Andrea V Morrison Law

Setup a Trust to fulfill your estate planning goals. In the state of Louisiana this involves several steps to ensure it meets legal requirements. Here’s an outline of the process:

Attorney Andrea Morrison works with you to outline your wishes, then create a Trust to ensure your assets are distributed according to your desires, and provide peace of mind for you and your family.

1. Determine Your Goals

Purpose: Identify the purpose of the trust, such as managing assets, reducing estate taxes, providing for minor children, or supporting a charitable cause.

Type of Trust: Decide on the type of trust that best suits your needs (e.g., revocable living trust, irrevocable trust, special needs trust, charitable trust).

2. Choose a Trustee

Trustee Selection: Choose a reliable and capable individual or institution to act as the trustee, who will manage the trust assets according to your wishes.

Successor Trustee: Designate a successor trustee to take over if the original trustee is unable or unwilling to serve.

3. Identify the Beneficiaries

Beneficiaries: Clearly identify the beneficiaries who will receive benefits from the trust. These can include family members, friends, or charitable organizations.

4. Draft the Trust Document

Legal Assistance: Consult with an experienced estate planning attorney to draft the trust document. The document should include:

Name of the Trust: A clear title for the trust.
Grantor’s Intentions: A statement of your intentions and objectives for the trust.
Trustee Powers and Duties: A detailed description of the trustee’s powers and responsibilities.
Distribution Terms: Specific terms for how and when the trust assets will be distributed to the beneficiaries.
Revocability: State whether the trust is revocable or irrevocable.

5. Sign & Notarize the Trust Document

Execution: Sign the trust document in the presence of a notary public and, if required, witnesses to validate the trust.

6. Fund the Trust

Asset Transfer: Transfer ownership of the assets into the trust. This can include real estate, bank accounts, investments, and personal property. Properly titling the assets in the name of the trust is crucial.

Deeds and Titles: Update deeds, titles, and financial accounts to reflect the trust as the new owner.

7. Obtain an EIN (Employer Identification Number)

Tax Identification: If setting up an irrevocable trust or if the trust will hold significant assets, obtain an EIN from the IRS for tax reporting purposes.

8. Maintain the Trust

Record-Keeping: Keep accurate records of all transactions involving the trust.

Annual Reviews: Periodically review the trust with your attorney to ensure it continues to meet your needs and complies with any changes in the law.

9. Communicate with Beneficiaries

Inform Beneficiaries: Inform your beneficiaries about the existence of the trust and the general terms, without necessarily providing all details.

10. Periodic Updates

Amendments: If you set up a revocable trust, you can amend or revoke it as needed. Ensure any changes are properly documented and executed with the same formalities as the original trust.

Setting up a trust is a complex legal process, and it's essential to get it right to achieve your estate planning and succession goals.

For professional assistance in creating a trust tailored to your needs, contact Andrea Morrison, an experienced estate planning lawyer in Baton Rouge, Louisiana.

Andrea V. Morrison Attorney at Law, LLC

One American Place
301 Main Street, Suite 1120
Baton Rouge, LA 70801
(225) 234-0070 - Phone
(225) 289-4638 - Fax
andrea@andreamorrisonlaw.com
andreamorrisonlaw.com

Trusts

Setup a Trust to fulfill your estate planning goals. In the state of Louisiana this involves several steps to ensure it meets legal requirements. Here’s an outline of the process:

1. Determine Your Goals

2. Choose a Trustee

3. Identify the Beneficiaries

4. Draft the Trust Document

5. Sign & Notarize the Trust Document

6. Fund the Trust

7. Obtain an EIN (Employer Identification Number)

8. Maintain the Trust

9. Communicate with Beneficiaries

10. Periodic Updates

Setting up a trust is a complex legal process, and it's essential to get it right to achieve your estate planning and succession goals.

Andrea V. Morrison Attorney at Law, LLC

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Call: 225-234-0070

Contact Andrea Morrison

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