A recent Wall Street Journal article estimated that over 50% of Americans have no estate plan.  Why is this?

Many people believe the term "estate planning" is only for the wealthy. Others, understandably, are apprehensive of end-of-life planning.  And, many are also concerned about potential costs.

However, everyone, from retirees to first-time-parents, can benefit from estate planning.  Several, critical reasons to implement an estate plan include:

  1. Minimize conflicts, costs, and stress for your heirs.  We cannot change the fact that each of us will one day pass and that ownership of our assets (real estate, autos, personal property, bank accounts, etc.) must also pass.  But, we can greatly streamline the process and expense for our loved ones.  And, if you do not outline your wishes for dividing your estate and consider Louisiana's intestacy laws, then, the state has a default plan that may not match your intentions.
  2. Planning for a loved one who may not be capable of owning and managing property.  For example, a testamentary trust for minor children and gate-keeping functions may be necessary.  You should also clarify guardianship/tutor appointments in cases of minor children and split families.
  3. Tackle the stress and costs associated with disability and incapacity.  During your lifetime, you may need someone to act on your behalf due to an extended absence, disability, or incapacity (such as Alzheimer's disease).  An estate plan includes documents that permit an agent to act on your behalf for financial and healthcare matters and to prevent the stress, time, and costs of your heirs having to go to court to handle costly and timely interdiction proceedings.

If you have yet to proceed with your estate plan, please call us for affordable Guidance and Results.