As summer fades and the final months of the year approach, many Louisiana families start thinking about fresh starts, new goals, and getting organized. While financial resolutions often top the list, estate planning rarely receives the same attention. Yet, reviewing your estate plan before year’s end can be one of the most valuable gifts you give your loved ones.
Life changes quickly—marriages, new children, career moves, or even shifts in your health can make last year’s plan outdated. A quick year-end review ensures your wishes are honored, your assets are protected, and your family is spared confusion or conflict in the future.
Review Your Last Will and Testament
If you already have a Last Will and Testament, review it to ensure it still accurately reflects your wishes.
- Have there been any marriages, divorces, births, or deaths in your family this year?
- Do your named heirs and beneficiaries still make sense?
In Louisiana, unique inheritance laws, including forced heirship for certain children, may affect how your estate is divided. An updated will ensures your intentions are carried out and complies with Louisiana’s succession laws.
Update Powers of Attorney
A financial power of attorney allows someone you trust to manage your financial affairs if you cannot. A healthcare power of attorney allows a designated person to make medical decisions on your behalf. Both documents are vital, yet they are often overlooked or outdated. If the people you named are no longer the best choice, or if your relationships have changed, the end of the year is an ideal time to make revisions.
Check Beneficiary Designations
Life insurance policies, retirement accounts, and payable-on-death bank accounts generally pass directly to the people listed as beneficiaries, not through your will. However, Louisiana’s unique civil law system, including forced heirship rules, can sometimes affect how assets are distributed. This makes it especially important to confirm that your designations are up to date and that they work in harmony with Louisiana succession laws and your overall estate plan.
Consider a Trust
For many Louisiana families, a trust can provide flexibility, privacy, and protection that a will alone cannot. Still, Louisiana’s succession laws, including community property rules and forced heirship, can affect how trusts are structured and what they can accomplish. If you already have a trust, review its terms to ensure it is properly funded and that your chosen trustee remains suitable.
Review Charitable Giving Goals
If charitable giving is part of your legacy, now is a good time to think about how your estate plan reflects those values. Year-end is also an opportunity to make gifts that may provide both tax benefits and personal fulfillment.
Organize Important Documents
Estate planning is not just about signing legal papers. It is also about organization. Store your will, powers of attorney, insurance policies, and account information in a secure but accessible place. Make sure your executor or a trusted loved one knows how to locate them.
Meet with an Experienced Estate Planning Attorney
Louisiana’s civil law system differs from that of most other states, and estate planning rules in the state can be complex. Working with a Louisiana estate planning attorney can help make sure your documents are legally valid and tailored to your family’s needs. An attorney can also help you adjust your plan as laws or personal circumstances change.
Take the Next Step with Your Estate Plan
As the year draws to a close, it’s the perfect time to reflect on what matters most. A thoughtful estate plan protects your loved ones, honors your wishes, and provides peace of mind for the future.
At Losavio & DeJean, LLC, we help Louisiana families create and update estate plans that stand the test of time. If you are ready to review your estate plan or start fresh, contact us today to schedule a consultation.