Shreveport Trusts Lawyer

Shreveport Trusts Attorney

Shreveport is no stranger to the arts. It has held the Red River Revel and the ArtBreak Festival for decades. These events enable students to showcase their art and secure their future. A trust can help them secure the resources to take their lives to the next level. A Shreveport trusts lawyer can develop a trust that meets both your needs and those of the recipients.

Experienced Trusts Lawyers in Shreveport

Ezell Law Firm, LLC, is a Louisiana-based firm that has helped clients with estate planning for years. Our background in local law can help you understand how Louisiana rules can impact your estate plan. We can offer solutions that you might have been previously unaware of to help both your family and other families throughout Louisiana.

What Is a Trust?

Trusts are not necessary in every estate plan, but most people benefit from creating one. They are intended to hold assets on behalf of the owner for distribution to their beneficiaries.

Since the agreement is developed ahead of time, many trusts can result in almost instantaneous transfer of assets after death. Trusts can also reduce the cost of probate and make it easier for your loved ones to receive your assets.

Types of Trusts

There are many different types of trusts, but most fall under two categories. A revocable trust can be changed as frequently as the owner of the assets wishes. An irrevocable trust permanently places all the assets into the ownership of the trust and cannot be altered once created. Other types of trusts include:

• Testamentary trusts. As the title suggests, these trusts are listed in your last will and testament, or your will. Since they are created in the will, they do not officially become a trust until after your death.
• Living trust. Unlike other forms of trusts that only form once the owner of the assets dies, living trusts are created while the owner is still alive. These trusts are often used to simplify the transfer of assets and prevent them from having to go through probate.
• Special needs trusts. Disabled beneficiaries receiving government benefits have strict rules governing what they can and cannot receive to maintain their benefits. A special needs trust is designed to help transfer assets to disabled individuals while allowing them to retain the benefits they rely on.
• Spendthrift trust. Some trusts can help beneficiaries with financial problems. A spendthrift trust can protect the assets in the trust from creditors to whom the beneficiary might have unpaid debts. It can also give you more control over how the assets are spent, preventing the beneficiary from mismanaging them.
• Pet trust. Trusts specifically addressing pets can also be created. These trusts provide for pets in the same way they provide for humans, but with additional options. A pet owner can also specify who they want to care for their pets if they pass away while the pets are still alive.

Of the 78,443 households in Shreveport, many of them would benefit from a trust. However, creating these legal documents can be confusing without the help of an estate planning attorney.

Why Hire a Trusts Lawyer?

Lawyers can help with both the creation and management of a trust. These documents often take a long time to set up and can be difficult to manage for those with complicated estates. Having a professional involved in the upkeep often results in a better-managed estate overall.

A trustee is an individual or party responsible for managing the trust on behalf of the owner and the beneficiaries. It is crucial that this individual is reliable, as they are responsible for the assets in the trust. You can appoint an attorney as your trustee to make sure everything is handled correctly.

Why Choose Us?

Ezell Law Firm, LLC, is experienced with contracts of all types. From business negotiations to personal estate plans, we are well-versed in creating a thorough contract. This also applies to trusts. Our small firm size allows us to discuss with each client what trust to establish and how to appropriately benefit their family through a holistic estate plan.

FAQs

Can a Lawyer Help Me Set Up a Trust in Shreveport?

A lawyer can help you set up a trust in Shreveport. They can review all your assets and identify which ones are a good fit for placement into a trust. They can also explain the different options to you to determine what is the most effective type of trust for your family and financial situation. A trust created by a legal professional usually better serves you and your family.

What Are the Types of Trusts?

The types of trusts are numerous, but the most common kinds of trusts are revocable and irrevocable trusts. These differ based on the types of changes you are allowed to make to them. Revocable trusts can be altered at any time to change the amount of assets in them. Irrevocable trusts are permanent once you create them.

What Is the Downside of Having a Trust?

The downside of having a trust is that it does take time and effort to both create and maintain it. However, working with an attorney can help you with both issues. An attorney can save you time by creating a trust efficiently. An attorney can also help you manage your trust so that it still serves your needs throughout your life.

Which Is Better, a Will or a Trust?

Which is better, a will or a trust, is usually the wrong question to be asking. It is common to have both documents because they both serve different purposes. A trust holds assets to make it easier to distribute them, while a will lists out all your assets and any specific instructions you wish to convey to your beneficiaries.

Meet Your Specific Estate Planning Goals

38% of households in Shreveport consist of married couples. Passing assets down in these households is important for the benefit of spouses and children. To learn more about how a trust can help you transfer your assets, schedule a consultation with Ezell Law Firm, LLC, today.