Two Essential Estate Planning Documents You Really Need

Estate planning is a process that involves deciding who should receive your assets and manage your estate when you are incapacitated or after your demise. You need to know what essential estate planning documents are needed to cover the basics. You should also be familiar with the purpose and function of each of these essential estate planning documents.

At the bottom, there are two sets of estate planning documents needed for an estate plan.

1. You need an estate planning device, whether a Will or a Trust. You don’t need both.
2. You need a set of “fiduciary” documents. GeauxPlans has you covered for all of these as we will explain below.

Essential estate planning documents needed for an estate plan should include either a Will or a Trust

Every estate plan must include a device that will convey ownership of assets to intended beneficiaries. Either a Will or a Trust will serve this purpose. A Will and a Trust are both necessary legal documents for estate planning, but you don’t need both. You need one or the other.

A Will or a Trust accomplish serve the same purpose of conveying assets to loved ones, but through different mechanisms. A Will is basically a gift that takes place at death and requires probate. A Trust is generally created during life and avoids probate. To learn more about a Will or a Trust, you can follow the buttons below.

Necessary documents for estate planning must also include a set of “fiduciary” documents

It is not enough to just have a Will or a Trust. You also need a set of “Fiduciary Documents.” A Fiduciary Document is a legal document that appoints someone you trust to legally stand in your shoes to make legal, financial, and medical decisions. The person you appoint will owe you “fiduciary duties,” including a duty of care (to manage your assets prudently) and a duty of loyalty (to act in your best interest at all times).

These fiduciary documents become critically important in the event of your incapacity. Incapacity may result from:

• Accidents
• Injuries
• Medical conditions
• Degenerative diseases
• Anything that can prevent you from acting on your own behalf, whether temporarily or permanently.

These essential Fiduciary Documents include the following:

These fiduciary documents terminate with life and become legally ineffective upon death.

What documents are needed for estate planning will depend on your unique goals and circumstances

Just like fingerprints, no two people are exactly alike. Your estate plan should reflect your unique goals and circumstances.

GeauxPlans contains all the essential estate planning documents needed to create a customized estate plan online. Our world-class Support Team stands ready to assist at every step of the way. You can even request a guided design session.

All essential estate planning documents you need are right here

Our mission at GeauxPlans is to make your estate planning experience simple, smooth, and affordable. Like most things in life, just showing up is 90% of the job.

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#1 Choose Your State

If you spend time in more than one state, use the state where you are registered to vote, or maintain a driver's license, or intend to return if you are temporarily residing in another state.

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GeauxPlans is only for Louisiana residents. Please utilize a different estate planning website, or contact GeauxPlans for a referral.

#2 Are you married?

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#3 Do you want to plan for what happens when you die?

You get to decide who's in control after you die, who gets your assets, and when, as well as who cares for children, etc.

Yes No

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#4 Do you own any real estate in the state of Louisiana?

Yes No

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#5 OK, so probate will be required in Louisiana. It's a bit more work, but do you want to avoid the probate process by transferring your assets to a Living Trust?

GeauxPlans can walk you through the process - step by step.

Yes No

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#5 Do you own probate assets worth more than $125,000?

Probate assets include property that passes by beneficiary designation or that isn't already in a trust. Put another way, probate assets do not include life insurance or annuity proceeds (unless your estate is the beneficiary), retirement assets, usufruct or life estate property, and other assets with named beneficiaries, such pay on death accounts.

Yes No

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#6 Do you have any minor children?

Include both biological and legally adopted children.

Yes No

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#4 If you lose capacity, do you want someone you trust to make financial or healthcare decisions for you?

Incapacity can result from any of the following:

• Accidents
• Injuries
• Medical conditions

• Degenerative diseases
• Anything that can cause you from acting on your own behalf, whether temporarily or permanently

If something happens to you, someone should be able to make medical and financial decisions for you, like taking care of bills and other financial obligations, consenting to medical procedures, making care arrangements, and accessing proctected health information.

Yes No

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#5 Do you need authority to make financial or medical decisions for another person?

For example, a college student who is no longer a minor, or an elderly person (perhaps a parent) may need assistance with financial or medical decisions.

Yes No

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#6 Do you seek privacy or improved control of your assets during life?

For example, do you wish to:

• Minimize or avoid any public record or information about personal assets?
• Shield any public information from creditors or predators?
• Keep assets segregated as separate property in the event of a second marriage?

Yes No

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#7 It sounds like you need some advice.

GeauxPlans is owned and administered by an estate planning law firm. If you have questions or would like a complimentary consultation, please submit your inquiry.

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Power of Attorney Plan

Create durable powers of attorney and other important documents for your college student, an aging parent, or any other person you need to assist if something happens.

Average time to build a plan: 5 minutes

Minor Child-Centered Estate Plan

Create a will-based plan to appoint a Tutor for a minor child to act as a surrogate parent for you if something should ever happen to you.

Average time to build a plan: 15 minutes

Will-Based Estate Plan

The Will-Based Estate Plan includes a Last Will and Testament, Financial Power of Attorney, Medical Power of Attorney, as well as an Advanced Healthcare Directive (a/k/a “Living Will”).

Average time to build a plan: 15 minutes

Trust-Based Estate Plan

The Trust-Based Estate Plan includes a Revocable Living Trust, a Pourover Last Will, and Testament, Financial Power of Attorney, Medical Power of Attorney, as well as an Advanced Healthcare

Average time to build a plan: 20 minutes

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