4 Estate Planning Mistakes You Want to Avoid in Louisiana
The subject of estate planning has negative connotations for apparent reasons. However, completely avoiding this subject can put your family in a financial bind. Niswanger Law in West Monroe, LA is here to address your estate planning needs head-on, paving a path toward a better financial future for those you cherish most.
Here’s a quick look at some top estate planning mistakes we help people avoid.
Mistake #1: Delaying the Writing of Your Will
There is a common misconception that writing a will is a laborious task that takes days to complete, leaving you emotionally depleted and depressed.
But ask anyone in West Monroe, LA who has relied on Niswanger Law’s estate planning services, and you will find preparing a will and other documents went smoother than expected. You’ll enjoy an invaluable sense of inner peace and relief after your will is created.
Once your will is complete and appropriately filed, you’ll move forward with work and life in complete confidence, knowing your loved ones will have a financial safety net firmly in place. In short, your will guarantees all your hard work is not in vain.
Mistake #2: Selecting the Wrong Executor
It is no secret that social circles are dwindling. The average family size is also decreasing.
If you are feeling increasingly lonely, the truth is you are not alone in your crowd. Instead of choosing someone convenient to serve as your executor, meet with Niswanger Law’s estate planning attorneys to learn more about the duties of this important role.
Our legal team will help you select the best executor to serve this crucial role with honesty and moral integrity. The individual you choose as your executor must fulfill their fiduciary duty, ensuring your desires for the bequeathing of your hard-earned assets are fulfilled.
Mistake #3: Naming Only One Beneficiary
Chances are you have more than one person in your life who is deserving of your assets. Even if you are married without kids or a widower with a single child, it is in your interest to name more than one beneficiary. Sometimes, it makes sense to name charities and other organizations as beneficiaries.
Creating a comprehensive estate plan with the assistance of Niswanger Law is essential to avoiding probate in Louisiana. Naming multiple beneficiaries ensures assets are distributed as you desire, preventing your estate from moving through the probate process if the beneficiary passes away before you.
Mistake #4: Leaving Your Will as Originally Written
Life will inevitably throw you some curveballs. The challenge lies in reacting to those unexpected events with intelligence and grace. Instead of leaving your will intact as initially written, update it as time progresses to appropriately reflect life milestones such as:
- Getting Married
- Inheriting money
- Adding a valuable asset
- Getting divorced
- Having a child
- Reaching another life benchmark
Our estate planning attorneys are here to make the necessary changes to your will per your unique progression through life.
Schedule a Consultation With Niswanger Law
Our estate planning attorneys in West Monroe, LA are here to help you plan for the future. We guide people on how to avoid probate in Louisiana and provide overarching estate planning that provides invaluable peace of mind.