Louisianian's left and right are asking about the revocable living trust. So much so that it appears that the revocable living trust is now the new "Last Will."
Traditionally, people would go to an attorney and have their Will prepared to designate who would inherit from them and who would be their executor. But lately, people are findout out the benefits of the revocable living trust, and they want to take advantage of them.
People who seem to have the most desire to create a living trust include:
- people who have been involved in a difficult probate/succession;
- people who have heard that probate is expensive, time-consuming, and public; and
- people that have been involved in a simple trust administration.
Individuals or couples who have little or no desire to form a living trust include:
- those who had little or no problems going through a Louisiana succession for a deceased family member;
- young individuals or parents of minor children that prefer not to hold title of all of their assets in a trust for the remainder of their lifetime; and
- those who are new to the concept of estate planning and not at all familiar with probate-avoidance planning.
In Louisiana, living trusts are popular because:
- The Louisiana Succession system involves families having to deal with our broken judicial system - the courts are now filled with unnecessary expenses, delays and ineffeciencies;
- In recent years, the Louisiana Consitution was changed to grant the homestead exemption to homeowners that transferred their home to their trust; and
- Consumers are using the internet and other educational tools to become more aware of estate planning concepts like probate avoidance and revocable living trusts.
If you live anywhere in Louisiana and would like your loved ones to obtain the benefits of having a living trust (such as quick and easy estate settlement without court proceedings), give us a call at 866-491-3884. You'd be surprised how easy it is for us to walk you through the steps to get this taken care of and provide for your spouse, children, or other loved ones.