Estate planning should not take over your life, but that doesn’t mean that it is a one-time task. Creating a will or trust is important, but that initial effort will be wasted if you don’t keep those documents up to date. Whatever your circumstances, a wills and trusts lawyer in Metairie, LA, can make sure that you are prepared for the future and can help you resolve disputes, address issues such as a power of attorney being contested, and ensure your loved ones know how property will transfer through succession.
When Should You Update Your Will or Trust in Louisiana?
There are a number of reasons why you should revisit your will or trusts. The majority of these fall into the category of “life events,” as significant changes in your personal or financial circumstances should always prompt a review of your estate planning documents. However, changes in your life are not the only things that should influence your estate planning.
Marriage or Divorce
In Louisiana, marriage can change your property regime, especially with community property rules. If you get married, your spouse will gain certain rights to your assets unless you’ve clarified those terms in a will or trust. As a newlywed, you may want to include your spouse as a beneficiary or update guardianship provisions if starting or adding to a family.
Divorce, on the other hand, often requires removing your former spouse from your will, changing trustee or executor designations, and revising any specific bequests. Although Louisiana law may automatically revoke some of the provisions that favor an ex-spouse, it does not revoke them all. This means that it is important to update things proactively in order to avoid any adverse consequences.
Birth or Adoption of a Child or Grandchild
Welcoming a new child or grandchild is another event that should prompt you to review your estate plan. At that time you may want to designate a particular guardian, create a trust to manage the child’s inheritance, or simply update the list of beneficiaries to your will. In Louisiana, the legal concept of forced heirship may come into play, particularly if a child under 24 or one with a permanent disability is involved. We can make sure that all your documents are in compliance with this law in order to avoid confusion or delay.
Death of a Beneficiary or Executor
If a person named in your will or trust, whether that is a beneficiary, executor, or trustee, passes away, you will need to make some revisions to your estate plan. This will include naming replacements to executors or trustees, and possibly reconsider how your assets are distributed if a beneficiary has died.
If you do not make these changes, the situation might require court intervention before the succession process can begin.
Significant Changes in Assets
If you have recently purchased or sold a home, started a business, inherited money, or experienced anything else that has caused a major shift in your financial standing, you need to review your estate documents. In Louisiana, community and separate property distinctions add complexity to asset distribution.
Relocation to or from Louisiana
You can’t do any research into the law in Louisiana without learning that our law is special. Unlike the common law followed in most other states, ours is based on the civil codes of colonial Spain and France. While this doesn’t usually make much of a difference to everyday life, if you’ve recently moved into Louisiana or are leaving, you will need to ensure your will or trust remains valid and enforceable.
Though a will made in another state may be considered valid, it is possible for Louisiana law to override it in any parts where there is conflict. It is wise, therefore, to have all your documents reviewed and rewritten to use Louisiana-specific vocabulary and adhere to our state’s notarial standards.
Change in Guardianship Preferences
Choosing a guardian for your minor children is one of the most personal decisions you’ll make in your estate plan. Illness, relocation, and changes in circumstances can mean that your original choice for guardian is no longer a suitable option. In such a case it’s important to revise that nomination. If you do not name a guardian, the court will have to decide who raises your children should the need arise.
Tax Law Changes
Federal and state tax laws shift over time, and updates to estate tax exemptions, gift tax rules, or capital gains treatment can all impact how your estate should be structured. Even though Louisiana doesn’t currently have a state-level estate tax, federal changes can still have major implications. Regular consultations with a legal professional who stays current with tax law developments can make sure that you can minimize liabilities and preserve more wealth for your heirs.
Larger Economic Shifts
The state of the market can also have an impact on your estate. When you update your plans, you have the chance to adapt to new financial realities, from changes in tax exemptions to shifts in market performance.
Passage of Time
Even if no major events have occurred, a general rule of thumb is to review your estate planning documents every three to five years. Life changes slowly sometimes, but your goals, relationships, and assets may evolve in subtle ways that warrant an update. A periodic check-in with us can ensure that your will or trust reflects your current wishes, remains legally sound, and takes advantage of any new planning opportunities.
How a Wills and Trusts Lawyer in Metairie, LA Can Help
Updating a will or trust is not simply a matter of rewriting names or changing percentages. When you consult with us, we bring all of our experience in estate planning to the process, ensuring that the advice and help you receive is nuanced and tailored to your own situation.
We Ensure Compliance with Louisiana Law
We can make sure that your documents meet all state-specific requirements, such as proper witnessing, notarization, and the inclusion of forced heirship considerations. Likewise, we will avoid the pitfalls of ambiguous language, outdated clauses, or provisions that conflict with Louisiana’s unique inheritance laws.
We Customize the Documents According to Your Needs
If your estate includes business interests, out-of-state property, blended families, or special needs beneficiaries, your plan needs a customized approach. A legal advisor can structure trusts and draft terms that address these complexities. In cases involving special needs planning, for instance, a well-crafted trust can protect government benefits while ensuring lifelong support for a loved one.
We Help to Avoid Family Disputes
As professionals, we can codify your wishes with precision and consistency. A set of clear, legally sound documents is the best way to reduce the risk of will contests or family disagreements. By regularly revisiting your estate plan with a trusted advisor, you can also prepare those you have designated as executors or trustees for their roles. This results in smoother transitions when the time comes.
We Integrate Financial and Tax Strategies
Estate planning is about preserving your wealth. That’s why we often work in tandem with our clients’ financial advisors and accountants to create tax-efficient strategies, protect their assets, and plan for long-term care.
Ironic as it may seem, your will or trust is a living document. As your life evolves, so too should your estate plan. Whether you’ve recently experienced a life event, a change in assets, or simply the passage of time, now may be the perfect moment to review and refine your estate plan.
Contact Our Louisiana Estate Planning Law Firm For Help Today
If you are planning for the future or need guidance with wills, trusts, or probate in Metairie, Louisiana, contact the experienced estate planning attorneys at WJ Blanchard Law to schedule a consultation and protect your family’s legacy today.
We proudly serve New Orleans, Jefferson Parish, and the surrounding areas:
WJ Blanchard Law
2800 Veterans Blvd Suite 257
Metairie, LA 70002
Phone: (504) 313-7478
Hours: Mon-Fri 09:00-17:00
Our firm is located near you. We have an office in Metairie
Find us with our GeoCoordinates: 30.0014913,-90.1498979,893
