Most people know about wills and their basic purpose – to ensure one's hard earned assets transfer to the right beneficiaries upon an individual's passing. However, wills can do so much more than simply dictate who inherits what. A properly drafted will can also:
- Address contingent beneficiaries. The most common purpose for a will is to name which individual, or group, will receive specific, or general categories, of your property. The binding nature of the Will can alleviate later family strife. But, if a named beneficiary passes before you, or has a disability where an inheritance could disrupt that beneficiary's government benefits, then, a Will can also address alternate and successor beneficiaries and unique forced heirship concerns under Louisiana law. The Will can also clearly designate that any person not expressly named as a beneficiary was knowingly and intentionally omitted from the Last Will.
- Name Guardians for children. If you have minor children, your Will should name the person entrusted with raising your children.
- Establish trusts. In many cases, a person may not want a child or loved one to receive all the property they inherit at once, or at too young of an age. Or, a person may want more sophisticated control options for an inheritance, such as permitting one beneficiary to use certain property for a while, and then, directing that property to pass to someone else. Trusts can provide remedies for these situations and provide better safeguards against creditor and risk concerns.
- List funeral wishes. A will can state whether an individual wants to be buried or cremated and outline other funeral wishes.
- Naming Executors and Trustees. An Executor, if necessary, insures the testator's wishes are met by marshalling and distributing the succession assets to the named beneficiaries. The will also names the Trustees who are designated with the responsibility to carry out the instructions of the trust and for the benefit of the beneficiaries.
While wills can serve as powerful estate planning tools, they are only effective when properly drafted to suit the needs of each individual and to comply with all formality requirements. Our firm will review your main goals and unique family circumstances so that we can make a best recommendation for estate planning that ensures your wishes will be honored.