There are many things of which people should be aware when sitting down to plan their estates. Having some knowledge of how a revocable trust may benefit them is just one of the questions that might be pondered. Louisiana residents ought to know how these trusts could help them to pass their assets on to their beneficiaries.
The grantor — the person to whom the revocable trust belongs — can also act as the trustee, but can name someone else for the job as well. A revocable trust ensures that the grantor’s assets are used for his or her benefit while he or she is still living and if he or she becomes incapacitated. It also offers the flexibility of naming whomever the grantor sees fit to administer that funded trust after his or her death. But one of the most appealing benefits is avoiding the probate process — something a revocable trust can do.
Assets attached to a revocable trust can be used to pay such things as debts, estate taxes and other expenses after the death of the grantor since the trust doesn’t have to go through the probate process. Unlike a will, copies of a revocable trust can be used legally to transfer property. With a will, the original document must be available upon death.
There are many reasons a revocable trust may be an option for Louisiana residents. An experienced attorney can explain its benefits as well as its shortcomings and help a client to make a decision as to whether to include such a trust in estate planning. An attorney may be able to help a client to make a more informed decision as to what documents may be useful for his or her circumstances.