Learn Whether A Trust May Be Right For You
One of the tools available via estate planning is a trust, which is a legal entity designed to manage asset distribution based on certain conditions. As an estate planning attorney with nearly 40 years of experience, I understand the ways in which a trust differs from a will and how it can be used to benefit your family.
What Are The Benefits Of A Trust?
A trust can be used in Louisiana to benefit members of your family in many ways, and I am ready to discuss when it could be right for your family. Trusts have two significant benefits:
They are flexible. A trust can include many things, including money, property or a business. Further, it can be changed, modified or revoked at any time by the trustee in many situations. Put another way, a trust allows you to examine the potential needs of each family member and base the trust on how they will live their lives.
- They are conditional. Unlike a will, which takes effect when you die, a trust can remain conditional based on the beneficiary’s situation. For example, you can leave a specific amount of money to a grandchild after they graduate college, then save a little more to give them when they turn 30 years old and want to buy a house.
Is A Trust Right For My Loved Ones?
Determining whether or not a trust is right for your family can be done with my help as an estate planning lawyer. In some circumstances, a trust can be a useful tool in securing the future for your loved ones, but you should consider its costs and management needs carefully.