Trusts Created In Your Will
You can create a Trust within your Will, that Will names the beneficiaries, establish when income is disbursed when the principal is distributed and gives instructions to the Trustee who is in charge of the Trust on how you want the Trust to be handled. Do you want your children to get a big check on your death (after all the assets are sold) or do you want them to receive the cash over a period of time in periodic payments, also allowing the Trustee to disburse funds when needed, such as to purchase a car, purchase a house, education expenses or medical expenses? Do you want to see that your children’s inheritance is protected from creditors or a bad marriage or even divorce? Then consider a Trust.
Trusts Created While Your Living
Perhaps you want to give a child or children money, stocks, and interest in the family business or other assets while you are alive. Do you want to give it outright or do you want your child or children to be protected from themselves and others who have influence or could take advantage of your children? Maybe you want to protect the assets from the children’s future creditors or spouses. A trust created while you are living will give you the flexibility to address these issues.
What if you are concerned with the aging process, for example, you or your spouse may begin to have diminished mental capacity or may become vulnerable or others may try to unduly influence you or your spouse in later years. While you have the capacity, a Trust may provide you and your spouse with protections and allow you to name Trustees who you have faith in.
Furry family members can provide a great deal of companionship in the later years of your life. If you are worried about who will take care of them when you no longer can, you have a legal course of action to put your mind at ease. Louisiana law provides for Pet Trusts – a mechanism by which you may legally select a caretaker for your pets who are alive at the time the Trust is created, along with funds used exclusively for your pets’ care and compensation for the Trustee and/or caretaker you select. Just as you may provide for your human children after you pass, you can rest assured that your animal children will be taken care of too.