I'd like to thank all who attended our webinar, 7 Reasons Louisiana Residents Need a Will in 2011. I thought it was a great opportunity to learn more about your last will and testament. For those of you who were unable to make it I'd like to lay out the topics discussed to give you a review of the information provided in the webinar.
What Happens When You Die Without A Will?
- Over 60% of Americans are living without a will
- Your Estate is distributed by the rules of Intestacy; laws that establish the order of heirs
- In what order do your heirs take your Estate?
- Descendants (children, grandchildren etc.)
- Siblings
- Parents
- Spouse
- Each class of heirs takes to the exclusion of all other classes
1. Protect Your Spouse
- Louisiana Intestacy structure disfavors the surviving spouse.
- Usufruct Laws allow you to give your spouse greater control over your estate.
- Remarriage safeguards prevent your estate from passing to yours surviving spouses new partner
2. Designate Who is In Charge
- You can name an Executor to oversee the distribution of your estate
- Independent Executors can sell, lease or encumber estate assets without court supervision.
- You can also create Testamentary Trusts
- Trusts are typically used to delay distribution of your estate to minor children who are not yet ready to accept an inheritance because they lack responsibility and money management abilities
- You name a Trustee in charge of managing your assets that remain in trust until those assets can pass to your children.
3. Name A Guardian For Your Children
- The Louisiana Tutorship System governs who will raise your children in the event both parents are gone if you don't name replacement parents.
- Court Involvement with tutorship creates delays and leads to instability for your kids
- There is potential for infighting among relatives who want to raise your kids
- You can name a non-relative Godparent as Guardian of your children.
Tomorrow I will be writing part two of this webinar review featuring reasons 4-7 Louisiana Residents Need a Will in 2011.
If you would like to discuss your estate and how a properly drafted will could benefit you, give me a call in the New Orleans/Metairie Area at (504) 247-1980 or send an email to chris@rabalaislaw.com. On the Northshore, contact Brent Durham at (985) 246-3020 or brent@rabalaislaw.com. In Baton Rouge, contact Paul Rabalais at 225-329-2450 or paul@rabalaislaw.com.
Chris Kane, Attorney
Director, New Orleans Office


