Though individuals may make plans for certain situations, there is always a possibility that circumstances could change. With elder law topics such as estate plans, staying updated on changing life aspects may prove vital. Therefore, Louisiana residents who have created their plans may wish to check to ensure that their details are updated.
Many accounts may require beneficiaries to be named before they can smoothly pass to an heir in the event of an account holder’s death. Accordingly, individuals may wish to examine their accounts annually to ensure that the beneficiaries are listed exactly as desired. Even if no personal changes have occurred, checking in may be beneficial as companies who hold accounts could make mistakes of their own. Individuals may also wish to have back-up beneficiaries listed in the event that one is needed.
Additionally, parties will want to review their power of attorney information. These documents dictate who has the power to make certain decisions regarding a person’s finances and health care. If a named power of attorney agent is no longer available for such a position, the information should be updated as soon as possible. If not, considerable complications could arise in the event of incapacitation.
Dealing with life changes can be difficult for anyone. However, individuals likely do not want these changes to cause unnecessary issues when it comes to their estate plans. Therefore, staying on top of updates and modifications may be in Louisiana residents’ best interests. If individuals are uncertain as to whether certain changes may affect their estate plans, they may wish to consult with their elder law attorneys in order to gain reliable information.
Source: marketwatch.com, “Is your estate plan up to date? Check these 5 things“, Melody Juge, Jan. 12, 2017