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Does estate planning stop with the will?

| Sep 17, 2019 | Estate Planning |

Having a will is extremely important for every adult in Lake Charles. It does not matter how young or old a person is or whether he or she only has a few assets — a will can address a number of things. However, simply having a will does not mean that a person has approached estate planning as thoroughly as he or she should.

With a will, a person can name a guardian for minor children, dictate how assets will be transferred and to whom those assets will go. The will can even pass on that person’s wishes regarding how heirs should treat certain inheritances or spend money. Unfortunately, there is usually not much that a person can do beyond extending his or her wishes. When using a will, it is largely up to the recipient to decide whether to follow the stated wishes.

For those who wish to exercise greater control and influence over spending, a trust may be a better option. A trust will manage assets — including money — after its creator’s death and will do so according to his or her wishes. This often involves controlling how and when heirs spend their inheritances.

Some people in Lake Charles may feel wary about using trusts. Popular media often portrays trusts as estate planning tools that only the very wealthy use. This is a misconception as virtually anyone can benefit from establishing a trust. Since this process may be unfamiliar and confusing, some people prefer to speak with an experienced attorney about their options.

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