Louisiana inheritance laws generally give children relatively strong inheritance rights in a situation in which a parent passes away without a will. In the event that there is no surviving spouse, children will inherit the entire estate among themselves.
However, as a parent, I want to make sure that I have equipped and empowered my children to be successful if something were to suddenly happen to me. Leaving a lump sum of money or a high volume of assets to be distributed amongst them if something were to happen to me and my husband, might not be the best situation for them to sustain inter-generational wealth or manage the money responsibly.
Rather than leaving it up to the state to pass on these assets to my family members and the manner in which it chooses, I prefer to use tools such as trusts that enable me to direct specific gifts and list a trustee to make decisions about what is in the best interests of the beneficiaries.
This means that even though I may no longer be around to determine what the transfer of assets looks like, I still have a trusted agent serving in such a role should that ever become necessary.
If your family is like mine, each of your children might have different needs and may benefit from varying structures with your estate planning tools and asset distribution. This means you need some level of flexibility and personalization to your estate planning documents. Providing for my children in the way that will best help them is my lineage.
What's your lineage?