A basic will can be utilized to handle most relatively small estates. A relatively small estate is an estate which is anticipated to be sized below the level requiring the payment of Federal Estate Taxes. Currently, an estate which exceeds, or could exceed, $675,000.00 in value, per spouse, is potentially subject to Federal Estate Taxes. It is important to keep in mind, when considering the need for estate planning that the current size of an estate is not determinative of the ultimate value it will have at the time of a death and succession proceedings. Often times, young, high wage earners who have extensive family obligations may have accumulated little net value in their estates. Nonetheless, the potential exists that significant accumulation of assets may occur in later years. Additionally, life insurance proceeds payable upon the death of a young person may immediately create an estate which is Federally taxable if certain planning is not undertaken. For persons who may have an estate subject to federal estate taxes, estate planning in consultation with an attorney and other professionals is essential as more extensive and complicated planning should be undertaken. For those clients who do not anticipate having to consider paying Federal Estate Taxes, a simpler and less costly estate plan is possible.

The first question often presented by clients considering estate planning is 'Do I need a will?' The simple answer is, 'It Depends.' Many people have heard that everyone needs a will, otherwise, the 'State will take all of your money.' While state law does in fact govern the succession of your property absent a will, rarely does the state get your money whether a will exists or not. If, for example, your desire is to leave your property equally to your children allowing your surviving spouse use of the property until her death or remarriage, whichever is sooner, this is essentially what the law provides absent a will. The Louisiana Civil Code provides a concise and complete order for successions without wills that includes a systematic scheme of inheritance of one's estate in favor of relatives by blood and adoption. Only in circumstances where an individual dies without a will and with absolutely no identifiable living relatives of any degree of relationship does the State receive the estate.

Assuming that a potential client desires something other than that which the law provides for the succession of his or her estate, a simple will or will with a trust may be in order. With Donations Mortis Causa, as wills are called, substantial freedom exists for the client to dispose of his property as he sees fit. In light of recent changes to Louisiana law, the concept of forced heirship, for example, is no longer as restrictive as it once was. In most instances, once a client's children reach the age of 23, they are no longer forced heirs and a client is free to leave all or part of his estate to others. This option has to be undertaken through a will, however, and there are certain limitations that apply. An attorney familiar with the law in this area can properly draft a will to accomplish a client's wishes.

There are many considerations for inclusion in simple wills and trusts. The gifting of specific items of property to specific persons rather than a general gift of undivided portions to all heirs is possible. Through a trust, one can protect the principal of his or her estate for an extended period of time if an heir is too young or too irresponsible to receive an inheritance all at once. Young couples, with young children, often want to name guardians for minor children in the event both parents die while the children remain minors. Charitable donations to organizations other than heirs can be accomplished as can donations to persons other than family members. In short, with few exceptions, a person drafting a will is given great freedom in the disposition of his estate.

After seeing a lawyer to prepare a will it is important to maintain a relationship with that lawyer. As the law changes he can keep you advised of the new law and the options it might create for you in an estate plan. Additionally, as your needs or ideas change, you can update your will and estate plan to accommodate them. A will is seldom something done once in a lifetime.