Why create a Will? To Protect Your Family.
Many people believe that they do not need a will until they are older. This could not be further from the truth. Every adult should have a will.
Life is unpredictable, and you must plan for loved ones’ futures in case you pass away.
What should I put in my Will?
In your last will and testament, you may wish to include:
- Distribution of monetary asserts including cash, stocks, bonds, etc.
- Distribution of personal property including jewelry, furniture, etc.
- Distribution and title transfer for Real Property such as your home
- Distribution of charitable contributions for example gifts to religious institutions and charities or non-profit organizations
- Address your debts
- Select Power of Attorney
- Name guardians should you have minor children or adult children with special needs
- Designate an executor
- Create trusts
In addition to the distribution of possessions and property, a last will and testament can be used for your personal funeral requests and burial instructions and provisions. The proper format of a last will and testament could vastly reduce the costs of probate. Your life is unique, so your will should be unique.
Should a Will be updated?
Yes, circumstances and relationships change and develop as life progresses, if one of those changes impact how you plan to distribute your possessions or finances upon your death, then it is critical that your will be updated to reflect that new information.
Some reasons you may want to change your will:
- You’ve moved to a new state
- Changes in state or federal law that could affect your will
- Your children have gotten older
- Someone you named in your Will has passed away
- You recently sold or acquired new property
- Your family has grown
- There has been a substantial change in the value of your estate
What Happens if I Die Without a Will?
If you die without a will in Louisiana, assets that would have passed through a will are given to your closest relatives based on the intestate succession laws of the state. This typically includes any assets that only you alone owned in your name.
Who gets what depends on if you have living children, parents, or other close relatives after your passing. Below are a few examples of who gets what if you die without a will:
- Have children and no spouse? Your children will inherit everything.
- Have a spouse, but no children, parents, or siblings? Your spouse will inherit your assets.
- Have parents and no children, spouse, or siblings? Your parents will inherit everything.
- Have siblings, but no children, spouse, or parents? Your siblings will inherit all assets.
- Have a spouse and parents? Your spouse will inherit all your community property and your parents will get your separate property.
Call 504-608-0400 or send us an email ([email protected]) to schedule your free consultation at our office.
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