An estate plan can prove vastly beneficial. Because there are many aspects to estate planning, however, there is a chance for mistakes to be made. Luckily, with the proper elder law information, Louisiana may be less likely to have errors in their documents and gain a greater peace of mind when it comes to their end-of-life wishes.
One of the biggest mistakes that could plague older individuals is to simply not have an estate plan at all. Without these documents, a person’s estate is left for the state to address. As a result, many of the decisions made may not necessarily be ones that the individual would have made him or herself. Therefore, taking the steps to have even a few documents in place could help keep estate administration on track.
Another potential mistake that could present itself is not filing the proper documents for appointing power of attorney agents. Though parties may have verbally discussed who they would like to handle finances and health-related decisions in the event of incapacitation, verbal agreements are not legally binding in many cases. Therefore, another agent could be appointed, and important decisions may lay in the hands of someone the individual did not choose.
These and many other mistakes could easily be avoided if parties assess their situations and plan accordingly. By reviewing the various types of estate planning tools, individuals may have a better idea of what documents may be needed to address certain aspects of their estates. Elder law attorneys could help interested Louisiana residents take care of their plans and ensure that the necessary bases are covered.
Source: tapinto.net, “Avoid These Common Estate and Elder Law Planning Mistakes“, Anthony J. Enea, Feb. 15, 2017