Wills vs Trusts in Louisiana: What’s the Difference?

No matter your age, health, or wealth status, comprehensive estate planning is essential to your future. Without an adequate plan in place, your assets, wishes, and the future of your loved ones could be at stake. Understanding estate planning laws and the options available to you is crucial when creating a plan that meets your unique needs. The team at Field Law can help you better understand the difference between wills vs. trusts in Louisiana and which tool is right for you.

Understanding Wills Vs. Trusts in Louisiana

Creating an estate plan in Louisiana that protects your loved ones, your wishes, and your estate requires a firm understanding of the state’s succession laws and estate planning tools. Understanding the difference between wills and trusts in Louisiana is essential when creating an estate plan that protects your unique wishes. The following are the main elements of wills and trusts:

1. Wills
   In Louisiana, a will is a legal document that outlines your wishes regarding how your assets and properties will be distributed among your heirs once you pass away. It can also name guardians for any minor children you might leave behind in the premature event of your death. According to one study, only 46% of Americans actually have a legally valid will established.A will only comes into effect after you pass away, and it must pass through the state’s succession process. This is a public process, and your assets, along with all your personal details and information regarding your family’s inheritance, will become accessible to the public. With a legal will in place, however, you can work to minimize possible conflicts amongst your heirs and simplify the overall succession process.
2. Trusts
   In Louisiana, trusts do not have to pass through succession, and any assets held within become accessible according to the stipulations you’ve laid out. Certain trusts can be accessed before you pass away, allowing you and your family a bit more control over assets.In Louisiana, there are two different types of trusts you can establish. A revocable living trust can be established during your lifetime and terminated or revised at any time. These trusts can be considered in place of a will or alongside one. In an irrevocable trust, once it has been established, you will not be able to make any changes or remove any assets that have been placed in it.

   Irrevocable trusts typically take the form of charitable trusts, asset protection trusts, and life insurance trusts. When you meet with an estate planning attorney, they can review your case to help determine what form of trust is right for you.

The Main Differences Between Wills and Trusts in Louisiana

The main difference between wills and trusts is that a trust can avoid succession, and because it can avoid succession, it is kept private. Trusts can be extremely beneficial for individuals who own a large or complicated estate or for a person who wants more control over how their assets will be managed.

Additionally, creating a will is likely to be less expensive and more straightforward than a trust. With a will, you can also name a trusted individual to act as your estate’s representative. It will be their job to guide your estate through succession after your death. A trust must name a trustee, who will be put in charge of your assets while you’re still alive.

About Field Law

At Field Law, our priority is the financial security of you and your loved ones. We have been given the honor of helping families across Louisiana create estate plans that prioritize their wishes and protect their futures. Our extensive estate planning knowledge, experience with succession cases, and compassion for our clients help us provide unparalleled estate planning services for residents of Louisiana.

FAQs

How Long Does It Take to Create a Will in Louisiana?

The amount of time it takes to draft a valid will in Louisiana will depend on your unique needs, whether you have any conflicts of interest, and the complexity of your assets. When creating a will in Louisiana, it’s important to enlist support from an experienced estate planning attorney. A seasoned attorney can help streamline the will drafting process while making sure you adhere to all legal requirements and address all of your wishes adequately.

Can You Have Both a Trust and a Will in Louisiana?

Yes, in Louisiana, there may be some instances where it is smart for an individual to create both a will and a trust. An attorney can review your wishes and finances to assess which legal tools are right for your situation and if creating a will and trust is beneficial. Generally, Louisiana residents with larger estates or complex assets choose to use both estate planning tools.

How Do You Draft a Valid Will in Louisiana?

In order for a will to be recognized as valid in Louisiana, it needs to meet certain requirements set by state law. These requirements are particularly strict, which is why it is important to hire an attorney who can assist you with drafting your documents. Your will needs to be in writing, signed by the testator, signed by a number of witnesses, and notarized with a specific attestation clause.

How Do You Know If a Will or Trust Is Right for You?

The type of estate planning tool you choose to use in Louisiana will be based on your unique financial situation and the needs of you and your family. Wills and trusts both play a large role in successful estate planning, but which option is right for you will depend solely on your circumstances. An attorney can review said circumstances, such as your investments, properties, and family dynamics, to help determine the option that is right for you.

Hire a Trust Lawyer Serving Louisiana Families Today

At Field Law, our goal is to make certain that your assets are protected and your estate is handled according to your wishes after your passing. We understand that every individual and family has their own needs, which is why we are passionate about providing you with a personalized estate plan. To hire an estate planning lawyer you can trust, contact our offices today.