Avoid These 5 Common Mistakes with Estate Planning
– Guidance from Your Experienced Attorney in Shreveport
We may do everything humanly possible to live as long as possible, but the truth is, death comes to each of us, and sometimes, when we least expect it. Being proactive can potentially prolong your lifespan. Eating right and exercising regularly ensures good health, but you never know what the next day brings. What if the inevitable occurs without warning? Have you done enough to take care of your family when you pass? Have you prepared your estate to suit legal requirements and distribute your legacy according to your wishes?
Louisiana has a unique set of laws. Writing out your last wishes on a paper serviette does not necessarily mean the court has to accept them. When it comes to navigating the law, you need the assistance of an experienced attorney like David L. White who understands the system and can give you proper legal advice to protect your assets and family after death.
Thinking about Estate Planning? Do it the Right Way
Take care of your family’s future as you do their present. Plan correctly and know that your wishes will be respected and your family taken care of. Stay away from these common mistakes:
- Not having a valid will when you die. After your passing, the courts intervene to know how you would like your assets and property distributed to your loved ones. If you pass without establishing clear instructions, or intestate, the Louisiana court system steps in and makes decisions on your behalf. In essence, all control is handed to the state.
- Not updating your will regularly. Nothing stays the same. Evolving events in your life requires you to revisit your instructions from time to time and keep your will up-to-date.
- Not planning for long-term care needs. Not only should you prepare for distribution of possessions after death, but you also need to lay the groundwork for unplanned long-term care. You are already doing everything you can to live a long, fruitful life. What happens if your health takes an unexpected turn? Will your retirement and assets be protected?
- No plans if you are incapacitated. When we think of old age, we often imagine retiring near a tropical golf course. Sometimes the best-laid plans go sour, like an unexpected stroke. If you become incapacitated and are unable to manage your affairs, it pays to have a trusted professional do the needful for you. Failing to plan for incapacitation allows the judge to choose the decision-makers on your behalf.
- Not preparing a letter of instruction. After you pass, your family and executor need to know where all the necessary information is located. A letter of instruction can ease the transition. It should include the following:
- Location of the original will
- Preparations for your burial or cremation
- Credentials for all your digital and financial assets (savings, checking, etc.)
- Location of any property, life insurance policies and creditor information
- List of names and contact information of your lawyer, financial planner, insurance agent, and other vital professionals
Plan Your Family’s Future with a Dedicated Shreveport Attorney
When you get the right advice and guidance from David L. White, you gain peace of mind knowing that your wishes will be honored. He has years of experience creating wills, trusts, and power of attorney documents. You can discuss your asset distribution with him and know your loved ones will get their fair share of inheritance.
Contact your attorney in Shreveport to find out more about estate planning in Louisiana. Call us today at 318-747-7023.
