Estate planning typically not a one-shot deal

Planning a transfer of wealth for the sake of one's heirs is an important task many Lake Charles residents undertake at some point in their lives. Louisiana, like all other states, has certain laws and regulations to govern such matters. Interestingly, when surveyed, many people say they avoid estate planning because they have no way of seeing into the future to determine who their exact heirs should be at the time of their own deaths.

It often helps, in such circumstances, to remember that estate planning is more of an ongoing process than a one-time task that is set in stone once its accomplished. To the contrary, a solid estate plan is typically reviewed and updated as needed. This allows estate owners to customize their documents to align with any changes in lifestyle, family dynamic or assets that bear impact on inheritance goals.

Of course, planning an estate often involves far more than merely listing beneficiaries to inherit one's assets. Many plans also designate legal guardians for children and/or powers of attorney who are given authority to make financial or medical decisions on behalf of an estate owner under specified circumstances. It's also possible to change a plan if one determines that an original instruction is not in the best interests of one's loved ones after all.

A millionaire in a state outside Louisiana updated estate planning documents after deciding that age 25 was too young for his children to inherit $6 million. He simply updated his plan and changed the age of inheritance to 40. Anyone in Lake Charles with estate planning questions can seek answers by contacting an experienced estate attorney in the area.

Source: Barrons, "Don't Delay Estate Planning, for the Sake of Your Heirs", Sonia Talati, Feb. 11, 2017

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