No one likes to think about what will happen when they die, and though it is a morbid topic to talk about, it is crucial to develop a plan that allows an individual’s final wishes to be respected. Though there are several ways to approach the process, an estate planning attorney in Gonzales, LA is often an invaluable resource as they will utilize a variety of legal instruments to ensure a person’s wishes are followed. The following is a look at those instruments that are commonly used and an overview of the protections they afford.
Trusts
Individuals that possess a large amount of wealth seek a way to leave their money to those they love while reducing the overall tax burden of doing so. An attorney will often utilize a trust, which allows the individual to access the money while alive but ensures for its passing to another upon their death. Trusts usually come with a variety of restrictions, which allows the deceased to determine how much money is accessible and under what circumstances it may be liquidated.
Wills
A will is one of the most widely used instruments, as it is the last testament of the deceased and details information about their funeral as well as which beneficiaries will inherit any money or personal possessions the individual may have had. An estate planning attorney in Gonzales, LA will assist a person with creating a will and filing it with the proper authorities. Some will also offer executor services and oversee the dispersion of any belongings and make sure it is according to the deceased person’s wishes.
Business Agreements
When a person owns a business, it is essential for them to create a succession plan that details who obtains ownership of the company upon their death. An attorney will examine the various assets of a company and assist a client with creating the necessary documentation to ensure for the continuation of an organization. Failing to arrange for these details before death may prevent a company from remaining operational in the future.
Don’t let the idea of what could happen after dying lead to anxiety. The team at Pujol, Pryor and Irwin offers customized estate services and will help a person make their final wishes known. Visit us online or in person today and take the first step in providing for family members and loved ones long after death.