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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 in Louisiana is a legal document that allows you to transfer your assets to a trust during your lifetime and specify how those assets should be managed and distributed upon your death.
The purpose of a living trust in Louisiana is to avoid probate, ensure privacy, provide for the management of your assets if you become incapacitated, and efficiently distribute your assets to your beneficiaries after your death.
A pour-over will in Louisiana is a legal document that works in conjunction with a living trust. It states that any assets that were not transferred to the trust during your lifetime will be 'poured over' into the trust upon your death.
Having a pour-over will ensures that any assets inadvertently left out of your living trust will still be distributed according to your wishes and be subject to the terms of the trust after your death.
Yes, you can amend or revoke your living trust in Louisiana as long as you are mentally competent. You can make changes by creating and properly executing an amendment or by revoking the entire trust and creating a new one.
While it is not legally required to have an attorney, it is highly recommended to seek legal advice when creating a living trust with a pour-over will in Louisiana. An attorney can ensure that all legal requirements are met and assist you in tailoring the trust to your specific needs.
You can name yourself as the initial trustee of your living trust in Louisiana. However, it is advisable to also name successor trustees who can step in and manage the trust if you become incapacitated or pass away.
If you don't have a living trust or pour-over will in Louisiana, your assets will go through the probate process, which can be time-consuming, costly, and subject to public record. State laws will determine how your assets are distributed, which may not align with your intended wishes.
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