What is a trust? Is it something every Louisiana resident should consider having? How does one create a trust? These are all questions that will briefly be discussed here. A probate law attorney can provide more in-depth answers to those who want to know more.
Question number one: What is a trust? This is simply one of many estate planning tools available to Louisiana residents. There are a number of trusts available, all of which work to protect assets and ensure beneficiaries receive their inheritances. By placing assets in a trust rather than transferring them to a will, it may be possible to avoid probate and allow beneficiaries quicker access to the assets.
Question number two: Is a trust something everyone should have? No. Trusts are not necessary in every case. In order to determine if a trust is appropriate, one should consider his or her goals, estate size, age and marital status. By reviewing this information, legal counsel can help one determine if a trust is appropriate and which type of trust would be of the most benefit for one's situation.
Question number three: How does one create a trust? If a trust is desired, it is just a matter of drawing up the contract. One will need to decide what property to include, who the trustee will be, who will be named as beneficiaries and how assets are to be distributed. It is also necessary to fund the trust, and legal counsel can explain how that works.
Probate law, in general, can be confusing to a number of Louisiana residents. It is difficult to know exactly what one needs to ensure one's assets and beneficiaries are fully protected. Legal counsel can help with the estate planning process, which may include trust creation if it is deemed appropriate for one's estate planning goals.