A trust is a fiduciary relationship between a property owner and a property beneficiary, which requires the property owner to equitably handle the property on behalf of the property beneficiary. Clear as mud, right? Essentially, a living trust is a written collection of your instructions and directions about your estate, your values, your goals, and your wishes.
With a living trust, you determine who receives, what they receive, why they receive, and when they receive. Importantly, you determine how a person receives. Do you want your heirs to receive assets outright? Do you want your heirs to perform some specific function prior to receiving (e.g., reach a certain age, finish school, or hold a job). You decide. When your assets are subject to your instructions, the legacy you leave is not merely money or property, but a distribution of values, goals, and morals.
There are many advantages to using a living trust as part of your estate planning. A living trust allows you to keep control over your property and money. If you become disabled, the person who fills your shoes to act on your behalf is subject to the rules you created. Moreover, assets held in trust are not subject to probate. Also, after the passage of five years, assets put in trust are not Countable Resources for purposes of qualifying for Medicaid Long-Term Care benefits. To determine if a trust is the right estate plan for your family, you may want to consider the following in Baton Rouge:
If you answered “yes” to any of these questions, you should consult an attorney to explore whether a trust is appropriate for you, your family, and your situation.
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