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Making The Complex Understandable

Elder law: Best estate planning tools may depend on beneficiaries

Louisiana residents often have a variety of assets to address when creating an estate plan. During estate planning and related elder law proceedings, creating an inventory and ensuring that all necessary property has been attended to is important. However, individuals may also want to make sure that the individuals they choose as beneficiaries are suited for the circumstances.

By taking the time to consider various aspects of a beneficiary's life and an inheritance's impact, parties may be able to find the best fit. For instance, if a person knows that a potential heir could benefit from an asset or funds immediately after the person's demise, bequeathing the items through a will may not be the best course of action. Because probate can take a considerable amount of time, the beneficiary may have to wait before gaining the helpful inheritance.

Rather than utilizing a will in such a case, individuals may wish to consider using a revocable living trust. With this type of planning tool, parties can set the terms of distribution as they desire. This means that a beneficiary could inherit an asset more quickly as it would not have to go through probate. 

Estate planning can take a considerable amount of work for individuals who want to examine their plans from all angles. The time may prove well worth it in the end as a solid plan can benefit surviving loved ones. Therefore, interested Louisiana residents may wish to discuss their concerns regarding potential beneficiaries with knowledgeable elder law attorneys in order to gain reliable insight and advice.

Source: Forbes, "Pass On Your Assets Wisely: How To Choose The Right Beneficiaries", Mark Eghrari, May 30, 2017

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