Estate planning is an unfamiliar topic to many people, and it comes with many misconceptions. An estate planning lawyer in Shreveport, LA like one from Wade Suthard, P.C. can provide you an overview of estate planning and strategies that can help you achieve your goals. Having an estate plan can serve many purposes, from enhancing the security of your assets to making sure your healthcare needs are met. There are many approaches to estate planning, so it can be difficult to know where to start. Know these do’s and don’ts of estate planning that you should be aware of as you begin developing your plan.
Talk to your family
If you are considering developing an estate plan, inform your family and loved ones about your goals. An estate plan has just as much impact on your family as it does on you, especially if they are being given an inheritance or must manage your estate after your death. They need to have a strong understanding of your wishes and the steps they need to take to keep your estate in order. Keeping them in the loop about what plans you have in mind can minimize any complications and prevent any conflicts from occurring.
Decide what documents to include
An estate plan looks different for everyone. Do you want to include a will, trust, or powers of attorney? There are many different types of legal documents that you can put in your estate plan. First identify what you hope to achieve with your plan so you can narrow down the items that need to be included. If you are having difficulty figuring out exactly which documents to have, an estate planning lawyer can give you advice and information about the items that your plan should consist of.
Don’t forget to name your beneficiaries
Naming beneficiaries is important if you are handing down assets, possessions or cash to family, friends, charities or organizations. This is crucial if you want to prevent your assets and valuables from ending up with the wrong people. You can change your beneficiaries at any time. Designating beneficiaries will also prevent the state from seizing your estate and distributing it to the wrong hands.
Don’t disregard needed updates
One mistake that people who create an estate plan make is creating their plan and forgetting about it. It is important that you review your plan regularly so that you can make necessary updates. It is recommended that you do this periodically every couple of years to keep it current.
For more information and guidance about estate planning, consult with a top estate planning lawyer so that they can assist you.