Louisiana Will and Trust Provisions
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FAQ
The choice between a will and a trust often hinges on your personal situation and goals. A will is simpler, while a trust can provide more control over your assets and can help your heirs avoid probate. Familiarizing yourself with Louisiana Will and Trust Provisions can help clarify which option best suits your estate planning needs.
A will and a living trust are both part of a comprehensive estate plan, that sometimes are inconsistent with one another. When there are conflicts, the trust takes precedence. A will has no power to decide who receives a living trust's assets, such as cash, equities, bonds, real estate, and jewelry.
Another advantage of a trust is that it gives you more control over the distribution of your assets than a will does. With a will, if the person to inherit property is a minor, the probate court must name a conservator to manage the money until the minor reaches 18.
Inter vivos (living) trusts are created while an individual is still alive in order to name the beneficiaries of property and assets upon death while avoiding probate.Testamentary (will) trusts are established when an individual dies and the trust is detailed in their last will and testament.
Make a List of All Your Assets. Be sure to include make a list of your assets that includes everything you own. Find the Paperwork for Your Assets. Choose Beneficiaries. Choose a Successor Trustee. Choose a Guardian for Your Minor Children.
A will can be used to create a testamentary trust. You can also create a trust for the primary purpose of avoiding probate court, called a revocable living trust.
Personal trusts are further divided into either 1) Under Declaration of Trust (U/D/T) meaning the grantor and the trustee are the same person and the grantor controls the trust assets, and 2) Trust Under Agreement (U/A) meaning the grantor and the trustee are different persons and the trustee controls the trust assets.
While a will determines how your assets will be distributed after you die, a trust becomes the legal owner of your assets the moment the trust is created.
If you make a living trust, you might well think that you don't need to also make a will. After all, a living trust basically serves the same purpose as a will: it's a legal document in which you leave your property to whomever you choose.But even if you make a living trust, you should make a will as well.
