Making the decision to write an estate plan is a wise one. However, Louisiana residents who have made that decision would be well-advised of a few potential faux pas to steer clear of when in the throes of estate planning. No one likes to plan for his or her demise, but to minimize the impact on family members, doing it the right way is crucial.
One of the most prevalent mistakes when writing an estate plan is not including enough information. Leaving scant instructions can not only be problematic for an executor, but could cause loved ones extra grief. Writing a complete plan is important and so is leaving directions on where to find important documents and how to access them, especially if some assets are digital and password-protected.
Testators must also realize they must name beneficiaries for their insurance policies, retirement accounts and annuity contracts. These beneficiaries must also be recorded on company files since a will won’t override who is named as beneficiary on these types of accounts. Real estate holdings could pose a special issue since naming more than one beneficiary for such holdings may create problems.
Lastly, once an estate plan is in place, it’s not as simple as just leaving it be for the rest of one’s life. These plans should be updated as the life of a testator changes. Reviewing an estate plan periodically is an astute move.
Estate planning doesn’t need to be difficult. A Louisiana lawyer may be able to assist individuals on what to include in one based on the client’s personal life situation. A lawyer may be able to help a client to avoid unpleasant situations that might crop up in an estate plan in the future.