Titling Accounts in Louisiana: JTWROS, Tenants in Common, Community Property, or in Trust?
I was talking to a woman yesterday and her main concern was how she should title her different brokerage accounts. She asked if she should title her accounts Joint Tenants with Rights of Survivorship, Tenants in the Entirety, POD (payable on death), should she title them as Community Property, or in a Trust. We had the long explanation about how in Louisiana everything is different. Louisiana doesn't recognize many of those forms of ownership like Joint Tenants with Rights of Survivorship; however, what confuses people is that all of the large brokerage firms don't take all of the Louisiana unique laws into account. So they allow people to title things a certain way even though Louisiana doesn't recognize those forms of ownership. So, my final point was regardless of how you title your investment accounts, make sure your estate planning legal documents, whether it's wills or trusts are set up so that the legal documents are consistent with the way you set the title up on your investment accounts and other things that you own. So make sure those two things are consistent and things should just be fine for you in the end.