Bethard & Bethard: Protecting your legacy with personalized Wills, Trusts and Powers of Attorney

WILLS

What is a will?

A will is a legal document that expresses a person’s wishes regarding the distribution of their assets after their death. A will can also outline other matters like guardianship of children and the appointment of an executor.

Louisiana operates under civil law, which is different from the common law system used by most other states. The state’s rules for drafting and enforcing wills are based on the Louisiana Civil Code, which has unique provisions that may differ from what people are used to in other jurisdictions. There are several legal requirements that must be met for a will to be considered valid under Louisiana law. A qualified attorney will be familiar with Louisiana specific rules for succession/inheritance and can ensure the will complies with Louisiana law to avoid complications in the future.

At Bethard & Bethard, we craft wills that are specifically tailored to the client’s unique circumstances, ensuring that the client’s wishes are clearly and properly expressed. We can address complex family dynamics, business interests, or specific assets.

Clients with multiple properties, children under the age of 24, disabled children, minor children, or blended families, estate planning can involve complexities such as trusts, limited liability companies, and special provisions for minor children or disabled beneficiaries. We can advise on the best way to structure the will and related documents to ensure that assets are passed on according to our client’s wishes.

What is an executor and why is it important?

In Louisiana, the person responsible for carrying out instructions of the will is called the executor. A will can appoint an independent executor which allows the executor to administer the decedent’s estate with court approval. Naming an Independent Executor in a will helps decrease the cost and time to conduct the succession proceedings. The Independent Executor is responsible for filing the will with the court, identifying and inventorying the decedent’s assets, paying off any debts, and distributing the remaining asses in accordance with the will.

We understand that thinking about a will can feel uncomfortable, but it is truly one of the most caring and responsible things you can do for your loved ones. Once you have an estate plan in place, you can take comfort in the fact that your family will not have to deal with confusion, uncertainty, or unnecessary stress while grieving your death. Your estate plan is a way of showing your love and care for your family, even after you are gone.

It is really about peace of mind-for both you and your family.

Trusts

A trust is a legal instrument created to hold assets managed by a third party (trustee) for the benefit of another person (beneficiary). Trusts can be useful tools in estate planning.  There are many types of trusts for various reasons. Trusts are customizable and can include specific instructions and conditions for the trust to meet a family’s unique needs and circumstances.

Children’s Trusts

Children’s Trust can allow minor children to receive benefits from inherited assets without allowing control of the assets until the minors have reached a certain age.  A testamentary children’s trust can be created as a part of your estate plan, but assets are not held in the trust until after your death when your estate places the assets in the trust in accordance with your will. A trustee is named in the trust instrument to administer and manage the trust on behalf of the minor child. The trust protects the funds from being used irresponsibly and protects it from creditors. Funds held in the trust can be utilized for health, education, maintenance and support. These types of trust typically terminate when the child reaches an age set by the individual who created the trust, and the trust can also dictate the age or ages in which the child receives lump sum distributions.

A trust can require the child meet certain criteria before receiving lump sum distributions, such as gainful employment or enrollment in college.

Testamentary Lifetime Trust

This type of trust is often utilized by our clients who want to leave assets to an individual that may not be financially responsible. The trust would also be set up as a part of an estate plan. This particular trust lasts until the death of the beneficiary in accordance with the terms of the trust. The trust appoints a third party to manage the assets for the benefit of the beneficiary. The trust would control how and when the assets are distributed to the beneficiary. This trust could help ensure the assets in the trust are protected from irresponsible spending by the beneficiary as well as protection from creditors.

This type of trust ensures that the assets are managed wisely and used for the benefit of the beneficiary, providing financial stability and peace of mind to our clients.

Special Needs Trust

A special needs trust is designed to provide for a person with disabilities without compromising their eligibility for government benefits like Medicaid and Supplemental Security Income (SSI). The purpose of the special needs trust is to ensure that the person with special needs can receive financial support while remaining eligible for government assistance programs. The trust is managed by a trustee, who can be a family member, friend, or a professional trustee. The trustee is responsible for using the trust funds for the benefit of the person with disabilities.

Trust funds can be used for various expenses that government benefits may not cover, such as medical care, education, personal care attendants, recreation, and other quality-of-life enhancing expenses.

There are different types of special needs trusts, such as first-party trusts (funded with the beneficiary’s own assets) and third-party trusts (funded by someone other than the beneficiary, usually a family member).

This type of trust can provide peace of mind to families by ensuring that their loved one with special needs will have financial resources available without jeopardizing their access to vital government benefits.

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.

Power of Attorney

At Bethard & Bethard, LLC, we understand that life can be unpredictable, and having a Power of Attorney (POA) in place is an essential step in ensuring your affairs are managed according to your wishes when you’re unable to do so yourself. A POA grants someone you trust the legal authority to act on your behalf, whether for financial, legal, or medical matters. We are here to guide you through the process and ensure your POA meets all legal requirements in Louisiana.

Types of Power of Attorney in Louisiana:

1. General Power of Attorney
   A General Power of Attorney gives your Agent broad authority to handle a wide range of financial, legal, and business matters. With this document, your Agent can take care of virtually anything you could do yourself, except voting.
2. Special or Limited Power of Attorney
   If you need to give someone the authority to act only in specific circumstances, a Special or Limited POA is the right choice. This could involve managing certain financial transactions or making healthcare decisions, with powers clearly outlined.
3. Durable Power of Attorney
   A Durable Power of Attorney remains in effect even if you become incapacitated. This is especially important for long-term planning, providing peace of mind that your personal, financial, and healthcare decisions will be taken care of if you’re no longer able to make them yourself.
4. Medical Power of Attorney
   A Medical POA specifically grants someone the authority to make healthcare decisions on your behalf in the event you are unable to do so due to illness, injury, or incapacity. This can also be part of a broader General POA but is most commonly used as a separate document focused solely on healthcare matters.
5. Springing Power of Attorney
   A Springing POA only takes effect when certain conditions are met, typically when you become incapacitated. Unlike a Durable POA, it does not activate immediately, providing a safeguard until it’s needed.

Requirements for Creating a Power of Attorney in Louisiana:

At Bethard & Bethard, LLC, we ensure that your POA is legally valid and fulfills all Louisiana requirements:

• Written Document: The POA must be in writing and executed by the Principal.
• Signature: You must sign the document, or if you’re unable to, another person may sign in your presence.
• Age and Mental Capacity: You must be at least 18 years old and mentally competent to create a POA.
• Notarization and Witnesses: The document must be notarized and signed in the presence of two witnesses to be legally binding.

Duration and Revocation:

Your POA remains valid for your lifetime unless revoked. You retain the right to revoke it at any time, as long as you are mentally competent. Revocation must be done in writing, signed before a notary and two witnesses, and communicated to the appointed Agent.

Why Choose Bethard & Bethard, LLC?

Creating a Power of Attorney is an important step in ensuring your affairs are handled with care and respect for your wishes. At Bethard & Bethard, LLC, we are committed to providing personalized legal services that meet your needs and ensure your peace of mind. Whether it’s preparing a General POA, a Medical POA, or any other type, we are here to assist you every step of the way.

Let us help you protect your future with a Power of Attorney that works for you and those you trust. Contact Bethard & Bethard, LLC today to schedule a consultation.