One certainty about life is that change is inevitable. While many Louisiana residents may be creatures of habit, perhaps hoping their lives will stay as much the same as possible for years to come, others thrive on adventure and also on change. When it comes to estate planning, the idea of change causes some people to hesitate when considering their plans because they mistakenly believe that once an estate plan is filed, it is permanent.
The reality is that the estate planning process is highly customizable. An estate owner is able to makes changes or updates to an existing plan, as needed. For instance, if a marriage, birth or death occurs, the situation may impact various aspects of an estate plan. In such cases, an estate owner can seek assistance to rewrite one or more documents to reflect the changes that have taken place.
Some people are worried about the potential tax implications their estate plans may have on their loved ones. Others are confused about the differences between a final will and testament and a living will. Many people want to focus their estate plans on advance directives because they wish to impart specific instructions regarding certain forms of medical treatment if they become incapacitated and unable to speak for themselves.
Although guidelines and regulations vary by state, the general outline of estate planning is the same throughout the nation. An estate owner can add, delete, reword or adjust his or her plan to fit individual needs and long-term goals. No two estate plans are going to turn out exactly the same way. Lorenzi and & Barnatt, L.L.P., in Louisiana, can provide guidance and support in all aspects of the estate planning process.