Creating an estate plan is one of the most crucial steps you can take to safeguard your legacy and ensure the well-being of your loved ones. However, it’s not a one-time task. Life changes—some expected, others sudden—and your estate plan should evolve accordingly.
So, how often should you update your Louisiana estate plan?
Most people should review their estate plan every three to five years, or sooner if major life events occur. In this guide, we’ll explain why regular updates matter and highlight the key milestones that should prompt a fresh look at your documents.
Why Regular Updates Matter
Louisiana has unique estate planning laws, especially regarding community property and forced heirship. If your estate plan is outdated, it might not reflect your current wishes—or even comply with state law. Keeping your documents current ensures:
- Your assets go to the right people.
- Your estate avoids unnecessary delays or disputes.
- Your medical and financial wishes are honored if you become incapacitated.
- Your plan complies with any changes in federal or Louisiana law.
Let’s explore the key events that should trigger a review.
Marriage or Divorce
Marriage changes the legal status of your assets, especially in a community property state like Louisiana. Whether it’s your first marriage or a remarriage later in life, your estate plan should reflect your spouse’s role (or lack thereof) in matters such as inheritance, healthcare decisions, and power of attorney.
Divorce is just as important. Most spouses will want to remove their ex-spouse from roles like executor or beneficiary and update provisions to reflect their new priorities.
Birth or Adoption of a Child or Grandchild
Welcoming a new family member is an ideal opportunity to update your estate plan. You may want to name guardians, set up a trust, or allocate specific assets. If you’ve become a grandparent, you may want to consider including education funds or special gifts for your grandchildren.
Death or Incapacity of a Key Person
If someone named in your estate plan—like a beneficiary, executor, or healthcare proxy—passes away or becomes unable to serve, you need to revise your documents. Leaving outdated names or instructions in place can lead to confusion or delays.
Significant Change in Assets
Have you bought or sold a business, inherited money, or purchased real estate? Major changes in your financial situation can affect how your assets should be distributed. You may also need to revise tax planning strategies or establish new trusts.
Changes in Health
If you or a loved one is diagnosed with a serious illness or experiences cognitive decline, updating your estate plan is urgent. You’ll want to ensure healthcare directives and powers of attorney are in place and that your long-term care needs are addressed.
Changes in Louisiana or Federal Law
Estate and tax laws are constantly evolving. A plan created a decade ago may not take advantage of current tax benefits or comply with current legal requirements. Working with an experienced legal team that monitors changes in Louisiana succession laws, federal estate tax thresholds, and Medicaid planning rules can help you stay compliant and protected.
Work with Losavio & DeJean, LLC, To Keep Your Plan Current
Estate planning is not a one-and-done task—it’s an ongoing process. At Losavio & DeJean, LLC, we take a proactive approach to protecting your future. We can review your existing estate plan, suggest updates, and help you make informed choices based on your unique circumstances and Louisiana law.
If it’s been a few years since your last review or if you’ve experienced a major life event, contact us today to schedule a consultation. We’re here to make sure your estate plan works when your family needs it most.