Planning for the future can be an uncomfortable process that requires you to make deeply personal decisions regarding your personal property and potential medical needs. There is no one-size-fits-all solution to creating a practical and sustainable estate plan, but you can create a strategy that will allow you to have a measure of control over certain important matters that may arise in the future. Because of the personal nature of estate planning, you may not want to discuss your plans with your Louisiana loved ones
You may feel uncomfortable discussing your money, personal property and the distribution of your assets after you pass. It may also be difficult and emotional to discuss your medical care preferences in case of incapacitation at some point in the future. While difficult, discussing your estate plans and intentions with your loved ones, specifically your heirs and beneficiaries, is important.
Why this dialogue is important
There are many reasons why it is beneficial to discuss your future plans and wishes with certain individuals. This does not mean that every detail of your plan should be public knowledge, but it is important to discuss certain matters in order to reduce the chance of complications, fights amongst heirs and confusion over your intentions. Other benefits to discussing your estate plans include:
- It can bring your family a sense of empowerment and control in the event that you are incapacitated and unable to speak for yourself.
- When everyone knows what to expect, it can reduce the chance of disputes and conflict among your heirs and beneficiaries.
- It allows you to communicate your intentions so that your loved ones understand why you made the decisions you made.
- It provides your heirs and beneficiaries the opportunity to take advantage of the most beneficial tax strategies for their individual situations.
By discussing your plans, it may also reduce the chance of other issues that may impact your estate planning efforts, including undue influence and other occurrences that could lead to complex legal battles.
Keep your focus on the future
By keeping your focus on the future and what will be best for your heirs and beneficiaries long-term, you can create a strategy that will allow you to face the future with confidence and peace of mind. If you are unsure of how to initiate this conversation or create the most beneficial strategy for your situation, you will benefit from seeking experienced guidance and support from a knowledgeable professional.