Many Louisiana residents have certain routines they follow when it comes to home maintenance and/or financial planning. For instance, it's not uncommon for people to mark dates on their calendars when they plan to wash all the windows in their homes or undertake other major, annual cleaning projects. Rotating tires on vehicles is another task that it often finds it way onto people's annual to-do lists. What about estate planning, however?
Many people cringe at the very mention of this phrase. Some simply prefer to avoid any topic related to their own mortality. Others fear that the estate planning process is a highly complicated, stressful endeavor they hope to put off as long as possible.
Life changes such as deaths, births, marriages or divorces may greatly impact a person's estate planning decisions. Other issues, such as retirement, medical needs or preferences or changes to income or savings (perhaps because of life events, such as college tuition costs or business endeavors) can also impact an existing estate plan or plans to execute one. If a particular plan is signed and is not reviewed or updated from time to time, problems could arise when the time comes to administer the estate.
Those who understand what a valuable tool estate planning is and how it is able to be simplified and customized according to individual needs and goals also know it's a good idea to periodically review an existing plan to see if any changes or updates are needed. After all, the most successful type of plan is one that remains current. The start of a new year is also a great time to review an existing estate plan. An experienced Louisiana probate and administration law attorney can provide guidance and support in all aspects of the estate planning process.
Source: nwitimes.com, "Estate Planning: Dawn of new year time to review estate plan", Christopher Yugo, Dec. 29, 2017