Trust in Louisiana
In general terms, a trust is a legal agreement that transfers a person's assets into a "trust" for the benefit of a third person who is the beneficiary. The trust is administered by a trustee. There are two types of trust in Louisiana: Testamentary or Inter Vivos (in other states, referred to as "Living Trust"). The difference is when the trust takes effect, now or later. A testamentary trust is a type of trust is created in a person's Last Will and Testament and the transfer of assets takes place during the succession.
Living trust are created while a person is alive. He transfers all of his assets into a trust and those assets become the property of the beneficiary after his death, without going through a succession. The person transferring the assets, the "grantor", can also name himself as the "trustee" provided that he names a successor trustee after his death. There are two types of living trust: revocable or irrevocable. An irrevocable trust is permanent and can not be unilaterally undone. A revocable trust, however, allows a person to take back assets at anytime.
What's Right for You When it Comes to Revocable, Irrevocable or Testamentay Trust?
In estate planning, the term "trust" is often thrown around as the solution for all ails at estate planning seminars and brochures sent to the elderly. Many people are under the impression that they need a trust, but that is not necessarily. true, especially in Louisiana. Whether a trust is right for your particular needs and what type of trust instrument would be best for you depends on your situation. This web page would fall short of providing all the information needed for you to make a educated decision. If you are interested in whether a trust is right for your estate planning needs, please contact us. The dedicated team at Bonaventure Law Firm, LLC can offer you advice regarding what estate and asset protection planning measures you can employ, and if you retain our services, our attorneys will develop a comprehensive plan to meet your needs.