WILLS AND TRUSTS

Successions and Estate Attorney in New Orleans

A will is an estate planning document which directs the court to transmit your estate to your selected legatees at the event of your death. It is essential that a testament comply with legal formalities. We have years of experience in formalizing the intent of testator through the preparation of a clear, concise and legally valid will. If such care is not taken, an otherwise clear testament will not be given legal effect and the estate will devolve according to the laws of intestacy, possibly producing unintended results.

When a person does not create a will prior to their death, their assets will be distributed according to state law. Wills not only protect your assets and ensure that they go to the correct people after your passing, but allow your minor children to be cared for by someone you personally know and trust. An executor can be named in your trust, as well. This person must be someone you feel is responsible to manage your estate after you pass. A New Orleans estate planning lawyer from Brown Weimer LLC can assist clients create a will and establish trusts

Types of Trusts

A relationship created at the direction of an individual, in which one or more persons hold the individual's property subject to certain duties to use and protect it for the benefit of others.

Individuals may control the distribution of their property during their lives or after their deaths through the use of a trust. There are many types of trusts and many purposes for their creation. A trust may be created for the financial benefit of the person creating the trust, a surviving spouse or minor children, or a charitable purpose. Though a variety of trusts are permitted by law, trust arrangements that are attempts to evade creditors or lawful responsibilities will be declared void by the courts.

The person who creates the trust is the settlor. The person who holds the property for another's benefit is the trustee. The person who is benefited by the trust is the beneficiary, or cestui que trust. The property that comprises the trust is the trust res, corpus, principal, or subject matter. For example, a parent signs over certain stock to a bank to manage for a child, with instructions to give the dividend checks to him each year until he becomes 21 years of age, at which time he is to receive all the stock. The parent is the settlor, the bank is the trustee, the stock is the trust res, and the child is the beneficiary.

Trusts can be created during a person's life or upon their death. A trust is an A trust created during a person's life and can be created for a myriad of reasons: A person may want to give money to a minor child, a debtor may be trying to shield his assets from creditors to the extent legally permissible, or a person receiving governmental benefits due to a disability may wish to preserve those benefits to the maximum duration.

A trust may be created upon death. Typically these trusts are created in a will. These trusts may preserve a family house upon death for the benefit of several family members, may provide money for college for a minor child, or provide steady income to an heir that may otherwise be financially unreliable.

Trusts may be revocable, irrevocable or last for a limited period of time. We can help determine if a trust is right for you.

Need will or trust assistance?

Our attorneys have over 30 years of combined successions and estate planning experience, and we can help clients create wills. We not only assist new clients, but continue to help former clients, as well. Wills and revocable trusts may need to be updated when certain life events occur, and we strive to help clients bring their estate plans up-to-date when necessary. Our firm also knows that choosing the correct type of trust to best protect your assets may be challenging. A probate lawyer from our firm may assist clients establish a type of trust that is the most beneficial for the protection of their estate.

Brown Weimer LLC Attorneys and Counselors at Law - New Orleans Probate Attorney
Located at 400 Poydras Street, Suite #1125
New Orleans, LA 70130
Phone: (504) 561-8700
Website:
Probate.com

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

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