There are things most people would like to keep private. Estate planning is likely one of them. There are ways to keep estate plans private in Louisiana. The first thing to know is the differences between wills and trust-based estate plans. Wills have to go through the probate process and, as such, become public record once they’re filed in probate court, and that means anyone can go in and ask to see the contents of any will on record.
The first thing to understand is the differences between wills and trust-based estate plans. While the contents of a will become public, revocable trusts do not. They’re essentially contracts between the grantor and the trustee. The grantor has the right to make all decisions regarding the trust while he or she is alive, and the major difference between a will and a revocable living trust is that the trust doesn’t have to be filed in probate court, hence contents are kept under wraps.
Making a revocable living trust the primary document in an estate plan will ensure an individual’s privacy. It also has other advantages, which a client can discuss with an estate planning attorney. A revocable living trust may not be right for every situation, and a lawyer can help a client to make that decision.
A Louisiana estate planning attorney may be able to help a client to sort out the documents necessary for a comprehensive estate plan to be put into place. Each person’s circumstances are different, and a lawyer may be able to advise on which documents would be most prudent in each case. A lawyer may be able to further explain the merits of trusts as well as wills.