Lawsuit-Proof Your Estate Plan With Gordon R. Crawford & Associates
Estate planning is so often seen as something exclusive to the wealthy and powerful. However, this does not have to be the case.
Unfortunately, some who decide to exercise their ability to make use of estate planning fail to do so correctly. There are several confusing and intricate rules the State of Louisiana has that can potentially leave your heirs with nothing if you fail to abide by them. Having the experience and knowledge of an estate plan attorney at your side can make all the difference in your situation and truly lawsuit-proof your estate plan. Regardless of where you are in the area, whether South Baton Rouge, LA, Gonzalez, LA, Assumption Parish, LA, or St. James Parish, LA, we are prepared to assist you if this article piques your interest in your estate plan strategy and you decide to make changes as a result.
Before We Start
Every case is different. Some are unique and do not fit the norms we have observed over the years that we will discuss in this article. As such, we recommend consulting a will and succession lawyer to ensure your case and all associated documents are handled correctly.
Establishing Legally Valid Documentation
Louisiana requires the documents that make up your estate plan to be valid and recognized as such by the state. This is to say that you simply claiming that a letter you wrote is your last will and testament does not actually make it such. Despite this, we applaud you for the great start and intention!
For a last will and testament, you must call within an acceptable category of last will and testament forms that the State of Louisiana has produced and made available. Failure to do this will leave your wants as that — just wants — and no entity will be able to exercise anything you have instructed. As a result, your assets will instead be distributed according to state law.
The State of Louisiana is notoriously strict when it comes to enforcing laws concerning your last will and testament. So make sure to cross all your Ts, dot all your Is, and get the correct form on file. Also, beware of people who are not attorneys claiming the document they are providing is acceptable because it may very well not be!
The only two acceptable forms in Louisiana are notarial testaments and olographic testaments. Louisiana requires both be made by the testator, not someone acting in their stead. The state does not allow joint wills whatsoever.
Steering Clear Of Probate
Probate, or succession in Louisiana, is the process wherein you change the title of assets a loved one left behind. This is usually done when estates are not in order, and beneficiaries move to prevent the assets from being distributed not according to the desire of the deceased.
Probating a will in Louisiana is known for being a headache. With many being forced to face it due to insufficient planning in advance, it can be a significant stressor on relationships at a time when there is already an immense amount of stress and tension. A probate lawyer can help mitigate this by ensuring all preparation is correctly done.
The State of Louisiana categorizes certain assets as not subject to succession. These include annuities and IRAs, insurance policies, and specific retirement plans. Louisiana automatically has these assets assigned to their beneficiaries. Due to this, courts do not get involved at all, even if a legitimate last will and testament and the beneficiary information are discrepant. Hiring a succession lawyer can help you determine what assets you have that may qualify as not being subject to succession.
Beyond these asset types, some cases may not require a succession proceeding. For example, Louisiana does not require succession on:
- Small estates. The state defines this as an estate valued at $75,000 or less. In these instances, an affidavit is all that would be necessary to complete the transfer successfully.
- Some vehicle transfers. Like with small estate cases, an affidavit would make the transfer successful.
- $10,000 transfers to widows. This, too, would only require an affidavit.
- Payment of up to $6,000 from an employer to widows. This is not valid if a divorce has been initiated. If this is the case or a spouse is no longer living, children may receive this instead.
- Other transfers of up to $5,000 to widows or heirs. State law allows banks to transfer up to $5,000 to widows or heirs with only an affidavit.
Contact Us To Learn More
Will and succession law in Louisiana is highly complicated. Contact us today and schedule a consultation to learn more about how the law may affect your situation and how we can help you.
