estate planning Archives

College students: You need to be thinking about estate planning

College is one of the first steps into adulthood for many young people in Lake Charles. From living by oneself to navigating things like grocery shopping and laundry, college students may feel like they already have enough on their plates. However, these young adults often overlook one of the most important things that an adult can do -- create an estate plan. Estate planning might seem like something that only older adults need to worry about, but virtually everyone can benefit from creating three essential documents.

Why estate planning is for everyone

Every person in Lake Charles feels differently about his or her possessions and assets. Some people may have several items that hold significant personal or financial value that they wish to pass on to specific heirs. Others might not care so much about what happens to their belongings after they are gone. However, those who think that estate planning does not have much to offer may want to consider some of the following.

Selecting the right trustee while estate planning

Trusts can be excellent additions to estate plans. There are various types of trusts that function in different ways, and selecting the correct one to handle a person's needs or wants should be treated seriously. However, for as much time as a person in Lake Charles might spend on creating a trust during estate planning, he or she might not understand just how important the trustee is. Here are a few things to keep in mind when selecting the right trustee.

Diapers, bottles and wills -- new parents and estate planning

Most new parents have a dozen things to worry about. From feedings to sleeping habits to what may seem like endless hours of crying, it might not feel as if there is much time for anything else. However, Lake Charles parents might want to make room for at least one more thing -- estate planning.

Does estate planning stop with the will?

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.

Safely securing your estate planning documents

It takes a certain amount of time, thought and effort to create an estate plan. From creating wills and trusts to signing powers of attorney, it is important to be as thorough as possible when estate planning. However, other than updating those documents as needed, some people may not give much thought about what to do with them after the planning process is done. This means that many people in Louisiana might not be storing their estate plans safely.

Digital estate planning can be hard, but not impossible

Louisiana consumers might not think much about purchasing e-books, digital movies or songs from the internet. Digital technology and property is just another aspect of modern living. But how should people include favorite movies and books in their wills when that property is stored digitally? This estate planning task is harder than most people might think.

Where do trusts fit in estate planning?

Trusts tend to evoke strong, negative emotions in many people. This is largely because trusts have been associated with extreme wealth and "trust fund babies" for a long time. This is a misconception, and Lake Charles residents who continue to ignore trusts when estate planning could be missing out on important benefits and protection.

Estate planning for a chronic illness

Living with a chronic illness is hard, but so is leaving loved ones without any information or instructions regarding end-of-life care. Estate planning gives people who experience chronic conditions the opportunity to do so. While estate planning is most commonly associated with handling a person's estate after his or her death, the process can also help that individual outline personal wishes regarding future medical care and more.

How do irrevocable trusts fit into estate planning?

Everybody in Lake Charles should have a will, which will ensure that their final wishes are respected and upheld. Wills are also important for distributing assets to heirs, but what if someone needs a different approach to meet his or her needs? Irrevocable trusts can round out the estate planning process, but not everyone understands how these handy tools work. Here are a few things to people should understand about irrevocable trusts.

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