While working to create estate plans, there are many decisions that individuals will need to make. Elder law can be a particularly sensitive area when it comes to decision making because many individuals likely do not want to inadvertently upset any of their family members. However, if parties examine their needs and wants closely, they may be better able to make their plans work for them.
First, individuals will likely want to consider their beneficiaries. Family members and close friends often come to mind, and once those parties are determined, decisions regarding what assets will go to which beneficiary will need to be made. If young people will potentially inherit some of the estate, individuals may wish to consider putting the assets in a trust in order to place additional stipulations on when those assets may be obtained.
Once individuals feel comfortable with their beneficiary designations, they may want to determine who will be in charge of the estate overall. Naming an executor may be difficult if there is a fear of conflict or upset over an appointment. However, individuals may name a loved one, attorney or other outside party to act as executor. Some individuals may feel more comfortable with a corporate trustee in hopes of avoiding family conflict.
It is understandable that many Louisiana residents may feel apprehensive about making estate planning decisions. However, individuals may want to remember that making the choices with which they feel most comfortable may reduce the possibility for arguments. When families understand that the decisions were the ones truly wanted, they may be more likely to accept those decisions. Individuals who are hoping to create estate plans to detail their end-of-life wishes may wish to speak with experienced elder law attorneys.
Source: investors.com, “5 Must-Do Tips For Your Will And Estate Planning“, Lawrence Carrel, Feb. 24, 2017