The start of a new year brings the opportunity for Louisiana readers to make resolutions and start new, positive habits. Many people want to lose weight or get more organized, but one practical and smart resolution is to carefully review all estate planning documents and add additional protections. Many people don't have all of the documents and estate planning tools they truly need.
There are different types of trusts that a person can establish that will provide protection for assets. One of the most significant mistakes that people make regarding their estate plan is failing to take certain steps because they assume it is only necessary for the very wealthy. In reality, there are specific types of trusts that could benefit many types of professionals, such as doctors, lawyers and others.
Every estate plan is different. Each person will find benefit in carefully reviewing one's individual plan and ensuring it is up-to-date with current needs and goals. Some may find they would benefit from the protections of a certain type of trust. In the coming year, smart estate planning resolutions may include seeking appropriate guidance, identify how life changes may require changes to an estate plan and having all documents accessible yet secure.
Estate planning is an evolving process, and it can be smart for a person to take the time to carefully review his or her plan in the new year. Discussing plans, goals and concerns with a Louisiana attorney experienced in estate law can help a person make smart, prudent choices. Evaluating and updating plans is beneficial, no matter a person's income level or the value of his or her estate.