Leaving behind an inheritance is usually an important aspect of creating an estate plan. For parents with children who have special needs, the focus might shift away from an inheritance and toward finding a way to provide long-lasting financial support. Most Lake Charles parents can accomplish this through a careful approach to estate planning.
Creating an estate plan is an essential step for adults in Lake Charles. However, the sense of accomplishment that comes from crafting a good plan can lull some people into sense of complacency. Rather than letting wills collect dust year after year, individuals should be sure to re-evaluate their estate planning needs on a regular basis. Here are a few situations in which a person might need to do a bit of estate plan housekeeping.
While no two people in Lake Charles are alike, things like wills, trusts and more can all be used to meet each individual's unique needs. Revocable trusts are especially effective in this respect, as they can help address a variety of concerns. When used in conjunction with other estate planning documents, these trusts can round out a person's plan and ensure that his or her wishes are carried out to the fullest.
Just a decade or so ago, Lake Charles families shared pictures through physical photo albums, flipping through the pages while visiting with one another. Now, sharing a photo album tends to be a digital task that can be accomplished by a single click of a button. This might have made day-to-day life easier for most people, but it has made estate planning somewhat more complicated.
Going through a divorce is a tremendous life change that can be both emotionally freeing and exhausting. By the time everything is finalized, most Lake Charles divorcees might not feel like so much as looking at another piece of paperwork for years if not decades to come. However, despite these feelings, it is still important to attend to estate planning after major life changes.
Many people like to spend time during the first month of the year reflecting on what is most important to them. Fresh out of the holiday season, some Lake Charles residents might realize that they need to spend more time with their family or focus on organization. This period of reflection is an excellent time to revisit estate planning.
Thinking about aging, future medical needs and death is understandably uncomfortable for most people. No one really wants to imagine a day where they have less autonomy over their life, but avoiding the topic will not stop it from becoming a reality. Lake Charles residents who carefully plan for estate law issues may be better prepared to fully enjoy their later years.
The start of a new year brings the opportunity for Louisiana readers to make resolutions and start new, positive habits. Many people want to lose weight or get more organized, but one practical and smart resolution is to carefully review all estate planning documents and add additional protections. Many people don't have all of the documents and estate planning tools they truly need.
Most people in Lake Charles understand the importance of creating an estate plan. Perhaps less well understood is the importance of updating that plan. When people do not revisit the estate planning process to make necessary changes, their wills, trusts and other important documents might not be as effective as originally expected. Here a few reasons why it might be time to update an estate plan.
A will is usually a good representation of a person's life at the time it was created. However, life is not static, so what may have been an appropriate estate planning choice a year ago might not longer be the case. Those living in Lake Charles should be certain to revise their estate plans after major life events, such as divorce. Divorce can be an emotionally taxing process, and some people may not feel like dealing with anything else either during or after the process, but failing to do so could cost people in the long run.