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Common Estate Planning Myths­—Busted! WRITTEN BY CHRISTIE TOURNET

WE ALL WORK

hard and desire to create a

better future for our family. But, have you made comments similar to the common myths below? Common Myth 1: I am not wealthy; so, I do not need an Estate Plan. For many, estate planning is not based solely on minimizing estate taxes. Rather, estate planning can: 1) insure you pass property to your intended beneficiaries (default law may not match your intentions), 2) alleviate burdens upon family members, and 3) appoint trustees and guardians for children or beneficiaries with special needs or concerns. Common Myth 2: I am young. I do not need an Estate Plan. Most often, younger parents are most in need of an estate plan. For example, an estate plan can take up issues such as guardianship of minor children in the event of a sole custody award, or a common accident involving the natural parents. And, parents can appoint someone to have oversight of a minor child’s inheritance. Common Myth 3: If I have passed, why should I care about what happens? Estate planning includes planning for long term care while you are living. Specifically, an accident or illness could impede your ability to handle normal affairs, such as paying bills, obtaining loans, and making healthcare decisions. And, without this proper planning, your family members could be forced to implement an interdiction proceeding, an expensive legal process where a judge must determine incapacity and appoint a formal guardian. Admittedly, estate planning can require you to consider some difficult scenarios. But, completing your estate plan and checking your beneficiary designations provide valuable peace of mind.

1901 Hwy 190, Suite 3, Mandeville • 985-624-4045 • Store Hours: Monday - Saturday 10am-6pm

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32 Sophisticated Woman | November 2020

Christie Tournet & Associates, LLC, provides estate planning, estate administration and commercial law services. The practice is located at 1795 W. Causeway Approach, Suite 103A in Mandeville. 985-951-2177, tournetlaw.com.