Planning for the future typically means considering the needs and interests of loved ones and beneficiaries. There is no one-size-fits-all solution in estate planning, and unique beneficiaries may require a unique planning approach. Considering the needs and interests of beneficiaries can ensure that assets are handled appropriately and there are no complications regarding the distribution of the estate.
Some beneficiaries may not be capable of handling the responsibilities associated with receiving assets or wealth after the death of a Louisiana family member. This may be due to age, substance abuse, disability and other issues. It is not necessary to divide assets evenly between beneficiaries, and plans can be made that can address special needs, behavior, future education plans and more.
It is also possible to incentivize certain behaviors through an estate plan. For example, a beneficiary may get a certain amount of money, but only after college graduation. Incentivizing certain behaviors in order to receive an inheritance is a prudent way for an adult to ensure that his or her assets are used in a responsible way by beneficiaries. Regularly updating plans, establishing trusts and implementing other estate planning tools can help one maintain control and appropriately navigate unique concerns for specific beneficiaries.
The right approach to estate planning depends on the needs and desires of the individual. If one wishes to leave assets to a beneficiary but has concerns about protecting those assets, a unique approach may be necessary. When crafting these plans, it is important to speak with an experienced Louisiana attorney to ensure that the right plans are in place.