Port Allen Trusts Lawyer

Trusts Attorney in Port Allen, LA

Port Allen is home to many beautiful vistas, including the Mississippi River. The Port of Greater Baton Rouge is a valuable asset to the community. For residents interested in protecting their own assets, schedule a consultation with a Port Allen trusts lawyer.

Your Experienced Trusts Attorney in Port Allen, LA

Field Law is committed to helping people with their estate planning needs. We only practice in this area of law, which lets us focus on the details of each of our clients’ portfolios. We can use a variety of trust options to protect your assets for your beneficiaries.

What Is a Trust?

Trusts are a type of account that is managed by a trustee for beneficiaries, who will eventually receive the assets in the trust. These accounts can be good for estate planning purposes because they can earmark certain funds for specific people.

Multiple kinds of trusts can be used, depending on your financial situation. The most common forms are irrevocable and revocable trusts. However, other types, like special needs trusts, can provide for disabled family members after your death.

Another frequently used benefit in trusts is that the creator can outline specific requirements that the beneficiary must meet before receiving the money. This is helpful to guide young beneficiaries or those who are bad with money.

For example, you can require a beneficiary to reach a certain age, graduate from college, or get married before they can have the money. This can help them use these assets wisely.

What Is a Trustee?

When a trust is going to a beneficiary who will not receive the funds for a while, it is wise to appoint a trustee. They will manage the trust for the beneficiary until they can claim the funds.

The most important duties of a trustee include:

• Paying bills. There could be bills associated with assets in the trust. The trustee pays these bills for the trust’s assets. For example, they will use trust funds to pay property taxes on certain assets, like real estate. This helps the creator of the trust manage their assets in a hands-off way.
• Taxes. Many assets in a trust require taxes to be paid on them. This might require additional paperwork to file the taxes. The trustee can either file the paperwork themselves or consult an accountant to make sure those assets are paid for.
• Investments. In certain cases, the creator of the trust can allow the trustee to make investments with the funds in the trust. These investments must be made in the interest of the beneficiary. This means they need to be conducted in good faith and make financial sense.
• Records. Any documents created through managing the trust need to be kept for future reference. This includes transaction histories and property deeds. It is important to keep these documents so that the beneficiary can use them once they receive the assets.
• Updates. The creator of the trust and its beneficiaries can ask the trustee for periodic updates regarding the status of the trust’s assets. The trustee must provide these updates in a timely manner, and they are required to be open and transparent about their actions.

The average home value in Port Allen is $167,700. Assets like these can be placed in a trust to protect them for beneficiaries.

Why Hire a Trusts Lawyer?

A trust can make the entire probate process faster for your loved ones. However, it needs to be properly created to be effective. A Port Allen trusts attorney can help you create a trust that benefits both you and the beneficiary.

If you do not have a trusted friend or family member to appoint as a trustee, you can use a professional, like an attorney or an accountant. They have a fiduciary duty to make sure your trust is properly managed in both life and death.

Why Choose Us for Trust Cases?

One of our strengths at Field Law is our ability to prevent conflict through preventative estate planning measures. By using various legal instruments, like trusts, your loved ones can know what to do in the event of your passing, instead of fighting over your assets. Many families greatly appreciate it when their loved ones plan ahead with the guidance of a skilled estate planning attorney.

FAQs

Who Needs to Make a Trust?

Those who need to make a trust include most people with assets. A trust allows someone to place their assets within a separate account. This can protect these assets from legal disagreements or creditors. It also makes sure that the assets go to the intended recipients, otherwise known as beneficiaries. Many types of trusts can address different situations.

What Type of Lawyer Is Ideal for Trusts?

The type of lawyer that is ideal for trusts is an estate planning lawyer. They create trusts, wills, and estate plans. An estate planning attorney can explain the kinds of trusts that are available to you. They can also use trust laws to determine which one works most effectively for your financial situation and overall assets.

What Is the Major Disadvantage of a Trust?

The major disadvantage of a trust is that it does take time and professional attention to set it up. If a trust is not made correctly, it will not be as effective. Another common issue surrounding trusts is how they fit in with other assets in an estate plan. An attorney can create the entire estate plan so that a trust works with the rest of the documents.

Is a Will or a Trust Better to Create?

A will and trust are both good to create. Both documents serve different purposes. A will is used to outline your wishes for what happens to you when you die, along with all the assets you have. A trust is for a specific amount of money or certain assets to be passed on to someone else. Many people have both wills and trusts within their estate plan.

Transparent Actions for Your Estate

87% of people in Port Allen own their homes. This means it’s important to pass these types of assets on to your loved ones. This can be done through the use of trusts. For more information on how trusts can benefit your estate plan, schedule a consultation with Field Law today.

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