Planning for the future can feel like a daunting task and one that is far too easily avoidable. There are notorious cases of wealthy celebrities dying without a will or other estate plans, but it isn’t just the famous who make this error. No matter how small you think your estate may be, it is crucial to prepare a plan and keep it up to date over time.
For those living in Louisiana and trying to navigate your future goals, consider the importance of an updated, comprehensive estate plan as your first line of defense. Not only can an estate plan help you prepare for your financial future, but it can also prevent a potentially contentious succession process down the line.
Start planning now
When is the right time to create an estate plan? In all actuality, it is truly never too early to create an initial plan for your long-term future. The idea of estate planning can feel intimidating for some because they think their assets are insufficient for this kind of planning. On the contrary, even young, single persons need to prioritize estate planning soon.
Failing to create an estate plan can mean leaving your assets to an unrelated third-party to handle during succession. This means the state gets the chance to dictate the management and division of assets, not you or a designated loved one. Leaving your estate to the will of the state is a loss of personal agency and is entirely avoidable.
Keep your plans up to date
Once you’ve taken the crucial step of creating an initial estate plan, the work is not yet over. Over your lifetime, many factors can influence the relevance and enforceability of an estate plan. This can include major milestones such as marriage, having kids, purchasing a home or other property, starting a business and more. In addition, policy and legal changes can entirely disrupt an estate plan if you don’t keep it in compliance with those new governances.
When it comes time to implement an estate plan, the execution is only as strong as the original plan itself. With an outdated estate plan, many issues can hold up succession and cause headaches and heartache for those involved. It’s important to establish reliable executors, trustees and others involved with your estate to help carry out your wishes as intended.
Estate planning in Louisiana is an important step to take in prioritizing your personal and financial future. Consider the upfront work to be an investment in your long-term goals.