, etc., it is important to update your will.

Trust:

Trusts are legal instruments that create a separate entity that property passes to.  Trusts are essential to estate planning.  A trust can be beneficial for people of all income levels.  Trusts can be highly complex; thus, it is important to enlist an experienced trust attorney.  There are many types of trusts and even more provisions that can be used to finely tailor a trust to your particular needs.

Living Trusts:

A living trust allows the creator or grantor to transfer ownership of their property to the trust during their lifetime.  This can have many benefits.  Living trusts can be either revocable or irrevocable, with each having their own benefits.

In a revocable living trust the grantor can make changes to the trust during his or her lifetime.  The grantor can add or remove assets, change beneficiaries, or even revoke the trust entirely if they wish.  Revocable trusts are useful for probate avoidance and privacy.  However, because the grantor remains in control over the assets in the trust, the assets remain part of the estate for tax purposes.

In an irrevocable living trust the grantor cannot revoke or modify the trust.  Irrevocable trusts are less common but are useful for tax avoidance and asset protection.  A very specific type of irrevocable trust is called a Medicaid asset protection trust and is used to help grantors qualify for Medicaid when they otherwise be disqualified because of their assets.

Testamentary Trusts:

A testamentary trust does not become effective until death and the beneficiaries do not receive any assets until the grantor passes away.  The trust is usually created within a will, thus, the estate will still have to go through the probate process before the assets are placed in the trust.  Testamentary trusts can still be very useful, particularly when a testator wants to curb forced heirship or usufruct laws, or when a testator wishes to take advantage of special needs or spendthrift provisions.

Power of Attorney:

Power of attorney is also known as mandate and is considered a crucial estate planning tool.  The purpose of a power of attorney is to permit a person to act as an agent, or mandatary, on behalf of the principal.  A power of attorney can permit a representative to make certain financial, medical, parenting, real estate, tax or other decisions for the principal.

A power of attorney can be specific for a limited purpose or general encompasses all financial and/or medical decisions.  It can be durable meaning it goes into effect now or a specified time and stays in effect if the principal becomes incapacitated; or it can be springing meaning it does not become effective until some specified event occurs such as incapacitation.

Living Will:

A living will, also known as an advance directive, is a legally binding document that gives instructions for health care at the end of life.  It comes effective when you are no longer able to make or communicate those decisions yourself, and your condition is terminal and irreversible.  It can be tailored to your wishes regarding specific types of life sustaining treatments, when to be taken off of each, or even to remain on them indefinitely.

Donation:

Transferring your estate during your lifetime has certain benefits.  Gradually giving away your assets during your lifetime is a useful estate strategy.  Perhaps the most practical is that it gives benefactors the ability to exert control over how their assets are used.  Some also like to see their heirs enjoy their inheritance.  Like a revocable living trust, donations are useful at avoiding probate and having the title transfer slowed by the probate process.

Louisiana Estate Planning Lawyers:

We are a Gretna law firm that has served the New Orleans area since 1980.  Our experienced estate planning lawyers are well versed at preparing all types of estate documents including will, trusts, and powers of attorney.  We take pride in offering a personal and trusted experience.  Call us today for a free consultation and find out why so many of our clients come back to us.