Estate Planning Can Save Your Family From Frustration And Costly Disputes
When you have significant assets built over generations or during your lifetime, it is essential to consider how best to protect your individual or family legacy when you are no longer capable or you pass away. Without an estate plan, your family stands to experience disputes, frustrating delays and even significant loss of assets.
Estate planning gives you the control to choose an executor for administering your estate in your will. The legal instruments in your estate plan give you the power to select trusted agents to ensure your wishes for end-of-life medical treatment are clearly and legally expressed to your physician while you are alive in advance directives. At minimum, most estate plans comprise powers of attorney, advance directives and a will. Many estates benefit from the creation of a trust.
The Logan Law Firm, LLC, creates your estate plan based on your unique circumstances. Each family has different needs. Attorney Gregory J. Logan provides the information you need to make careful choices about setting up your estate plan with the least amount of confusion and tax burden for your family.
Understanding Trusts
A trust creates a fiduciary relationship between you, the trustor or settlor, a trustee(s) and successor trustee(s) to manage the assets – such as your personal and real property – placed within the trust for the benefit of third-party beneficiaries. Your successor trustees must ensure there is no waste of the trust assets and ensure those you name as beneficiaries of your trust receive according to the instructions in your trust.
Many individuals name themselves as the trustee of their trust. In this way, they maintain complete control of their assets while they are alive. There are several types of trusts, including:
- Revocable trusts
- Irrevocable trusts
- Special needs trusts
- Charitable trusts
- Pet care trusts
If you have children, you may specify survivor benefits to be payable through the trust. Trusts are funded during your lifetime through the transfer of assets into the name of the trust. The process is complex.
Once the settlor dies, the successor trustee(s) has a responsibility to safeguard the trust assets and set all interests of the trust before their own personal and financial gain.
Greg can help you understand the complicated nature of trusts and help develop the type of trust to achieve your goals of protecting your legacy’s future.
Contact A Board-Certified Estate Planning And Administration Attorney For Assistance
A board-certified specialist in estate planning and administration by the Louisiana Board of Legal Specialization as approved by the Supreme Court of Louisiana, attorney Gregory J. Logan is knowledgeable, personable and meticulous.
Contact our office in Lafayette to learn how an individualized estate plan can help you sleep better at night. Call The Logan Law Firm, LLC, at 337-283-4008 or send us an email to arrange for a consultation.