About two weeks ago I hosted a webinar where I discussed the benefits and pitfalls of a Revocable Living Trust in Louisiana as it relates to avoiding probate. It has been so nice in the last couple of weeks seeing families come into the office with a thorough understanding of how the living trust works so they can make a determination of whether it is right for them. Here are a few of my recent observations:
- It is impossible for me to tell you whether a living trust is right for you. However, perhaps I can educate you so that you can determine the best solution to protect your assets for your family.
- All Louisiana succession records are "public records." Anyone can access them. Keeping family financial records private is important to some families and unimportant to others.
- All of the webinar participants are aware of the importance of Living Trust "Funding." If you do not transfer your assets to your trust, then there will still be a succession when you die.
- It is impossible for me to accurately predict the future probate costs that will be avoided with a Living Trust, primarily because there is no "standard" for attorney fees in probate. If you are hiring an attorney in probate, follow the common sense rule of discussing specifics of attorney fees in advance and get it in writing - and be cautious of hourly rate billing.
- We will be hosting future webinars in the future so if you want to be a participant, let us know and we'll put you on our email invitation list.
If you have any questions or comments about the Revocable Living Trust in Louisiana, simply leave a comment. I'll be happy to respond if necessary.
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