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Many adult children unhappy with their parents’ estate planning

| Apr 13, 2017 | Estate Planning |

In Lake Charles and other areas of Louisiana, a surprising number of people (as appears to be the case throughout the nation) fail to protect their assets and secure financial stability for their loved ones in the event of their own deaths. Dying with no will in place can cause an avalanche of problems for adult children and other family members. Beyond the fact that many Americans simply pay no mind to estate planning, those who do often leave behind loved ones who are quite unhappy with how they chose to distribute their assets.

A solid estate plan typically includes more documents than a simple will. A carefully designed plan often includes a power of attorney, advanced health care directives and one or more trusts. However, final wills are the documents that seem to stir the most contention among adult children of elderly parents.

In fact, at least 40 percent of those who fall into this category are reportedly unhappy with their parents’ choices insofar as asset distribution is concerned. They believe they’ve been given the short end of stick. Another area advisers say should be of main concern in planning an estate is child guardianship.

Parents are cautioned to consider what would happen to their children in a worst-case situation if both parents died. This often awakens a need to make some very important decisions regarding who would be raising those children in the future. Estate planning laws vary by stat,e and anyone executing a plan in Lake Charles or surrounding Louisiana areas (or designated to play a key role in another person’s estate administration) can seek answers to questions by discussing a particular situation with an experienced attorney.

Source: thestreet.com, “As Americans Blanch at Estate Planning, Financial Advisors Need to Spur Clients to Action“, Brian O’Connell, April 12, 2017

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