Planning for the future is an important step for Louisiana adults of all ages. In many cases, drafting a basic will is a simple yet effective way to do this, establishing which beneficiaries and heirs will receive assets from the estate. However, there are times when one may wish to accomplish specific things, such as charitable giving, through an estate plan. Establishing a trust is a way to make this happen.
Important facts about trusts
Trusts allow one to accomplish a specific goal for his or her wealth and assets after passing. There are specific benefits to handling assets this way as opposed to passing them directly through a will. These benefits include the following:
- A trust can minimize estate taxes.
- It can protect and manage assets for minor beneficiaries.
- It eliminates the need for certain assets to go through the probate process.
- A trust may help protect some assets from creditors.
While there are many reasons why establishing a trust could be the right choice, it is always prudent to explore all estate planning tools available and appropriate for the individual situation.
Accomplishing estate planning goals
The goals a Louisiana adult may have for his or her estate are specific to personal circumstances. As there is no one-size-fits-all approach to planning for the future, it can be helpful to work with an experienced attorney from the initial steps of the process. An assessment of the individual situation and unique goals for estate assets will help determine if establishing a trust is the most prudent course of action.