A well-structured Trust can protect your assets, provide financial security for your loved ones, and ensure that your estate is settled according to your wishes after your death. Trusts are flexible and can be used to manage wealth and minimize tax burdens. One of their most important uses is to avoid lengthy succession and probate processes.
At WJ Blanchard Law, our Metairie Trust attorney assists clients in navigating Louisiana Trust laws, ensuring their assets are preserved and distributed according to their wishes. If you are considering establishing a Trust or need legal counsel regarding Trust disputes, contact our office today at (504) 313-7478 to discuss your estate planning options.
Understanding the Important Role of Trusts in Estate Planning
Trusts are a vital tool for estate planning. They offer control of the succession process by determining how assets are managed and distributed. They also provide flexibility, asset protection, and potential tax advantages that other estate planning tools cannot. A well-structured Trust can entirely bypass the succession process, which can reduce delays for your loved ones.
Trusts can be customized based on an individual’s financial goals, family dynamics, and long-term planning needs. A Metairie Trust attorney can help determine the right type of Trust to safeguard your estate and provide peace of mind for your beneficiaries.
Testimonials
5 STARS – Wills, Trusts, Powers of Attorney and any other customized Estate Planning!!! Also Corporation Set Up! Very professional, knowledgeable, thorough and caring. Consistently excellent, timely results. Can’t say enough about Wes. Thanks for all you’ve done for us.
S.R.
My Husband and I had Wes create our Wills. His attention to the details and knowledge were spot on. He also handled a Power of Attorney and a Succession for our family. Wes gave us peace of mind that everything would be done professionally and correctly.
C.S.
Very knowledgeable, courteous, and friendly staff who made estate planning a pleasant experience. Recommend very highly!
B.O.
Wesley Blanchard is the best! They created an LLC for me in no time and gave me the reassurance I needed throughout the process. They made sure I was informed of the decisions we were making and are the best in the business!
M.D.
Wes was extremely courteous, responsive, and thorough. He showed genuine care for our needs and made sure things were handled exactly how we expected. I would highly recommend to anyone with needs, whether simple or complex.
M.Q.
I started my journey to accomplish mine and my wife’s Trust 8 years ago but just could never find an attorney I felt comfortable with…..Then we set up an appointment with Wes and that was it……2 months later and our trust was complete…..I’m a very detailed and Wes allowed me all the questions and changes I wanted in our trust and I never felt like he was bothered with the changes ….So patient and accommodating……not to mention knowledgeable…..Many thanks to Rachel for organizing all our meetings……
T.P.
Wesley Blanchard was very professional and easy to work with throughout the duration of multiple affairs (succession, estate, business, etc.). He was knowledgeable, highly responsive, and made the entire process so easy. We highly recommend him!
R.K. and D.K.
It was a very pleasant experience with Wes having our Living Trust made. He walked us through the process and everything was to our understanding. We certainly recommend Wes for all your needs. Thank you Wes.
E.A.
Mr. Blanchard is simply the best. He handled my succession case in the most professional manner and even answered my questions very quickly after 2 1/2 years! I will be using his expertise in the future, and I would highly recommend him to everyone!
P.D.
Types of Trusts and Their Benefits
Trusts are a versatile estate planning tool. During your initial consultation, your Metairie Trust lawyer can explain the benefits of these common types of Trusts.
Living Trust
A Living Trust allows individuals to directly transfer assets into a Trust during their lifetime. Upon death, the assets are then distributed to beneficiaries without the need for the succession process. Relying on a Living Trust allows for a smooth and confidential transfer of wealth that avoids hassles and delays. There are two main types of Living Trusts, revocable and irrevocable.
Revocable Living Trust
A Revocable Living Trust allows the person establishing the Trust to modify or revoke the Trust during their lifetime. This type of Trust provides flexibility while still avoiding probate. Although it does not offer the same level of asset protection as an Irrevocable Trust, it allows for easier estate administration and privacy. A Revocable Living Trust is often the best choice for families looking to avoid the probate process for their spouses and children, while still retaining the ability to adjust to life’s twists and turns.
Irrevocable Living Trust
An Irrevocable Living Trust is a Trust that cannot be altered or revoked once it is established. Assets placed in the trust cannot be removed without providing the Trust with assets of equal value. These Trusts provide important asset protections that can shield parts of your estate from creditors, and if drafted properly, can also reduce the size of your taxable estate, should the estate meet the Federal Estate Tax threshold. These trusts are less frequently used than Revocable Living Trusts due to the stringent requirements regarding assets and lack of flexibility to adjust some of their terms.
Special Needs Trust
The purpose of a Special Needs Trust is to support disabled individuals without interfering with their eligibility for government benefits. Funds that are kept in this type of Trust can be used for specific purposes, such as supplemental medical expenses, education, and quality-of-life improvements.
Charitable Trust
A charitable Trust lets an estate owner allocate a portion of their estate to one or more charitable organizations. There are important financial benefits to creating this type of Trust, and this approach allows the Trust owner to support a cause that aligns with their values.
Testamentary Trust
Unlike Living Trusts, a Testamentary Trust is created within a Will and only becomes active upon the testator’s death. These Trusts are often used to protect the inheritance of minor children. However, oftentimes even an adult heir needs some guidance on management and distribution of their inheritance, and Testamentary trusts can ensure the inheritance is not squandered or spent too quickly.
Avoiding Succession: Assets in a Trust pass directly to beneficiaries without Court involvement.
Privacy: Unlike Wills, which become public records as part of the succession process, Trusts keep asset distribution private.
Flexibility: Trusts allow grantors to set conditions for how and when beneficiaries receive assets.
Asset protection: Certain Trusts provide legal protection from creditors and lawsuits.
Tax benefits: Some Trusts help reduce estate and gift taxes, maximizing wealth preservation.
If you are preparing to create an estate plan that works for you, consider talking to your Metairie Trust lawyer about the benefits of creating a Trust. Establishing a Trust can provide greater control over asset distribution while reducing legal complications for heirs.
How to Set Up a Trust in Louisiana
Setting up a Trust requires careful planning and close adherence to Louisiana law. The process typically involves:
Identifying Your Goals: You should determine what you want the Trust to accomplish, such as protecting assets, avoiding court, or providing for a loved one over time.
Choosing the Right Trust: Then, you can select a Trust that aligns with your financial objectives.
Appointing a Trustee: Another critical step involves designating a person or institution to manage the Trust and carry out its terms.
Funding the Trust: Funding happens when you transfer assets into the Trust, including real estate, bank accounts, or investments.
Drafting Legal Documents: You can work with a Metairie Trust attorney to create a legally binding Trust document.
Finalizing and Executing the Trust: This last step ensures the Trust meets all legal requirements and is properly signed and notarized.
Properly establishing a Trust can remove the hassle of probate, provide long-term security for your beneficiaries, and ensure that your assets are managed efficiently.
Trust Litigation and Legal Disputes
Trust disputes can happen when beneficiaries or Trustees do not agree on important matters. These disagreements are usually tied to asset management and asset distributions. In some cases, parties to an estate may question the validity of Trust documents.
Common Trust litigation issues include:
Breach of Fiduciary Duty: This refers to cases where a Trustee fails to act in the best interest of a beneficiary.
Trust Contestation: Disputes over the validity of a Trust can arise. Sometimes, this is due to ambiguity over the language in the document, burdensome requirements placed on a beneficiary, or a simple desire to manipulate the outcome of an estate.
Mismanagement of Assets: Another Trust-related issue could arise when one or more individuals have concerns about the handling of Trust funds. If Trust funds have been depleted without an explanation or outside of the parameters set out in the Trust, suspicions could be raised among beneficiaries.
When issues arise, a Trust litigation lawyer can represent clients in resolving legal conflicts. The involvement of an attorney can ensure that the terms of the Trust are honored and beneficiaries’ rights are protected.
Consulting with a Metairie Trust attorney can help determine whether a Trust aligns with your estate planning goals.
Trusts are complicated, which is why working with an experienced estate planning attorney is critically important. If you don’t, the Trust may not operate as intended after you pass. One common mistake is failing to fund the Trust. A Trust is ineffective unless there are assets properly transferred into it.
Choosing the wrong Trustee to administer the Trust could be another costly error. You should only choose someone you know is reliable and available to manage the Trust.
If you do not update the Trust over your lifetime, you could fail to list beneficiaries who really matter to you, such as your grandchildren.
Drafting errors are another type of mistake that could lead your loved ones to dispute the terms of your Trust after your death.
Creating a Trust is a proactive step toward securing your estate and ensuring your loved ones have a smooth and easy transition when you pass away. Whether you need assistance setting up a Living Trust or a Special Needs Trust, or require legal guidance for Trust litigation, WJ Blanchard Law is here to help.
Our law firm takes pride in getting to know our clients. Understanding your goals is important to us because it better prepares us to create estate planning strategies that help you achieve your goals.
What Is the Difference Between a Will and a Trust?
A Will specifies asset distribution upon death and requires that the heirs go through the probate process, while a Trust allows for asset management during life and often avoids the probate process. Trusts also offer greater privacy and flexibility in asset distribution.
Who Can Be a Trustee?
A Trustee can be an individual, such as a family member or friend, or a professional institution, like a bank or law firm. Choosing a reliable Trustee ensures the proper administration of the Trust.
Can a Trust Be Changed or Revoked?
Revocable Living Trusts can be modified or revoked during the grantor’s lifetime, while Irrevocable Trusts generally cannot be altered without Court approval. Consulting with a Metairie Trust attorney can help determine the best option for your needs.
Does a Trust Protect Assets From Creditors?
Certain Trusts, such as Irrevocable Living Trusts, offer protection from creditors and legal claims, but that comes with some tradeoffs. Proper structuring ensures assets remain secure from financial risks.
5 STARS - Wills, Trusts, Powers of Attorney and any other customized Estate Planning!!! Also Corporation Set Up! Very professional, knowledgeable, thorough and caring. Consistently excellent, timely results. Can't say enough about Wes. Thanks for…
- S.R.
My Husband and I had Wes create our Wills. His attention to the details and knowledge were spot on. He also handled a Power of Attorney and a Succession for our family. Wes gave us…
- C.S.
Very knowledgeable, courteous, and friendly staff who made estate planning a pleasant experience. Recommend very highly!
- B.O.
Wesley Blanchard is the best! They created an LLC for me in no time and gave me the reassurance I needed throughout the process. They made sure I was informed of the decisions we were…
- M.D.
Wes was extremely courteous, responsive, and thorough. He showed genuine care for our needs and made sure things were handled exactly how we expected. I would highly recommend to anyone with needs, whether simple or…
- M.Q.
I started my journey to accomplish mine and my wife’s Trust 8 years ago but just could never find an attorney I felt comfortable with…..Then we set up an appointment with Wes and that was…
- T.P.
Wesley Blanchard was very professional and easy to work with throughout the duration of multiple affairs (succession, estate, business, etc.). He was knowledgeable, highly responsive, and made the entire process so easy. We highly recommend…
- R.K. and D.K.
It was a very pleasant experience with Wes having our Living Trust made. He walked us through the process and everything was to our understanding. We certainly recommend Wes for all your needs. Thank you…
- E.A.
Mr. Blanchard is simply the best. He handled my succession case in the most professional manner and even answered my questions very quickly after 2 1/2 years! I will be using his expertise in the…