Gonzales Trusts Lawyer

Gonzales Trusts Attorney

A last will and testament is an important document in a simple estate plan, but a more comprehensive estate plan should make use of one or more trusts to fully protect the assets in the estate. A Gonzales trusts lawyer can help you create a valid trust that gives you more control over the distribution of your assets, improves privacy, and limits the likelihood of a long succession process for your loved ones.

Trusts are very useful but complex to establish. Drafting the documents for a trust and comprehensive estate plan is easier with a Gonzales estate planning lawyer.

Rowe & Manning Law Firm LLC: Experienced Estate Planning Attorneys

Estate planning documents should be tailored to your specific assets, your wishes, and the needs of your loved ones. Working with the right attorney helps you create a custom estate plan that supports your short-term and long-term goals. At Rowe & Manning Law Firm LLC, we have served families and individuals for more than 15 years, helping create strong estate plans and enforceable trusts.

Trusts can be used to provide for your loved ones, limit the publicity of your estate succession, ensure your assets are used responsibly, and reduce the chances of disagreements between your heirs. Our firm can help you determine what trusts can do for you and your loved ones.

What Is a Trust?

A trust is a legal entity that is funded by the assets placed into it. A trust is a relationship in which one person holds title to property, subject to an obligation to keep or use the property for the benefit of another. The trust is created by the settlor or the grantor, who then names a trustee. A trust is created through legal documents, which contain instructions regarding how you want your assets distributed. This trustee may be the settlor themselves until they die, depending on the type of trust they create. Then, the successor trustee becomes the trustee. Because a trust is its own legal entity, the assets never pass to state jurisdiction. Assets in a will pass to state jurisdiction when the owner of the assets dies. Trusts offer more protection.

When the settlor dies, the trustee passes the assets in the trust to the beneficiaries based on the settlor’s instructions. Because trusts can continue to exist, not all assets need to be immediately distributed. The instructions can require certain events or purposes for the trust assets to be used by their beneficiaries. However, all assets can be immediately distributed without waiting for the long process of succession. Trusts can help avoid long court processes after someone dies, reduce taxes, protect assets, and offer ongoing support for loved ones.

When someone dies, their estate planning documents are submitted to the succession court for review. If a trust document is determined to be valid, then the remainder of the actions with the trust will likely occur without court oversight or involvement. Estate planning documents are filed with the 23rd Judicial District Court if the individual lived or died in Gonzales.

Types of Trusts

Your estate plan can be made up of one or multiple trust documents. These trusts typically fall into one of the two following categories:

1. Revocable trusts. A revocable trust, also called a living trust, can be altered while you are alive. Typically, you name yourself the trustee of this trust and, therefore, have control over the assets, their distribution, and other aspects of the trust. Approximately 13% of Americans have a living trust, while about 55% say they have no estate planning documents.
2. Irrevocable trusts. An irrevocable trust is much harder to alter once it is made. You name another party as the trustee for these trusts. If you want to modify the terms, you have to get agreement from many different parties. You don’t own the asset during your lifetime in an irrevocable trust, which can offer certain tax benefits.

Different trusts can be used for many purposes. For example, you could create a special needs trust for a loved one with a disability. 13.1% of those in Gonzales under the age of 65 had a disability. These individuals receive limited government benefits that often only cover basic needs.

If you provide them with an inheritance without a trust, they could lose their much-needed benefits. By placing their inheritance in a trust managed by another party, you can give your loved ones access to additional funds without threatening their benefits.

FAQs About Gonzales,LA Trusts Law

What Is the Difference Between an Estate Lawyer and a Trust Lawyer?

The difference between an estate lawyer and a trust lawyer depends on whether the attorney is dealing with the administration or planning of an estate. An estate planning lawyer is often the same as a trust lawyer, as a trust is one part of estate planning, as well as wills and powers of attorney. An estate administration lawyer handles a different area of law and manages the distribution of assets after death, either in a trust or a will.

How Much Do Lawyers Charge to Create a Trust?

The fees to create a trust are different for each lawyer. A lawyer may charge a flat fee or an hourly fee, depending on the complexity of the case. You can expect to pay more to establish a trust than for less comprehensive estate planning documents. The process will consider fees such as drafting, a professional trustee, filing fees, administrative fees, and amendments to the trust. Always talk through fees and costs with your attorney.

What Type of Lawyer is Ideal for Trusts?

You should work with an estate planning lawyer to create a trust. An estate planning lawyer has experience creating estate plans for the estates of families and individuals, which includes revocable and irrevocable trusts.

An attorney can help you gather the right information about your assets, determine the right method of distribution for those assets, file the correct documentation for the trust, and review what other estate planning documents support your unique needs.

Is a Trust Better Than a Will in Louisiana?

A trust has several benefits in Louisiana that a will does not, but both documents are often important to a comprehensive estate plan. A trust can keep assets from entering the succession process and create privacy for your loved ones and your estate. A will can do important things like placing remaining assets into a trust during administration or naming the guardian for minor children. It’s important to talk with an estate planning attorney to determine the benefits of each.

Protect Your Loved Ones and Safeguard Your Estate in Gonzales

There are many benefits to creating a trust in your estate plan, but these benefits only exist if the trust is established and funded correctly and is enforceable in court. Contact Rowe & Manning Law Firm LLC to work with a dedicated team on your estate plan, whether your estate is complex or straightforward, and let us help you.