If you are contemplating over your succession plan, how your property gets transferred to your appointed nominee after your death or about the allocation of your assets in the event of your disability then seeks the services of the professional estate planner.Though, it is not mandatory to seek the services of the estate planner and the property owner can himself draft a will. However, observation reveals that by drafting a will using a template the property-owner may confront with issues.
Reasons for Hiring the Estate Planner
Following are some of the important reasons why you require the services of a professional estate planner:-
If you are suffering from complications with previous marriages, blended families or divorce then you can seek the services of the estate planner.
Services are useful if you and your spouse, or children possess international citizenship.
If you own a property in another state or you have an interest in property in adifferent state.
The assets that you possess exceeds a certain amount (usually a few millions but alters on an annual basis).
If you or your spouse are getting married for the second time and as a result of this could have complications with property ownership, trusts or guardianship for your minor children.
There are many law firms, online offering access to qualified and experienced estate planners. The good estate planning website lists the attorneys by their name, their experience as well as recognition in the field of practice.
Common Mistakes that Estate-Owner Needs to Avoid
The entire estate planning is a process that needs to be carefully executed without making errors.
Some of the common mistakes that the estate owner, the estate planner needs to watch out are mentioned as follows:-
- Not participating in estate planning.
- Not completing the entire estate planning process.
- Doing the planning incorrectly and that can result either in the rejection of the will or the will being legally not binding.
- People more often forget about their pets, businesses. They often remain forgetful about how to split assets among their children.
- There are financial planners who recommend spacing out the payments instead of paying them in lump sums.
- Not updating the estate-owner will when the concerned person has kids, did a remarry, acquired new assets, or made other alterations in life.
The above mention points highlight the different reasons for estate planning in Louisiana. There are many law firms which provide complete access to qualified and experienced estate planning attorneys. In this context, the Greenwald Law Firm is worth mentioning.