Baton Rouge Trusts Lawyer

Baton Rouge Trusts Attorney

Leveraging trusts is an important way to make sure that your assets are managed and distributed in the way you want after your death. Unlike a will, a trust can help you avoid succession and provide your loved ones with a more seamless transition of assets. To learn more about the potential advantages and disadvantages of a living trust and determine whether it makes sense for your estate plan, contact a Baton Rouge trusts lawyer.

At the Shelby Law Firm, we offer experienced attorneys with compassionate service. Our firm is committed to helping you work through the complexities of estate planning. We pride ourselves in our deep understanding of the law and our ability to tailor our services to meet each client’s unique needs. In addition to our attorneys, we also offer a Certified Public Accountant to provide clients with a holistic view of their estate and how it might affect their loved ones.

What Is a Living Trust?

A living trust is created while the owner of the assets is still alive. In a living trust, assets are transferred to the trust by the creator, known as the grantor, and managed by another person, known as the trustee. The beneficiaries receive the assets upon the grantor’s death.

When a trust is to be created, a document is formed that lists the trustee and beneficiaries while providing details as to how the assets in the trust will be transferred to the beneficiaries.

If the trust is a revocable trust, the grantor can change the assets or revoke the trust entirely throughout their life and can add certain requirements to the assets in the trust. For example, the grantor can require that the beneficiary reach a certain age, get married, get a job, or graduate college before receiving their assets.

If it is an irrevocable trust, modifications or revocations can only be done with permission of the beneficiary. The grantor forfeits rights to their assets once they are transferred to the trust. This type of trust could provide tax benefits as well protect assets from creditors.

The Benefits of a Living Trust

There are many advantages to having a living trust in addition to a will, including:

• Avoiding succession. Any assets in a trust do not have to go through succession. If an estate owner does not have a trust, all their assets must go through succession, which is usually a lengthy process and can place stress on the one executing the will. Organizing your assets into a trust ahead of time can save your loved ones anxiety, frustration, money, and time.
• Privacy. One other disadvantage of not utilizing a trust is that everything is in the public eye. Succession is public, so everything that is distributed is available for anyone to see. Many individuals like keeping assets in a trust so that the transfer is kept private and information is only accessible to family members.
• Planning for incapacity. Trusts are not just useful for after the grantor’s death. They are also helpful if the grantor becomes incapacitated to the point where they cannot properly manage their assets. The trustee assigned to manage the trust can step in without having to take legal action, saving valuable time during the process.
• Asset management. If an individual has a complicated estate with significant property holdings or assets located in multiple states or countries, trusts can help make sure the assets are managed from a central location by a few select people. It can reduce the amount of administrative work needed to manage all the assets, particularly if the estate is large.

While having a trust makes sense for many types of estates, most individuals with trusts still have a will to account for items not placed into a trust.

Our team can help you identify if a trust is right for you based on the details of your estate.

Baton Rouge Living Trust FAQs

Q: Do I Still Have to Make a Will If I Have a Living Trust?

A: You should still make a will if you have a living trust. While a trust can protect many assets, there are some items that cannot or should not go into a trust and should instead be outlined in a will. Many individuals with trusts have wills that account for any items that are not included in a living trust. Having both documents can ensure that all assets are accounted for while speeding up the succession process, thanks to the trust.

Q: What Are the Benefits of a Trust in Louisiana?

A: The benefits of a trust in Louisiana include efficiency, privacy, and flexibility. Placing assets into a trust prevents them from having to go through succession upon your death, which can help your loved ones go through the process faster. Additionally, trusts are private documents that are not public records, unlike wills. Trusts are also easy to modify during your life. You can also add stipulations and requirements on assets more easily than you can in a will.

Q: How Do I Set Up a Living Trust?

A: To set up a living trust, contact an estate planning attorney who can help you review the assets of your estate and determine which type of trust may be right for you. With their help, you will determine the right assets to be included in the trust, and the appointed trustee will oversee those assets and their distribution to beneficiaries. Once this information is collected, you and your attorney will complete and file the appropriate paperwork.

Q: What Is the Downside of a Living Trust?

A: The main downside of a living trust is its complexity. It can be incredibly difficult to make a trust on your own, so most individuals work with an attorney to make sure their trust is created correctly. An attorney can also help maintain the trust to account for changes in your financial situation or alter the amount of assets that are placed into a trust. However, the benefits of creating a trust usually far outweigh the potential risks with the help of legal professionals.

Contact Our Baton Rouge Trust Lawyers

Living trusts can help ensure continuity for your estate. By understanding both the advantages and disadvantages of a trust, you can make a more informed decision about how to create your estate plan. Schedule a consultation with the Shelby Law Firm for personalized guidance on how to set up a living trust to protect your assets and achieve your goals.