Louisiana residents thinking about their end-of-life wishes may not necessarily have sat down one day and focused solely on what they want. They may have been thinking about various aspects of their lives and their estates and what the future would be like once they are gone. While these thoughts may have come and gone at different times, actually making the decision to sit down and plan is worth considering.
Estate planning can cover a wide array of areas in a person’s life. You may be thinking about funeral arrangements, how you want to distribute your remaining assets to your kids, whether you should gift assets ahead of time to avoid taxes and much more. Fortunately, proper planning can help you answer any questions you have in these areas. Of course, to find answers, you need the right information.
What should you know?
This is not an exhaustive list of everything you should know about estate planning. However, the following information may help you create a plan that you and your family feel secure relying on:
- Help yourself and your loved ones learn more about estate planning, its options and its effects.
- Talk with your family about your decisions so they understand what you want.
- Consider ways to make the most out of any gifts you give from your estate before your passing.
- Think about issues that could cause family conflict after your passing and how you could lessen the chances of possible conflict.
- Organize your wishes as well as possible.
- Make sure that you understand the details of your estate plan — even the basics.
- Remember to fund any trusts you create.
All too often, simple mistakes, like not funding a trust, can cause serious issues for surviving loved ones. By taking these details into consideration, you may better ensure that your plan expresses your wishes in a way that your family understands.
Creating your plan
In order for your estate plan to be effective, it needs to be legally binding. As a result, you may want to ensure that you have the right information on how to create formal estate planning documents in accordance with Louisiana state law. To do so, you may want to utilize local legal resources available to you and seek assistance where needed if you desire.