Revocable Living Trusts for Asset Distribution
Baton Rouge Estate Planning Attorney - (225) 228-4445
The revocable living trust has become increasingly popular among those who are especially concerned to see that the largest possible percentage of their total assets survive the transfer to their heirs. Many estates that are governed by wills/testaments are reduced in value before the distribution of assets, due to the costs associated with court fees, title transfer fees, claims from creditors and the Federal inheritance tax. Establishing a revocable living trust may allow you to protect a greater share of your property for passing on to your loved ones, so they can enjoy the full benefit of your generosity. This strategy is particularly effective for high net-worth estates.
The feature that many people find attractive is the fact that when you fund the trust, any money or property title you place in the trust passes out of your legal ownership. This means that it would not be included in a succession or probate, which is especially important if you own real estate. An advantage of this type of trust over an irrevocable trust is that you will be allowed to make changes to the document that governs the trust administration, should circumstances arise that would necessitate a change. As with any trust, with this financial instrument you can establish a schedule for the payment to your family members, whereas in a will your legacies might be disbursed in a lump sum that would encourage profligate spending.
Steps to Creating a Revocable Trust in Baton Rouge, LA
If you have decided that creating a revocable trust is the best option in your situation, the first step you will need to take is to identify and value your assets. Next, you will need to choose who your trustees and beneficiaries will be. As the trustee will have a great deal of responsibility over your funds, it is necessary to ensure that they are both trustworthy and competent. Last, a draft of the trust will have to be created before it becomes legally binding.
This can be done with the help of a Baton Rouge estate planning attorney.
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