5 Common Mistakes in Estate Planning and Probate

– Handy Tips to Keep in Mind from an Experienced Shreveport Attorney

Goal setting is common; most of us like to feel organized by starting out with defined objectives. From the first time we’re asked what we want to be when we grow up, to the day we graduate high school and beyond, we think about our future and where we would like to be someday. Not so many of us think about planning for our death. It’s often a hush-hush subject that makes us feel a little sad to think about. There’s no need to dread what happens after you pass away; instead, take the time to handle it now.

Add estate planning for your family’s future to your list of goals. Then speak with an experienced Shreveport estate planning attorney like David L. White. He understands the complexities and nuances of Louisiana’s probate laws. He will sit with you, discuss your options, draft the needed documents, and be there to help when probate becomes necessary.

5 Mistakes in Estate Planning and Probate
As you begin your journey into the realm of estates and probate, it’s good to learn from others who have forged ahead of you. Here are five common mistakes that happen either in the estate planning phase or during probate that you will want to avoid:

  1. Failing to Plan or Updating an Existing Plan: Few of us like to think of our own demise. However, when we don’t have a will or estate plan in place, the state will determine how your estate will be handled and it may not be the way you would have wished. A will makes provisions for your spouse, children, and others you want to leave an inheritance for. Additionally, you can take advantage of estate tax savings provisions, you get to choose your executor, and you pick who controls your minor children’s assets. Remember that things change, making it vital to review and update your will regularly and after a significant change in life circumstances, like marriage or divorce.
  2. Not Planning for Incapacitation or Long-Term Care Needs: COVID-19 proved to everyone that you could become incapacitated at any time. On the flip side, without emergencies like a pandemic, we generally live longer and likely will need long-term care for those waning years. In either case, you should consider having someone available to manage your affairs if you become incapacitated and have funding in place for your long-term care needs.
  3. Not Utilizing Trusts for Family Who Are Minors, Disabled, or Immature: Those in your family who cannot manage assets on their own, such as a minor child, need assistance. Too often, a financially immature beneficiary gets hold of a large sum of money and squanders it away. Trusts are one way to ensure that the funds you leave are available to support them or for specific purposes.
  4. Waiting for the Death Certificate to Start Probate: If you happen to be an executor or beneficiary of a deceased loved one, you may think you should wait to start probate until after receiving the death certificate. In some cases, it can take weeks to get it. Instead, get started immediately on handling the affairs of the deceased’s estate.
  5. Not Gathering All Financial Assets into an Estate Account: Once a person dies, their executor needs to start gathering all financial assets into an estate account. If mom had her checking in one bank and her savings and CDs in another, they need to be brought under one account. Failure to do so can leave you with a personal judgment from the courts.

Hire the Right Shreveport Estate Planning Attorney – Choose David L. White

Don’t leave your family in a lurch by failing to create an estate plan or acting on an open estate. David L. White, Shreveport’s established estate planning attorney, has decades of experience to help you. He understands Louisiana’s complex probate laws and can assist you in establishing a plan. If you need support on probate for a loved one’s estate, he can help, as well. Our firm can handle your planning needs, so please give us a call today!

Contact your estate planning attorney in Shreveport to find out more about planning your estate or handling probate. Give us a call at 318-747-7023.