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This Revocation of Living Trust form is to revoke a living trust. A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. This form declares a full and total revocation of a specific living trust, allows for return of trust property to trustors and includes an effective date. This revocation must be signed before a notary public.
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Interesting Questions
A living trust, also known as a revocable trust, is a legal arrangement where you transfer your assets into a trust during your lifetime. You can manage and control the assets while you are alive, and the trust specifies how these assets will be distributed after your death.
Having a living trust in Louisiana can help you avoid probate, which is the legal process of distributing assets after someone's death. It allows for a smoother transfer of assets to your chosen beneficiaries and can protect your privacy as the trust does not become public record like a will does.
If there is no successor trustee named in a living trust in Louisiana, the court will appoint a trustee to ensure the trust is properly administered. This process can be time-consuming and expensive, and the court's choice may not align with your wishes.
Yes, you can name yourself as the trustee of your living trust in Louisiana. In fact, many people choose to do so, as it allows them to maintain control over their assets.
If you become incapacitated and are unable to manage the trust, it is important to have a successor trustee named in your living trust. Without a successor trustee, the court may need to appoint a guardian to manage your trust on your behalf during your incapacity.
Yes, you generally have the power to remove a trustee from your living trust in Louisiana if you believe they are not fulfilling their duties or if you no longer trust them. However, it is best to consult with an attorney to ensure you follow the proper legal procedures.
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