If you’re thinking about the future of your estate, you’ve probably wondered, “How much does estate planning cost in Louisiana?” There isn’t one answer to the question because it’s highly dependent on the estate itself. It can be beneficial to hire an estate planning lawyer, even if you think you have a handle on your case. Many unique facets of Louisiana law can make these cases more complicated than they first appear.
The overall complexity of your estate and the services you require can impact the cost of estate planning in Louisiana. Fortunately, you can typically get an accurate estimate before you commit to services. You can also have a better idea of what to expect by understanding what factors impact estate planning costs.
Estate Planning Costs in Louisiana
If you want to have a say in what happens to your property and other assets when you die, an estate plan is essential. The cost of estate planning varies from case to case, depending on how complex your finances are and what your plan includes.
A basic estate plan includes a last will and testament, but you may also consider including a power of attorney, opening a trust, or making decisions regarding complex business assets, too. All these can affect the cost of establishing an estate plan.
Louisiana Estate Planning Laws
Louisiana is home to over 4,600,000 people, including more than 3,500,000 adults. Many older adults living in the state have an estate plan in place, giving them an idea of what is going to happen after they die. Younger generations, however, are not giving estate planning the same priority.
It’s beneficial to start estate planning at any age, no matter your level of wealth. The third-leading cause of death in Louisiana is accidents, which means something can happen at any time.
With a comprehensive estate plan in place, you can have control over what happens to your property and other assets after you pass. Without one, your estate goes through intestate succession, with assets being distributed according to Louisiana’s laws.
Louisiana has unique estate planning laws that are rooted in French, Spanish, and European civil law traditions, while most other states follow British common law. It’s important that you understand how these nuances and discrepancies can impact your estate planning options.
One difference in Louisiana law is forced heirship. Forced heirship reserves part of an estate for the immediate descendants of the deceased who are 23 years old or younger. Children and even grandchildren may be named as forced heirs, depending on the circumstances. Even a trust cannot override forced heirship laws.
A Louisiana estate planning lawyer can help you navigate any number of issues regarding your estate, including:
- Creating wills
- Establishing a power of attorney
- Long-term care planning
- Navigating succession
- Opening trusts
When you hire an estate planning lawyer, you can control the future of your assets, reserving them for your heirs.
FAQs
Does an Estate Have to Go Through Succession in Louisiana?
An estate does not have to go through succession in Louisiana. It’s possible for an estate, or at least certain assets from an estate, to avoid succession altogether through careful estate planning. Estates valued at less than $125,000 may be completed by filing a small succession affidavit.
Additionally, a Louisiana estate planning attorney can help you protect assets in a trust, ensuring they’re transferred directly to the new owner. Property with rights of survivorship can also potentially bypass succession.
What Is the Difference Between Probate and Succession in Louisiana?
There is a difference between probate and succession in Louisiana. Most states recognize the entire process of validating the will and distributing assets as “probate.” Louisiana calls the process “succession” and has unique estate planning laws regarding the process.
While probate and succession are closely related and often used interchangeably, there are technically distinct differences between the legal processes. Succession refers to the legal process of settling an estate. Probate pertains specifically to validating a decedent’s will.
Do I Have to Hire an Estate Planning Lawyer to Navigate Succession in Louisiana?
You do not have to hire an estate planning lawyer to navigate succession in Louisiana. That said, it’s highly recommended that you do work with a Louisiana estate planning attorney. With a knowledgeable attorney on your side, you can figure out the right way to secure your assets and prepare for what happens when you pass.
Your lawyer can draft important documents, including trusts, wills, and powers of attorney. They can also navigate succession after someone dies.
How Much Does It Cost to Hire an Estate Planning Lawyer in Louisiana?
The cost of hiring an estate planning lawyer in Louisiana is going to vary from case to case. Most lawyers structure their pricing based on the type of services needed and the overall complexity of the estate planning case.
Louisiana estate planning attorneys can offer a wide range of services, depending on the needs of their clients. They may charge a flat fee, an hourly rate, or a retainer. You can discuss all this and more in an initial consultation.
Hire an Estate Planning Lawyer in Louisiana
Estate planning can be intimidating, and many find it unpleasant to think about what happens after their death. Nevertheless, it is an important task. Without an estate plan in place, you leave your assets to the Louisiana government once you pass on. It’s important that you understand Louisiana’s estate planning laws to protect your finances and other assets. Fortunately, you don’t have to do it all on your own.
A Louisiana estate planning attorney from Van Norman Law Firm can help with all your estate planning needs. We opened our doors in 1973, giving us over 50 years of experience in navigating complex estate planning cases in Louisiana. We’re confident we can help you manage your assets, no matter the state of your financial profile. Contact our office to set up a consultation with a member of our team today.
