Create, Review Or Update Your Louisiana Will
A will is a fundamental building block for any estate plan. Even if you have been postponing getting your estate plan in order, at the very least, you need a will. Other components of your estate plan can be added, but if you die without a will, your closest family members will likely face significant troubles and expenses. You owe it to them – and to yourself, for peace of mind now – to have an up-to-date will available for whenever your life may come to an end.
To discuss your estate plan with an experienced lawyer in Baton Rouge, contact us at Clary | Suba | Neale. You can also talk about trusts that may give you even greater control over the disposition of your assets after death.
About Your Will: Which Type Is Appropriate?
A simple will is a straightforward document that outlines how your assets should be distributed after your death. It may also name guardians for minor children and specify other important instructions. A simple will is appropriate for individuals with uncomplicated estates and straightforward wishes.
A complex will is a more detailed document that may include provisions for tax planning, asset protection or other specialized needs. It may also establish trusts to manage assets for the benefit of beneficiaries.
A pour-over will is a type of will that is used in conjunction with a trust. It directs any assets that were not transferred to the trust during the grantor’s lifetime to be “poured over” into the trust after their death.
A living will is not a traditional will. It is about your health, not your wealth. It is a document that outlines your wishes regarding end-of-life care and treatment. It can provide details to enhance the effectiveness of your health care power of attorney and settle questions that your health care providers may have if you are incapacitated.
About Trusts: Do You Need One Or More?
A revocable living trust is a trust that the settlor can modify or revoke during their lifetime. The settlor retains control of the trust assets and can serve as trustee. A revocable living trust can help avoid probate and provide for the management of assets in the event of incapacity.
An irrevocable trust is a trust that the settlor cannot modify or revoke once it is established. The trust assets are transferred to the trust, and the trustee manages the assets for the benefit of the beneficiaries. Irrevocable trusts can be used for tax planning, asset protection, protection of dependent loved ones and other purposes.
A testamentary trust is a trust that is created in a will and takes effect after the testator’s death. It can be used to provide for minor children, disabled beneficiaries or other beneficiaries with special needs.
Consult With Our Baton Rouge Will And Trust Attorneys
We are experienced estate planning attorneys, and we encourage you to consult with one of us at our Baton Rouge estate planning law firm. We will help you determine which types of wills and/or trusts are appropriate for your specific needs and goals. We can also help ensure that your chosen estate planning documents are accurately signed and executed.