Why you should pay for estate planning advice

Why you should pay for estate planning advice

| Oct 9, 2020 | Blog, Estate Planning |

Ideally, you will craft your estate plan with the help of a Louisiana estate planning professional. This person may help you think about what you want your estate plan to do and what might happen if your goals change at some point in the future. Take a look at some of the benefits of spending money to create a will, a trust or other plan documents.

A professional advisor may help you plan for the future

In most cases, you structure a will or trust based on what you know about your estate. However, a professional advisor may help you account for problems that are not apparent today. For instance, the advisor could ask you to consider what might happen if you die before a beneficiary reaches the age of majority in the state where that beneficiary resides.

Your advisor may also help you think about what might happen to your business or other assets after your death. For example, if you own a law firm, your spouse or children will be unable to inherit a legal practice unless they are attorneys themselves. Working with a professional may also help you understand the implications of not regularly reviewing and updating your beneficiary designations.

You never know what might happen

You probably don’t expect to die before your child becomes an adult who can manage assets on his or her own. You may also find it unlikely that a creditor would file a claim on your estate because of a debt that belongs to your son or daughter. However, there is always a chance that these or other events could occur at some point in the future. Therefore, it is critical that your will or trust contains instructions as to how to handle these unexpected situations.

Generally speaking, the estate planning process is one that spans your entire adult life. Therefore, it is generally a good idea to work with an attorney who may help you create or review plan documents to ensure that they meet your current and future needs.