Significant changes in life should also bring significant changes in long-term legal and financial strategies. Estate planning is an important step for Louisiana adults of all ages, particularly those who recently entered second marriages. If there are existing plans in place, it is likely that adjustments are necessary. Common mistakes can lead to complications for loved ones in the future.
Avoid these missteps
Even a small oversight can lead to major complications for loved ones in case of an unexpected death or incapacitation. It is extremely important to ensure that estate plans match current needs and goals. Some common mistakes people make with their estate plans include the following:
- Failing to include the new spouse on the will
- Failing to change beneficiaries on certain accounts, like retirement accounts
- Failing to make specific plans for specific beneficiaries
- Failing to carefully plan giving strategies during one’s lifetime and after death
- Failing to have knowledgeable guidance when making important estate decisions
Many people entering second marriages have established wealth, valuable assets and children from previous marriages whose interests they wish to protect. There are specific estate planning strategies that will allow onto accomplish that goal.
The future is at stake
Estate planning allows one to have a measure of control over certain things in the future. After a second marriage, a Louisiana adult will benefit from speaking with an experienced estate law attorney in order to understand the legal options available. An assessment of the individual case will determine what adjustments are needed to existing plans.