Every Louisiana adult can benefit from the protections provided by a complete estate plan, regardless of wealth or age. However, life is unpredictable, and things change over time. Life changes may necessitate making additions and updating an existing estate plan. When unexpected events occur or after an extended period of time, individuals may forget to revisit the terms of their estate plan.
When children are born, it should prompt changes to an existing estate plan. Parents can appoint a guardian for their kids in case they can no longer care for them, and they can also implement certain tools to set aside money for their futures. Failure to make the appropriate changes can be detrimental in case the parents pass away and the children need care and support.
After a divorce or a death in the family, beneficiary designations will likely need to change. It is important not to overlook who is named on insurance policies and in wills. It may also be necessary to update certain designations in a power of attorney. Without these changes, it could mean that assets, money or even decision-making responsibilities could end up in the wrong hands.
Having an estate plan is essential, but it is also essential to revisit the plan occasionally and possibly add or update certain details. Taking the time to do this can help a Louisiana family immensely when it is time to settle the estate of a loved one, make medical decisions and more. If unsure of where to start with updating an existing estate plan or how to assess a plan for potential chances, it can help to work with an experienced estate planning attorney.