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Interesting Questions
A living trust in Louisiana for a minor child is a legal document that allows a person (known as the settlor or grantor) to designate assets to be held in trust for the benefit of a minor child during their lifetime.
Creating a living trust for a minor child in Louisiana allows the settlor to have control over how their assets are managed and distributed after their death. It also helps to avoid the need for probate court and can provide financial protection for the child's future.
The settlor can choose anyone they trust to be named as the trustee of the living trust. It could be a family member, a close friend, or even a financial institution.
The trustee of a living trust in Louisiana for a minor child has a fiduciary duty to manage and protect the trust assets for the child's benefit. This includes investing assets wisely, making distributions as directed in the trust document, and handling administrative tasks.
Yes, the settlor can typically amend or revoke the living trust during their lifetime as long as they are mentally competent. However, after the settlor's death, the terms become irrevocable.
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