Will Or Trust: Which Legal Instrument Is Better For You?
When you are designing your estate plan, there are a variety of legal instruments that you can use to accomplish your goals. Wills and trusts can both streamline asset distribution; however, trusts offer other advantages. Before you commit to one estate planning tool over another, it is important to know your options.
At Keim Law, I offer a free, hour-long consultation to Baton Rouge individuals and families who are concerned about protecting their legacy and their loved ones. When you meet with me to discuss your goals, I will give you honest advice about your estate planning options. Drawing on over 15 years’ experience in estate planning and succession, I can help you identify a solution that serves your needs.
What You Need To Know About Trusts
Like a will, a trust is a legal document that allows you to identify which beneficiaries will receive your assets or property. However, a trust allows you to distribute assets directly to your beneficiaries.
When property is transferred according to instructions left in a will, beneficiaries need to navigate Louisiana’s succession process before they receive their inheritance. This process can be time-intensive and expensive, delaying asset distribution and increasing legal fees. A well-written trust may help your loved ones avoid this frustration.
There are many types of trusts. Some may help you to protect assets from creditors, minimize tax obligations or accomplish other goals. Here are examples of the types of trusts that I can create for your family:
- Living trusts
- Irrevocable trusts
- Special needs trusts
- Spendthrift trusts
- Charitable trusts
Unlike a will, which has to go through a public court process, trusts keep your family’s financial affairs private.