Understanding the benefits of having a Will in Louisiana is crucial. If you should die without having a Last Will and Testament (“Will”), your estate will be administered, and your property will devolve in accordance with state law, probably not in the manner you would want. The benefits of having a Will in Louisiana allow you to dictate how you want your estate administered and to whom and in what manner you prefer to leave your property. For instance:
- You can appoint a trusted person and successors who you believe will faithfully manage your estate and ensure the provisions of your Will for the distribution of your property are faithfully carried out. You can appoint a person, known as an executor, to act independently to avoid costly procedures for administering your estate that may occur under usual procedures. Without such a provision, an expensive conflict may arise as to who will be appointed by the court to administer your estate.
- You can leave your property to your legatees (beneficiaries under a Will) in whatever proportions you wish in full ownership, as long as you don’t have forced heirs, children under the age of twenty-three (23), or who are incapable of handling their own affairs.
- If you don’t have forced heirs, children under the age of twenty-three (23), or who are incapable of handling their own affairs, you can leave all of your property to your surviving spouse. With mirror Wills, you can ensure that when the last spouse dies, your property will be transferred to the legatees (beneficiaries under a Will) as you both shall wish.
- You can provide that the surviving spouse shall get the family home and/or other real estate, and cars, boats, etc., which require a transfer of title. Without such provisions, and if you have children, they will become part owners of these properties and perhaps be required to join in any future transfer or encumbrance of such properties.
- If you have younger children who you feel may not be able or responsible enough to handle an inheritance, you can establish a testamentary trust for the benefit of those children. The trust will provide for their maintenance, education, and welfare & income from the trust until they reach an age when you believe they will be able and responsible to receive the property in full ownership.
- If you have minor children, you can appoint your surviving spouse as the legal tutor of the minor children in your Will without having to have a second person, an undertutor, appointed as otherwise required by law. You can also ensure that the tutor will serve without having to provide security in performing such duties.
- You can leave family heirlooms, jewelry, cash, or any other property as particular bequests to anyone you wish. Without a Will, such property will be distributed to your legal heirs in undivided interests, and they will have to decide how the property will be divided. If they cannot agree, an expensive partition action in court may be necessary for resolution.
- If you have a divided family, where the spouses have children from previous marriages, you can ensure that your children shall inherit your property to the exclusion of the spouse’s children and vice versa. Otherwise, you can ensure that all children will inherit the properties equally, or in any other manner or proportion as you wish.
- You can provide that if a legatee (beneficiary under a Will) should predecease you and die without having children, the other legatees will inherit such deceased legatee’s bequeathed property equally. Alternatively, you can provide that such legatee’s children can share in that property.
- You can disinherit someone who would be considered a legal heir and entitled to a portion of your property if you should die without a Will. For instance, if you had a child or sibling who, for whatever reason, you wish not to leave your property upon your demise, you can ensure this by omitting such a person from your Will.
Lastly, considering the benefits of having a Will in Louisiana, it’s evident that taking the time to create a comprehensive Will ensures that your wishes are respected and your loved ones are protected. If you have questions about creating a Will, seek out an experienced Estate Planning Attorney to discuss your unique situation. If we can be of service, please contact Charlton Ogden for a free consultation today.
