You worked hard over the years to leave a lasting legacy behind for those you hold dear, and now you want to see that as much of your fortune as possible goes to your Louisiana loved ones after your passing. While there are many different things you can do as you work on your estate plan to accomplish this objective, one popular way many people do so is by establishing trusts.
Per CNN Money, trusts come in a number of different types, and most types of trusts have different benefits and drawbacks associated with them. When you establish a trust, though, you will need to retitle any assets you wish to store therein in the name of the trust if you want those assets to effectively bypass the probate process.
While the exact advantages and disadvantages you can expect to see when you create a trust will depend on the type of trust you create, many trusts do offer similar perks. For example, by entering certain assets into trusts, you can typically protect them against creditors or lawsuits, meaning that, even if someone wins a lawsuit or judgment against you, the assets you entered into your trust are not at stake.
Creating a trust also gives you a way to express exactly how and when you want your beneficiaries to get what you leave them. Maybe you want to place certain conditions on certain gifts, for example, or maybe you do not want a child accessing his or her trust until he or she reaches a certain age or stage of life. While these are some of the main advantages that can come with creating trusts, please note that this is not a comprehensive summary of all potential benefits.
This copy is educational in nature and is not a substitute for legal advice.