New Orleans Louisiana Revocable Inter Vivos Trust

• Category: Louisiana Trusts - Revocable
• State: Louisiana
• City: New Orleans
• Control #: LA-748-M
• Format: Word; Rich Text

Description

This is a trust established by the settlor during his lifetime. The Settlor is principal and income beneficiary and reserves the power to revoke or amend the trust at any time. The New Orleans Louisiana Revocable Inter Vivos Trust, also known as a living trust or a revocable trust, is a legal document that allows an individual, referred to as the granter or settler, to transfer their assets into a trust during their lifetime. This type of trust is commonly used in estate planning to avoid probate and manage assets efficiently after the granter's death. The main characteristic of a revocable inter vivos trust is that the granter retains control over the assets and can make changes or revoke the trust at any time during their lifetime. This flexibility distinguishes it from an irrevocable trust, where modifications are significantly limited or entirely prohibited. The New Orleans Louisiana Revocable Inter Vivos Trust offers several benefits, including privacy, as assets held in a trust are typically not subject to public probate proceedings. It also enables the efficient transfer of assets to beneficiaries upon the granter's death without the need for probate court involvement, saving time and costs. Moreover, a living trust can provide continuity, allowing the seamless management and distribution of assets even if the granter becomes incapacitated. There are various types of New Orleans Louisiana Revocable Inter Vivos Trust, each serving specific purposes. Some common types include: 1. General Revocable Inter Vivos Trust: This is the standard type of living trust, in which the granter transfers their assets to the trust for management and distribution upon their death or incapacity. 2. Marital Revocable Inter Vivos Trust: This trust is often used by married couples to provide for the surviving spouse after the granter's death, while ensuring control and management of assets during their lifetime. 3. Testamentary Revocable Inter Vivos Trust: Unlike the typical revocable trust, this type is established through the granter's will and only goes into effect upon their death. It can be used to provide for minor children or individuals with special needs. 4. Charitable Revocable Inter Vivos Trust: This type allows the granter to support charitable causes by designating assets or a portion of the trust's income to be donated to charities of their choice. In summary, the New Orleans Louisiana Revocable Inter Vivos Trust is a versatile estate planning tool that offers flexibility, privacy, and efficiency in managing and distributing assets. With various types available, individuals can create a trust tailored to their specific needs and goals.

The New Orleans Louisiana Revocable Inter Vivos Trust, also known as a living trust or a revocable trust, is a legal document that allows an individual, referred to as the granter or settler, to transfer their assets into a trust during their lifetime. This type of trust is commonly used in estate planning to avoid probate and manage assets efficiently after the granter's death. The main characteristic of a revocable inter vivos trust is that the granter retains control over the assets and can make changes or revoke the trust at any time during their lifetime. This flexibility distinguishes it from an irrevocable trust, where modifications are significantly limited or entirely prohibited. The New Orleans Louisiana Revocable Inter Vivos Trust offers several benefits, including privacy, as assets held in a trust are typically not subject to public probate proceedings. It also enables the efficient transfer of assets to beneficiaries upon the granter's death without the need for probate court involvement, saving time and costs. Moreover, a living trust can provide continuity, allowing the seamless management and distribution of assets even if the granter becomes incapacitated. There are various types of New Orleans Louisiana Revocable Inter Vivos Trust, each serving specific purposes. Some common types include: 1. General Revocable Inter Vivos Trust: This is the standard type of living trust, in which the granter transfers their assets to the trust for management and distribution upon their death or incapacity. 2. Marital Revocable Inter Vivos Trust: This trust is often used by married couples to provide for the surviving spouse after the granter's death, while ensuring control and management of assets during their lifetime. 3. Testamentary Revocable Inter Vivos Trust: Unlike the typical revocable trust, this type is established through the granter's will and only goes into effect upon their death. It can be used to provide for minor children or individuals with special needs. 4. Charitable Revocable Inter Vivos Trust: This type allows the granter to support charitable causes by designating assets or a portion of the trust's income to be donated to charities of their choice. In summary, the New Orleans Louisiana Revocable Inter Vivos Trust is a versatile estate planning tool that offers flexibility, privacy, and efficiency in managing and distributing assets. With various types available, individuals can create a trust tailored to their specific needs and goals.