Louisiana Living Trust for Husband and Wife with Minor and or Adult Children

You don't need to include all your accounts in a revocable trust for your heirs to bypass the probate process, notably retirement accounts with designated beneficiaries and investment accounts that have transfer-on-death provisions.

A trust amendment or restatement is typically appropriate if you just want to change or add beneficiaries, if you marry or have a child, or if you divorce, always assuming your ex isn't a co-trustee.

In Louisiana, your children are forced heirs if, at the time of your death, they have not attained age 24. Children of any age, who because of mental incapacity or physical infirmity, are permanently incapable of taking care of their person or administering their estate at the time of your death are also forced heirs.

Trusts can have more than one beneficiary and they commonly do. In cases of multiple beneficiaries, the beneficiaries may hold concurrent interests or successive interests.

The process of funding your living trust by transferring your assets to the trustee is an important part of what helps your loved ones avoid probate court in the event of your death or incapacity. Qualified retirement accounts such as 401(k)s, 403(b)s, IRAs, and annuities, should not be put in a living trust.

If you want more than one person to benefit, write their names and their share of the Trust. If no such shares are specified, and there is more than one beneficiary, the Trust will be held in equal shares. Once the Trust is established, the Beneficiaries can't be changed nor can their percentage share of entitlement.

Separate trusts provide more flexibility in the event of a death in the marriage. Since the trust property is already divided, separate trusts preserve the surviving spouse's ability to amend or revoke assets held within their own trust, while ensuring that the deceased spouse's trust cannot be amended after death.

Updating a beneficiary designation: It supersedes your Will or Trust. The beneficiary designation is a legally binding document that supersedes your Will or Trust; neither will override the person you have named as your beneficiary in a life insurance policy, annuity or retirement account.

Joint trusts are easier to fund and maintain.In a joint trust, after the death of the first spouse, the surviving spouse has complete control of the assets. When separate trusts are used, the deceased spouses' trust becomes irrevocable and the surviving spouse has limited control over assets.