Can you imagine a judge determining how your assets are distributed after you pass away?  Even if you do not have a considerable number of assets, you should have full control as to how they are dispersed to family, friends, charities, etc.  Furthermore, there is always a chance you could become incapacitated, even if you are in your 20s, 30s or 40s.  If you end up in such a situation, you will need truly comprehensive estate planning with a Medical Directive that details who will be in charge of your personal care and financial matters.

Parents of Minor Children Need Estate Planning

If you are a parent, you need specialized estate planning that includes provisions for your child.  In particular, your estate plan must name the individuals who will serve as guardians in the event that you prematurely depart this plane of existence.  Standby guardians must be named just in case you become incapacitated.  Guardians for your minor must also be named in case you pass away.  Furthermore, your estate plan must name fiduciaries who will be tasked with managing your kids’ inheritance until they reach adulthood.  Our estate planning attorney is here to help you determine the right fiduciary for you.

It might also make sense to establish a revocable living trust to protect assets on behalf of your minor children.  Revocable trusts ensure property is passed on to minor beneficiaries in the manner you choose.  The logic in using a revocable trust is to ensure your child receives continued care, all the way up until the point at which he or she is mature enough to manage inherited money.  A revocable living trust bypasses the probate process, ultimately ensuring you have full control over your assets.

Estate Planning for Older Adults

Now that you are nearing retirement or in retirement, you likely have a considerable number of assets.  Estate planning ensures your hard-earned money and other assets are passed on to beneficiaries in as seamless a manner as possible while simultaneously reducing the tax burden.  This is accomplished with the assistance of an experienced estate planning attorney in Monroe La. 

A Will is Necessary Even if You are Unmarried and Don’t Have Kids

Every adult, regardless of his or her age, must have a will in order to control the distribution of assets upon death.  Even if you have few assets, are unmarried and don’t have kids, you should have a will so that probate court does not end up determining how your life savings are distributed.  Keep in mind, if you have a long-term significant other yet are not married, this individual will have minimal or even no legal rights to your money and property unless a will is in place.  Furthermore, your estate plan should also address your debts so your estate does not end up paying down student loans or other financial obligations on your behalf after you pass away.

Contact Niswanger Today

Planning ahead can be confusing and overwhelming, that’s what we are here for. At Niswanger Law with our expertise and heart for making sure that you and your family are prepared, we can put your mind and future at ease. To get started today, contact us at (318) 953-0071.