Many people assume that having significant wealth and valuable assets is the primary reason to have an estate plan. In reality, most Louisiana adults can benefit from estate planning, but failed celebrity estates can provide an example of why that type of planning is important. Failure to plan or plan well can result in serious complications for loved ones and beneficiaries in the future.
Complications to avoid
There are many stories about how celebrity estates are left in confusion and disarray because of things like multiple wills, unclear language in wills, too many claimants on the estate and more. In many cases, these issues can be avoided with careful planning and attention to estate laws, as well as the following:
- Taking steps to avoid estate taxes
- Having one, clear, professionally drafted will
- Updating estate plans after life changes
- Failing to properly fund a trust
- Considering estate taxes when leaving assets to beneficiaries
Complications could cause issues with probate, and it can take months or years longer simply to close the estate and get the right assets to the right beneficiaries. It is worthwhile to ensure everything is in place in case the unexpected happens.
Planning is for everyone
Estate planning is not just for the rich and famous. There are benefits to every adult having an estate plan, allowing each one to have control over assets, health care and other factors after passing or in case of incapacitation. If unsure of where to start, it may be helpful to discuss plans, goals and concerns with an experienced Louisiana attorney.