Leave a Legacy through Guided Estate Planning 

A lifetime of hard work may have rewarded you with a nice home and respectable bank accounts, but what happens to your assets once you’re gone? Perhaps you want to leave everything to your children. Maybe a charity, your church, or a cause you feel passionate about should get a portion. And what happens if, before you die, your mental capacity diminishes, and you can no longer make decisions for yourself? Only thinking about your final wishes – or even discussing them with a close friend over lunch – is not enough. 

​ John L. Fourcade, III, associate attorney with Sudduth and Associates in Lake Charles, says estate management – either through a will, trust, health care directive (living will), or power of attorney – is absolutely essential. “Creating a well drafted and specifically defined estate plan allows an individual to preserve and pass forward their hard-earned assets as flawlessly as possible. The only way to ensure that your estate is protected and aligned with your personal wishes is to have an estate plan.” 

Fourcade explains that having your affairs in order protects both your wishes and your family. “If an individual fails to possess a proper estate plan, their estate will default to the laws of the State of Louisiana. While these laws allow some narrow protections, they likely will not protect your assets as efficiently as possible. Most notably, the intestate laws of the State of Louisiana specifically outline the heirs of the decedent. This default mechanism fails to take into consideration the family dynamic and wishes of that specific individual. Attorneys use multiple legal mechanisms that are not automatically triggered under the default laws of the State of Louisiana. An individual failing to analyze and implement, if necessary, all the possible mechanisms granted under law may inhibit them from establishing an efficient and effective estate plan.” 

To manage your estate, consider the following: 

Appoint a power of attorney (POA) – Fourcade recommends you choose someone who is trustworthy and who you ultimately believe has sound decision making skills. Inevitably, decisions will come to this person that could not possibly be planned for. Having a POA whom you not only trust but trust their decision-making is essential. Also, plan for alternates in case something happens to your POA (also called agent in fact or attorney in fact). 

Designate beneficiaries — In Louisiana, beneficiaries for life insurance plans or retirement accounts often operate outside the succession process. Those who receive from a succession process are referred to as either heirs or legatees. So for a beneficiary, consider the same factors as those for legatees. Fourcade cautions against outdated beneficiary designations. Often, an ex-spouse will still be listed as a beneficiary. This can create a situation where an ex-spouse receives a retirement or life insurance proceed rather than a current spouse or child, simply because the person forgot to change the designation. 

Draw up a will. This is perhaps the best-known document for letting your final wishes be known, yet it’s not as widely used as you might think. According to caring.com’s 2024 Wills and Estate Planning Survey, only 32% of Americans have a will; a 6% decline from 2023 and the first decrease in estate planning rates since 2020.  

“It’s important to remember there is no one size fits all template to estate planning,” Fourcade says. “An estate plan must be custom tailored to fit each individual’s distinct needs and wishes. When preparing an estate plan, the most common considerations fall into the categories of tax preparation and asset protection. In essence, composing a plan that passes your assets to the next generation as efficiently as possible. Some of the legal mechanisms attorneys commonly use when creating an estate plan are trust utilization, legal wills, durable power of attorneys, and beneficiary designation. These can provide individual, as well as layered, protections for an estate plan.”  

Secure healthcare documents such as a living will. As you near the end of your life you could reach a point where you’re no longer capable of making your own medical decisions. The right documents detail your wishes for health care and remove the guesswork. 

Communicate your wishes. Ensure your heirs know where to find all your important documents, so they’re not blindly searching for essential papers when the time comes.

When is the best time to begin managing your estate? Fourcade says the best time to create an estate plan is now. “While sometimes difficult to discuss, the inevitable truth is that one’s life is capable of being rapidly altered without any warning or precursor. For any potential alteration not to affect your estate plan and wishes, it is important to start as early as possible. It is recommended for an individual to actively revisit their estate plan every three to five years. This timeline can be accelerated if one experiences a major life change. Maintaining an active, up-to-date estate plan assures that your wishes are accurately reflected with what will occur.”  

For more information on estate planning, contact Sudduth and Associates at 337-480-0101.