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re: What should I avoid per a trust and will? Lawyer? No lawyer?
Posted on 10/1/25 at 8:25 pm to Harry Rex Vonner
Posted on 10/1/25 at 8:25 pm to Harry Rex Vonner
In the great majority of cases, going through probate with a simple will is easier and cheaper than settling up a trust.
The first question you need to ask is why you need a trust. If the best answer is that it is a way to avoid probate, be skeptical.
The first question you need to ask is why you need a trust. If the best answer is that it is a way to avoid probate, be skeptical.
Posted on 10/3/25 at 8:03 am to Harry Rex Vonner
Why not put next egg money in the trust?
All of my assets were transferred to my trust when it was formed. We also have a clause that transfers any new assets into the trust upon death.
Don't sign anything that you don't understand. Ask questions until you do.
All of my assets were transferred to my trust when it was formed. We also have a clause that transfers any new assets into the trust upon death.
Don't sign anything that you don't understand. Ask questions until you do.
Posted on 10/3/25 at 8:05 am to KWL85
E-sign a legal document???
Posted on 10/3/25 at 7:46 pm to geauxpurple
quote:
In the great majority of cases, going through probate with a simple will is easier and cheaper than settling up a trust. The first question you need to ask is why you need a trust. If the best answer is that it is a way to avoid probate, be skeptical.
Damn someone knows what they are talking about.
Posted on 10/3/25 at 9:53 pm to MintBerry Crunch
Questions.
Is it true that if you die in Louisiana, your non joint assets would be designated to your children and not your spouse (I assume my wife would control the funds until they turned 18)? I was thinking about setting up a trust just to avoid a scenario like this. My kids are young and no red flags yet, but lord knows what my dumb arse woulda done with a chunk of money at 18.
Also, if most/all my liquid accounts have designated beneficiaries, would a lawyer charge less for the succession since the dollar amount of the estate would be smaller and the work less complex?
I’ll hang up and listen. Thanks!
Is it true that if you die in Louisiana, your non joint assets would be designated to your children and not your spouse (I assume my wife would control the funds until they turned 18)? I was thinking about setting up a trust just to avoid a scenario like this. My kids are young and no red flags yet, but lord knows what my dumb arse woulda done with a chunk of money at 18.
Also, if most/all my liquid accounts have designated beneficiaries, would a lawyer charge less for the succession since the dollar amount of the estate would be smaller and the work less complex?
I’ll hang up and listen. Thanks!
This post was edited on 10/3/25 at 9:54 pm
Posted on 10/7/25 at 10:45 am to Dale Gribble
quote:
Is it true that if you die in Louisiana, your non joint assets would be designated to your children and not your spouse (I assume my wife would control the funds until they turned 18)? I was thinking about setting up a trust just to avoid a scenario like this. My kids are young and no red flags yet, but lord knows what my dumb arse woulda done with a chunk of money at 18.
Separate property goes to the kids. When they turn 18, all bets are off. You can have a testamentary trust in your will to prevent that. You can decide on its distribution, or just give them an income interest for life. There may be some forced heirship issues until they are 24.
quote:
Also, if most/all my liquid accounts have designated beneficiaries,
It depends what those liquid accounts are. For example, they started doing TOD accounts in Louisiana in 2021, but the actual transfer of those assets does not occur just because of the TOD designation. Practically they do, but the asset still needs to be transferred by judgment of possession.
quote:
would a lawyer charge less for the succession since the dollar amount of the estate would be smaller and the work less complex?
Generally, no. $3,500 seems a little high for a basic estate plan, but practically it's only about 10-12 hours of work for most attorneys.
This post was edited on 10/7/25 at 10:52 am
Posted on 7/27/26 at 6:35 am to Harry Rex Vonner
There is some solid advice in this thread.
I would echo the early advice of take your time and don’t sign anything that you don’t understand.
There are various types of trusts.
I have set up both revocable and non revocable trusts trusts for our family (along with wills for assets not held in trusts) and they serve different goals. They are also treated differently for tax purposes.
Here is something that i think is invaluable to not only making sure that you understand what you are signing, but just as important, to those left behind after you pass:
Have the attorney draw up a FLOW DIAGRAM flow of your assets when you die. Have them label grantors, trustees, beneficiaries, tax IDs, etc on each trust. Make it visual.
Irrevocable trusts are exactly that … irrevocable. So don’t rush until you fully understand, agree with, and can explain to others exactly what the Trust accomplishes and how your assets will flow once you pass )or even during your life).
I would echo the early advice of take your time and don’t sign anything that you don’t understand.
There are various types of trusts.
I have set up both revocable and non revocable trusts trusts for our family (along with wills for assets not held in trusts) and they serve different goals. They are also treated differently for tax purposes.
Here is something that i think is invaluable to not only making sure that you understand what you are signing, but just as important, to those left behind after you pass:
Have the attorney draw up a FLOW DIAGRAM flow of your assets when you die. Have them label grantors, trustees, beneficiaries, tax IDs, etc on each trust. Make it visual.
Irrevocable trusts are exactly that … irrevocable. So don’t rush until you fully understand, agree with, and can explain to others exactly what the Trust accomplishes and how your assets will flow once you pass )or even during your life).
Posted on 7/27/26 at 7:42 am to Harry Rex Vonner
The only reason we have a trust (and living wills) is if my wife and I both pass at the same time before our kids are over 18 (or 21 I can’t remember). The trust details where the assets go and how and who manages assets until such time.
This post was edited on 7/27/26 at 7:43 am
Posted on 7/27/26 at 7:57 am to DarthRebel
quote:
2. Beneficiary Designation (retirement accounts, life insurances, bank accounts, etc.) - These will override your will and you should be able to change free of charge.
This is the way IF you want someone to have the money quickly with no hassle.
Even an uncontested will can take most of a year to clear the estate- at least in Alabama.
Posted on 7/27/26 at 12:57 pm to Harry Rex Vonner
$3500 is reasonable imo if you use a human attorney to draft it all. I did mine with Claude ($20/month), then hired an attorney and told him "an out of state lawyer put this together, could you look it over?"
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