It is not easy to consider the possibility of what will happen with money and assets after passing. Louisiana adults are not able to control the future, but they are able to control what happens with certain things by having a strong estate plan in place. Drafting certain documents and discussing plans with loved ones can help protect long-term interests and loved ones.
Of course, most estate plans start with drafting a will. This document allows someone to specify what will happen with his or her stuff after passing. It can also designate a guardian for minor children. A will is the building block for any good long-term planning strategy, but many people should go beyond this step. Another consideration is to establish a trust.
A trust designates and protects assets for a specific use. A trust can hold assets for the care of a special needs loved one, charitable giving and much more. Trusts are typically private, and assets held in a trust do not need to go through probate. There are also living wills and other documents that allow someone to make important financial or health care decisions in case of incapacitation in the future.
A strong estate plan is important for all Louisiana adults, regardless of age or wealth. There is no one-size-fits all plan, and a close look at the individual situation and specific goals can determine what estate planning steps are necessary. As with any legal or financial decisions, it is prudent to have experienced guidance when weighing options and consider the most appropriate path.