5 Things to Consider Before Having a Will Prepared

Having a will prepared can seem like a daunting task.  But if you take the time to consider what you really want and why you want it, the process can be much easier than you think.  A will is just one of the essential documents you need to create a basic, yet powerful estate plan.  It is a critical document because if you die without a will, the state will determine how your assets are distributed, to whom and in what order.

At some point in your life, you have to get serious about creating an estate plan.  This is not an issue that will go away.  And if you know you have family members who will squabble over your assets or give your spouse a hard time after you are gone, then it is imperative that you take some time to ponder the following considerations and then have your will prepared.

1. A Spouse Does Not Automatically Inherit from a Spouse.

The first thing all Louisiana residents should consider is that a spouse does not automatically inherit from a spouse. Louisiana is a community property state, which means that generally whatever you acquire after you get married is owned half and half with your spouse. However, if you die without a will, your spouse may not be the first person in line to inherit ownership.

2. Who Do You Want to Inherit?

Next, consider who you want to inherit.  Keep in mind that without a will, all of your biological and adopted children will automatically inherit; that’s children inside of marriage and outside of marriage, no ifs, ands or buts.  Even if you have a wonderful relationship with all of your children, you need to have a will prepared if you want something different than state law dictates. Or if you are estranged from a child, having your will prepared will make wrapping up your final affairs easier for your spouse or other children.

 3. Who is Your Next of Kin?

Also, consider that if you do not have children, your next of kin may not be the people you think it should be.  For various deeply personal reasons, you may not want your next of kin to inherit from you. You may want a favorite niece, nephew, cousin, godchild, or close friend to inherit instead.  I know there are no “favorites,” but there are those special people who are there for you no matter what.  Even though they are important to you, those relationships are not necessarily in line to inherit anything according to state law.

 4. What is the Value of Your Estate?

Then, consider the total value of your estate.  You may not think you have an estate, but you do.  An estate is everything you own, that’s property, cars, money, personal items, etc.  Even if you only have a few dollars in the bank, you want to consider who will get that money after you die.  You may or may not need a will to designate someone to receive that money after your death.  For example, in Louisiana, if you have a small estate (valued at less than $125,000), it may be more cost efficient and less time consuming for your heirs if you did not have a will.  In such a circumstance, state law allows your heirs to use a simplified procedure without having to hire an attorney or go to court.  Conversely, if you think your estate is worth several million dollars, then you may decide to speak with an attorney about asset protection and other tax-related issues that may affect extremely large estates.  And, of course, if you find yourself somewhere in the middle, consider creating a basic estate plan that includes powers of attorney and a will.

5. Choose an Executor

Finally, consider a trustworthy person to wrap up your affairs.  An executor is the person who will have the responsibility of carrying out your wishes and distributing your assets according to your will.  Talk to that person to confirm they are willing and able to handle the task. Make sure they know where to find important legal and financial documents and that they can access them quickly in case of an emergency.

Get Your Questions Answered

After considering the above factors, you should contact a legal professional to answer any lingering questions you may have.  As a Louisiana civil law notary, I can prepare and notarize your will, as well as general and medical powers of attorney.  Those three documents are essential to any estate plan. 

On a final note, please do not rely solely on information you find on the Internet.  Most of the information you find will not address Louisiana’s civil law procedures.  Please do not attempt to draft your own will.  Read this article to find out why I think it’s a bad idea to draft your own will.

Next Steps

Subscribe to Fundamental Estate Planning Simplified, a private podcast created especially to help Louisiana residents get their affairs in order. You will learn why estate planning matters and how to ensure that your wishes are honored both before and after your death. And, because I have a holistic view of estate planning, you will also learn how to wrap up a loved one’s estate without going to court and how to preserve inherited property to create generational wealth. Listen to a few episodes here.

Get this free guide, Getting Your Affairs in Order. You’ll learn how being prepared and planning for emergencies, illnesses, and death will put you and your family in control during difficult times. It also includes a worksheet to help you get started right away and a checklist to inspire you to get it done.

Schedule a telephone consultation online here. Consulting with an experienced legal professional is an educational opportunity for you to gain knowledge, insight, and clarity so you’ll know where you stand. I will help you assess your situation and answer all of your questions. Plus, you will find out more about me and how I serve my clients so you can decide whether you would like further assistance in getting your affairs in order.