Does a Trust Have to Be Written by an Attorney in Louisiana?

If you’ve been thinking about creating a trust, you may be wondering, “Does a trust have to be written by an attorney in Louisiana?” Legally, no. However, not getting legal help can cause more problems than it’s worth. An upfront investment can save you and your family money, time, and stress in the future.

Goode Tax and Estate Planning Law Group, LLC: Experienced Trust Lawyer in Louisiana

Goode Tax and Estate Planning Law Group, LLC, has over 20 years of experience delivering comprehensive estate plans and trusts to Louisianans. Our background in tax law, including an LL.M. in taxation, gives our clients an advantage. We can help you plan for the future while keeping your tax considerations in mind.

How to Create a Trust

Most trusts are created in a similar way. The steps normally include:

• Choosing a trust. There are several different kinds of trusts that work better for different people. An attorney can review the different types and guide you to the most appropriate option.
• Reviewing your assets. Many people don’t even know what assets they have or how much they’re worth. This should be reviewed before creating a trust. It’s also important to gather any relevant documents for these assets, like deeds or other proof of ownership.
• Appointing a trustee. Trustees are individuals who monitor the trust for you. There aren’t many restrictions on who can be a trustee, but it’s important that you choose wisely. Trustees have a lot of responsibility, and they must be depended on to do their jobs in the interest of the trust’s creator.
• Developing the document. It’s important to have a solid document explaining the trust so that everyone understands the details. Doing this without an attorney can lead to loopholes or ambiguity that raise future questions. Once the document is complete, any relevant parties have to sign a notarized form.
• Funding the trust. This is the step where you add the assets into the trust. It doesn’t happen until all the paperwork is created and filed correctly.

The median home value in Louisiana is $215,600. This money could be put to good use by beneficiaries. However, without a valid trust, your assets might have to go through succession.

Frequent Issues With Trusts

When created correctly, trusts can be powerful tools for people looking to protect their assets for their families. However, many common errors can make a trust ineffective.

One of the most damaging mistakes people make is not reviewing their trusts or estate plans over time. While some trusts cannot be changed later on, others can be modified or completely dismantled. If your situation has changed since you made the trust, revisiting it might help you protect your assets based on your current environment.

Although many people are confident in their trustees, some of them are not up to the task. It can help to have backup trustees who can be appointed if the trustee is not doing their job. Setting this up ahead of time can prevent stress later on.

Finally, a trust does not replace an estate plan. There are some things that trusts can’t cover, like who will take care of children or dependents if you are unable to. A trust is an important tool, but it should be part of a holistic estate plan.

Why Hire a Trust Lawyer?

There are many types of trusts. If you don’t consult with a legal professional, you might create a trust that doesn’t fit your needs. Attorneys with both estate planning and tax law experience can help incorporate your trust into your overall financial situation.

A trust is ineffective if it’s drafted incorrectly. An attorney can verify that a trust is accurate and will hold up if it is evaluated.

Why Choose Us?

Most people who walk through our doors don’t know what their options are. At Goode Tax and Estate Planning Law Group, LLC, we help our clients get the most out of their trusts and other estate planning documents. A well-functioning plan often leads to peace of mind. We prioritize communication, transparency, and precision to ensure our clients’ estate plans are sound.

FAQs

Do You Have to Use a Lawyer to Create a Trust?

Legally, you do not have to use a lawyer to create a trust. However, creating a trust without a lawyer often leads to legal problems in the future. It’s possible to pay more money in legal costs later due to saving money upfront with a subpar trust. Setting it up correctly the first time can make it easier to add other things to your estate plan.

What Do You Need for a Trust in Louisiana?

For a trust in Louisiana, you need a document outlining the details and the relevant parties. One person, known as the trustor, creates the trust. There must also be at least one beneficiary, but there can be multiple. Finally, a trustee is needed to oversee the trust.

Can an Out-of-State Attorney Write My Trust?

An out-of-state attorney can write your trust, but it is generally not recommended to do this. Estate planning law varies widely from state to state. If a lawyer writes a trust from another state, they might not be as familiar with local estate planning law. This can lead them to create the trust incorrectly and have to remake it later.

What Are Common Mistakes People Make When Setting Up a Trust?

Some common mistakes people make when setting up a trust include appointing an irresponsible person as the trustee. Many people rely on family members, but these individuals might not be experienced or responsible enough to serve as a trustee. Other common mistakes include creating a will without a legal professional reviewing it.

Support Your Family

In Louisiana, 27% of residents have families with children. Creating a trust can ensure that your assets are passed down to your children to help them succeed. For professional help creating a trust, schedule a consultation with Goode Tax and Estate Planning Law Group, LLC.