An important aspect of long-term planning is choosing the right types of documents for an estate plan. Most Louisiana adults start with a basic will as the foundation for other decisions they will make regarding their estate, but other estate planning tools can be beneficial as well. In some cases, a trust may be as beneficial as a will for accomplishing specific goals for one’s wealth.
Transferring and protecting wealth
Both a will and a trust will allow one to transfer wealth as he or she sees fit, but they do it in different ways. A will is a document that outlines the heirs and beneficiaries that should receive specific assets, and it only becomes active after death. A will can also appoint someone to act as a guardian for minor children.
A trust is active and valid from the moment it is created. It can set aside wealth and protect it for a specific use in the future, such as charitable giving or the care of a special needs loved one. There are many different trusts that serve different purposes. In some cases, a person may benefit from both a trust and a will.
The right plan for the future
There is no cookie-cutter solution to estate planning. The right approach to creating a plan will depend on the Louisiana adult’s needs and objectives for the future. This is why it is helpful to work with an experienced attorney who can evaluate the needs of the individual and provide guidance on the right way forward.