At Theus Law Offices, our Alexandria, LA trust lawyer specializes in designing and customizing estate plans for individuals and families in our community. We create custom estate plans to protect and simplify the transfer of assets to your loved ones who will later benefit from your estate. A Last Will and Testament is one building block in a comprehensive estate plan, but it does not provide any lifetime asset protection, avoid nursing home poverty, or the cost and administrative burden of probate. If you wish to avoid probate, protect assets from lawsuits, or the potentially crushing costs of long-term care, you may want to speak with our Alexandria, LA trust lawyer.
Understanding Trusts
A “trust” is a flexible legal tool used in many different scenarios by both wealthy and non-wealthy individuals. Trusts can serve as a mechanism to quickly and conveniently pass legacies to future generations (as a “will substitute” that bypasses probate), to direct charitable planning, asset protection planning, incapacity planning, and as a tool to minimize potential family disputes, as well as protect children from unforeseeable claims and future failed marriages. Trusts are not just for the wealthy and can benefit most families, individuals, and even businesses. If you are interested in learning more about trusts, you should consider speaking with an experienced Alexandria, LA trust lawyer from Theus Law Offices about how this estate planning tool may benefit you and your family.
Trust Basics
A trust is a private legal document that provides for who will manage your assets, who will benefit from your estate, and when legacies will be distributed. A “living trust” is a trust that you create while you are alive, which may be revocable or irrevocable. A “settlor” or “grantor” is the person who makes the trust. The “trustee” is the person appointed to manage and distribute trust assets. A “beneficiary” is the person designated in the trust agreement who will receive assets from the trust. Settlors can be both beneficiaries and trustees of their own trusts.
Benefits of a Living Trust
A living trust is designed to help circumvent the complex and time-consuming probate process and to place conditions on how wealth is passed down. A trust can also have tax benefits. A key purpose of a living trust is to ensure your assets are passed to beneficiaries smoothly and efficiently. There is no “one-size-fits-all” rule, so if you are interested in trust planning, an experienced trust lawyer with Theus Law Offices can help you explore your legal options.
The potential benefits of creating a living trust are:
- Living trusts can help minimize the burden of taxes
- Living trusts can avoid probate, thus saving your beneficiaries the burden of legal proceedings related to your estate
- Living trusts provide more control over how your assets will be distributed and utilized
- Living trusts ensure that your affairs remain private, contrary to a probated estate, which becomes public record
Do You Need a Living Trust?
If you are concerned about protecting assets, preserving privacy, avoiding probate, or not having an estate plan, a living trust may be appropriate for you. However, a living trust is not a magic elixir and is not always necessary or appropriate. To learn whether a living trust should be an essential component of your estate plan, contact Theus Law Offices in Alexandria, Louisiana, for a free consultation with one of our trust lawyers.
Contact Theus Law Offices Today
Estate planning is complex and requires individualized planning for each person. As Living Trust attorneys, we stand ready to assist you in creating an effective estate plan that will protect everything you own and everyone you love. Contact our office to schedule a free consultation with a knowledgeable and experienced trust lawyer in Alexandria, LA at Theus Law Offices!
