Wills and trusts: which estate planning tools are best?

Every estate is different, and each Louisiana adult has different goals for the future. Estate planning should be unique to the individual objectives, and that requires exploring the different tools available. Wills and trusts are two of the most common options that allow people to have a say over what happens with their medical care and personal assets.

A will is a document that allows a person to decide what will happen to his or her stuff. When someone passes away with real estate in his or her name alone, the will is used to determine what happens to the property. The terms of this document can name beneficiaries and specify what asses they get, but they cannot offer protection against disability costs and nursing home expenses. Those drafting estate plans often find they also benefit from drafting a trust.

A revocable trust is a smart estate planning tool. It takes effect as soon as it is created, and it is possible to amend the terms of the trust after its creation. Trusts can allow people to avoid probate, avoid complicated will contests with loved ones and save time. There are various types of trusts, both revocable and irrevocable, that allow someone to accomplish specific goals for his or her estate.

Wills and trusts are only some of the things a Louisiana adult will need for full protection and security. Living wills and power of attorney can also be important for future interests in case of a medical emergency. When creating a plan, it may help to speak with a legal professional about specific options available.