One of the most common issues that families in Louisiana run into when a loved one passes away is how their estate is going to be divided among the family. In many cases, when a person has not left a plan on how their estate will be divided, the state will step in. This usually means giving a majority of the assets to either a spouse or children. This, of course, is not ideal if certain family members are not deemed responsible enough to handle such assets. The best way to avoid this is to stop making excuses and create an estate plan. The following are just a few of the excuses used by those avoiding this very important area of their lives.
My family knows what should be divided
Some individuals believe that their families will understand what should be divided among themselves because they have only a few assets. However, there are many cases regarding families fighting over even minimal assets. The state in which you reside will often divide your assets for you.
Hiring an attorney is too expensive
Bringing in an attorney to craft your estate plan is often recommended. Estate attorneys provide individuals with tax advice as well as other information regarding state laws. Some people believe that the money used for an attorney would be better in the pockets of their family. The fact is that not bringing in an attorney can actually cost your family more down the line. Court fees, taxes and division of assets are just a few of the ways that your family could suffer financially.
My mental state is strong
One of the reasons people choose to craft their estate plan is to ensure that their assets are protected if they are suddenly incapacitated. Some people may not understand that getting involved in an accident or becoming ill is a very real possibility.
Estate planning can be a daunting task to take on alone. You may want to bring on an attorney who is skilled within this area of law. Doing so may provide your family with a quick and painless transition of assets.