One of the important factors when creating an estate plan is developing a strategy that allows you to have the final say over what happens to your personal property after you pass away. You can decide where your property should go, which of your loved ones should get certain assets and if you wish to designate any of your estate for charitable giving. This gives you assurance that your assets will end up in the right place and with the right recipient.
You may intend for your kids and grandkids to receive a portion of your Louisiana estate, but you may not want your stepgrandchildren to inherit your property. There are ways that you can craft your estate plan to ensure that this does not happen. You will benefit from learning more about the ways you can develop a strategy that will allow you to look to the future with confidence.
Security and stability for your family long-term
One of the most common and effective ways to leave assets to loved ones is to include these directions in the terms of your will. You can name a specific asset and the intended recipient, but when it comes to generational wealth that may eventually pass to your grandchildren, other approaches could be more useful. This is particularly true in situations in which grandchildren would be the intended recipient and not stepgrandchildren. To accomplish this, a revocable trust may be the ideal approach.
With this type of trust, you can set aside and protect assets for a specific purpose. Since it is revocable, you will have the ability to change the trust and alter the terms over the course of your lifetime. You can name your biological grandchildren as the beneficiaries of the estate, and they would be the only ones to receive assets in the trust. Assets held in a trust do not have to go through probate, which will reduce complications for your loved ones.
Creating a strong and thoughtful plan
It can be difficult to think about what will happen after you pass away, but it is worthwhile for you and your family to have a complete and thoughtful estate plan in place. You may find it helpful to speak with an experienced professional regarding the legal options you have and how to develop a strategy that will allow you to protect your assets and shield the interests of your relatives.