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Wills VS. Living Trusts: What Is The Difference? WRITTEN BY CHRISTIE TOURNET

WE KNOW THE adage, “You cannot take it with you, when you go.” The Will and the Living Trust both provide a method for transferring your estate. With the Living Trust, you create a Trust instrument while alive, then, you transfer your property to the Trustee of the Trust, and your property becomes re-titled in the name of the Trust. In contrast the Last Will does not transfer your estate until you pass. The Will is then submitted for probate and that process re-titles your assets to your named beneficiaries. Privacy Concerns. The probate/succession process creates a civil/public record with a copy of the Will. But, the Living Trust also results in having the Acts pertaining to immovable property, and an extract of Trust, filed in the public record. Control Concerns. A Trust permits you to name successor Trustees and beneficiaries. Certain living trusts can also permit you to control later property distributions. With the Will, the Testator can also establish control with usufruct interests, conditional bequests, and incorporating testamentary trusts, a trust that only goes into effect when conditions are

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Trusts, like revocable trusts, there is no tax savings

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24 Sophisticated Woman | November 2019

children. Complexity. Most Wills do not exceed more than a few pages. Customarily, Trust instruments are a bit more lengthy and tedious. Generally, legal counsel is involved in drafting each. However, with the Living Trust, while probate may be avoided, the named Trustee must administer the trust and file/report any Trust income annually. Also, with most typical Living or creditor protection over use of a Will. Each method has benefits and drawbacks. You should also understand the total costs associated with each. Whether a Will or a Living Trust, or incorporating each, is the best option for you depends upon the method that best aligns with your intentions.

Christie Tournet & Associates, LLC, provides estate planning, estate administration and commercial law services. The practice is located at 1795 W. Causeway Approach, Suite 103A in Mandeville. 985-951-2177, tournetlaw.com.

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Sophisticated Woman Magazine - November 2019  

Sophisticated Woman Magazine - November 2019  

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