Bethard and Bethard has been protecting Louisiana families with personalized estate planning solutions for over 100 years

When it comes to your estate after your death, you have two choices: Plan ahead or do nothing. To do nothing could cause your family uncertainty and conflict while grieving your death. Planning ahead can not only mitigate the uncertainty and conflict, it can also protect your family’s future.

DOES EVERYONE NEED AN ESTATE PLAN?

Yes, everyone needs an estate plan. No matter how much or how little you own, you need an estate plan to protect your family and your assets. Every family has different needs and concerns. Families face issues that require individualized planning such as special needs children, minor children, the possibility or reality of a divorce, blended families, unexpected and longtime illness of a loved one and more. It can be further complicated by a family-owned business or land that needs to be managed after your death.

WHAT HAPPENS IF I DO NOT HAVE AN ESTATE PLAN?

If you do not have a valid estate plan, the state of Louisiana has one for you. Most people do not like the estate plan created by the state; for example, your estate does not automatically go to your spouse. If you do not have a valid estate plan, your children will inherit your property. Your spouse will have to co-own your property with your children. This can cause issues when you try to insure, refinance, or sell your home, which could lead to the necessity of court intervention and/or contentious and expensive litigation. This can often be avoided with a simple will.

An estate plan is also important to name a trusted individual to act on your behalf if you become incapacitated. This can be done through executing valid power of attorney. Not having a valid power of attorney could cost your families thousands of dollars in the event you become incapacitated.  A person that becomes incapacitated without a valid power of attorney will likely need an expensive court proceeding to appointment someone to make decisions on that person’s behalf.

WHAT IS AN ESTATE PLAN?

Your estate plan can be as simple or as complex as necessary to follow your wishes and protect your family. A basic estate plan includes a Last Will and Testament, a General Durable Power of Attorney, and an Advanced Directive or Living Will. A more complex plan may involve one or multiple trusts. It may also involve one or more LLCs with highly specialized operating agreements. We can narrowly tailor an operating agreement to dictate how your LLC will be handled in the future.

HOW DO I CREATE AN ESTATE PLAN?

The journey of planning for your family’s future begins with contacting an experienced attorney to assist you. You can begin by calling our office to schedule an appointment to meet with one of our estate and probate attorneys. We offer free consultations to discuss your estate planning needs and will generally offer flat rates to create your personalized estate plan.

The information provided in this booklet is for informational purposes only and does not constitute legal advice. While we strive to provide accurate and up-to-date information, the law is constantly evolving, and this booklet may not reflect the most current legal developments.

Please contact Bethard and Bethard, LLC to set up a confidential consultation with an attorney for advice regarding your individual legal situation.