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How do I set up a family trust?

A legal document called a trust deed will formally set up the family trust. It will name the trustees, list the beneficiaries, and state various rules for the administration and management of the trust. The trust deed needs to be very carefully written, preferably by a lawyer.

What happens to separate property at death of spouse in Louisiana?

Louisiana law recognizes your marriage partnership and classifies most property acquired during marriage as community property that belongs to both spouses. When one spouse dies, one-half of the community property immediately becomes the separate property of the surviving spouse.

What assets will be placed in trust?

From your house to your financial accounts, there are many assets youll likely want to include in your living trust: Bank accounts. Real estate property. Insurance policies. Stocks, bonds, and other investment assets. Tangible personal property. Limited liability company (LLCs) Cryptocurrency.

Who inherits separate property in Louisiana?

The parents will inherit the deceased persons separate property. If both parents are alive, they will inherit equally. Otherwise, the property will pass to the surviving parent. No surviving descendants, parents, siblings, descendants of siblings, or spouse.

Is a trust better than a will in Louisiana?

The trust need not be approved by any court and never becomes public record. No one knows whats in it, what assets it passes, or to whom. This is contrast to a will which must be approved by a probate court and made public. A revocable living trust also protects you should you become mentally incapacitated.

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