Succession planning is an important task that the average person will delay if possible. Procrastination is probably the most common reason people give for not having a succession plan in place for their estate. They may recognize that if they die, the succession of their property could force their loved ones into court, but they hope they still have years ahead to plan for such a situation.
Instead of continuing to wait and make excuses, you can better protect yourself and your loved ones by starting the succession planning process now rather than waiting for a sign that you should not delay any more.
What are some of the ways that succession planning protects the people you love?
It can reduce succession court costs
It can be expensive to have the courts oversee every decision regarding your estate. The beneficiaries who hope to inherit property from your estate could lose a significant portion of the property you leave behind to court costs if you don’t plan ahead appropriately.
Inadequate planning can also increase the likelihood of estate taxes and debts that require repayment with estate assets. A good plan can keep certain assets out of your estate and therefore, out of court.
It lets you name someone to manage the process
Choosing a personal representative to handle your property after you die is a big decision. If you don’t make that choice yourself, your loved ones will depend on the Louisiana succession courts to name a representative for the estate. You will take an extra step out of the process and remove the possibility of conflict among your loved ones over that authority if you name your own representative.
It helps prevent disputes about specific assets
The more valuable an asset is, either emotionally or financially, the more likely your family members are to fight over that property after your death. Providing clear testamentary documents that explain what you want to happen to your biggest assets and to the remainder of your estate will prevent your loved ones from fighting over your belongings.
Succession litigation initiated by one of your beneficiaries could consume even more than intensive succession court oversight of estate administration efforts. The more clear you are about your wishes, the less likely your family members are to fight with one another over their own interpretation of the scenario.
Understanding how succession planning protects the people you love might inspire you to create one sooner than you would otherwise.