In Louisiana and across the United States, people tend to procrastinate about planning their estates. Drafting wills and creating trusts are not at the top of most to-do lists. Sadly, financial affairs can become complicated if a person becomes ill. Most lawyers advise clients to create family trusts. Estate planning before something unexpected happens is the best plan. Contacting an estate planning attorney can help clarify any questions or concerns.
Additionally, a lawyer offers an explanation about the different types of family trusts. For instance, a person may wish to establish a revocable family trust or an irrevocable family trust. People who have already established their trust funds may want to speak with an attorney to make sure new assets are added into the trusts. It is important to remember that an investment portfolio and a trust fund are two different entities serving two distinct purposes.
A critical part of estate planning involves making plans for future events, including children getting married and grandchildren who will have specific financial needs. Estate plans may require revisions if a couple gets divorced. An estate plan may also need updating if a divorced person remarries someone else. In addition, estate plans sometimes need modifications, especially when relationships drift apart. Whether a person wants to draft a simple will or create a complex trust, estate planning is easier when a person consults with an estate planning lawyer.
Besides creating peace of mind about financial matters, an estate plan might ensure that a person’s money and property are willed to the intended individuals. An estate plan may also include advance health care directives and powers of attorney. A consultation with a lawyer might lead to creating the ideal estate plan to match a client’s specific requirements. An attorney may help the client reach the right decisions.