One of the hardest conversations that a Louisiana family can have is determining what will happen if someone in the family, especially the parents, were to die. No one likes thinking about their mortality, but it is inevitable. While the conversation of an estate plan may be difficult to have, it is necessary. Here are a few of the most common emotional roadblocks that families experience when establishing an estate plan.
The first emotional roadblock is simply talking about death. However, not addressing the subject will not keep it from occurring. Something that may be helpful is talking about when a person is gone or when the family will be on their own as opposed to saying death. A softer approach can help the family get past the morbidity.
In order for wills and trusts to be successful, all assets need to be accounted for. Many who have lived a long life and are well-established have accumulated quite an estate. Sometimes, it is so overwhelming to think about calculating all the assets that it is easy to put it off. The best thing to do is work with family members and start lists of both financial and physical assets. Once most of the assets are listed, they can be broken down into smaller categories, and the value of these things can be listed.
Since wills and trusts can be complex, it is easy for a person to put off making them. An estate planning lawyer may help a family draft wills and trusts that take into consideration a variety of things, including tax benefits. The lawyer may also be able to answer questions the family has about their estate and ensure that any documents that are drawn up are legally binding.