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Will and trust lawyer: what is the difference between a will and a trust
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The Benefits of Setting Up a Living Trust
How to Protect Your Legacy with an Irrevocable Trust
Special Needs Trusts: Ensuring Financial Security for Loved Ones
Avoiding Probate: Strategies for Passing Assets Efficiently
PacisLexis Family Law
Will and trust lawyer
What is the Difference Between a Will and a Trust?
When it comes to estate planning, understanding the difference between a will and a trust is crucial.
A will is a legal document that outlines how your assets should be distributed after your death and can designate guardians for minor children.
In contrast, a trust is a legal arrangement where a trustee holds and manages assets on behalf of beneficiaries, which can take effect during your lifetime or upon your passing.
While both serve to distribute your assets, they differ in terms of when they take effect, how they are managed, and the legal processes they follow.
In countries like the United States, the United Kingdom, and France, the regulations and implications of wills and trusts can vary greatly.
To learn more about avoiding probate and protecting your family from unnecessary delays, contact our experienced estate planning lawyers today.
will and trust lawyer
The benefits of setting up a living trust
What is a living trust?
A living trust is a trust created during your lifetime that allows you to manage your assets while still alive and dictate their distribution after your death.
This tool is common in the U.S. and U.K., but France operates primarily under civil law and typically uses different methods for estate management.
How does a living trust work?
You transfer ownership of your assets to the trust, and a trustee manages them according to your instructions.
In France, asset management is typically handled through different contractual agreements or usufruct arrangements.
In France you can also set-up a SCI which is ‘société civile Immobilière’. In English, the equivalent of “SCI” (Société Civile Immobilière) is commonly translated as Real Estate Civil Company or Real Estate Investment Company, though it doesn’t have a direct legal equivalent in the U.K. or U.S.
It’s a unique French legal structure used primarily for holding and managing properties, often to simplify estate planning or limit inheritance complications.
In English-speaking countries, similar goals are often achieved with trusts or limited liability companies (LLCs).
What are the benefits of a living trust over a will?
A key benefit is avoiding probate, which is the legal process of validating a will and can be costly and time-consuming.
While the U.K. and U.S. have clear probate processes, France’s succession laws often involve mandatory inheritance shares, limiting flexibility.
Can I change a living trust?
Yes!
A revocable living trust can be modified or revoked at any time while you are alive.
In the U.K., modifications must comply with the country’s trust laws.
Do living trusts help with incapacity planning?
Yes!
A living trust can appoint a successor trustee to manage your properties if you become incapacitated.
In contrast, French law may require legal guardianship or court-appointed administrators.
Contact our firm today to learn how a living trust can simplify your estate planning and safeguard your loved ones.
will and trust lawyer
How to protect your legacy with an irrevocable trust
What is an irrevocable trust?
Unlike a revocable trust, an irrevocable trust cannot be altered or revoked without the consent of the beneficiaries.
This type of trust is less common in France, where civil law principles govern estate transfers.
Why using an irrevocable trust?
Irrevocable trusts protect assets from creditors and may reduce estate taxes by removing assets from your taxable estate.
In France, inheritance tax planning may rely more on life insurance contracts or direct gifting.
Can I still benefit from my assets in an irrevocable trust?
Depending on the terms, you may be able to receive income from the trust, but you generally lose direct control over the assets.
This concept may be replaced by usufruct agreements in France.
How does an irrevocable trust protect against creditors?
Assets placed in an irrevocable trust are no longer considered your property, making it difficult for creditors to claim them.
French law offers limited asset protection compared to common law systems.
Is an irrevocable trust right for me?
Irrevocable trusts are best for those with significant assets, high tax exposure, or concerns about asset protection.
Contact our estate planning attorneys today to discuss how an irrevocable trust can help secure your legacy.
will and trust lawyer
Special needs trusts: ensuring financial security for loved ones
What is a special needs trust?
It is a legal arrangement designed to provide financial support to a person with disabilities without affecting their eligibility for government benefits.
France typically addresses this through guardianship or protected funds.
Who can benefit from a special needs trust?
Individuals with disabilities who rely on Supplemental Security Income (SSI) or Medicaid can greatly benefit from this trust.
Can I set up a special needs trust during my lifetime?
Yes!
You can establish a trust during your lifetime or through your will.
In France, similar objectives are often achieved through family agreements and notarial deeds.
What types of expenses can a special needs trust cover?
It can pay for supplemental expenses like education, medical care, and personal items that government benefits may not cover.
How do I ensure proper management of a special needs trust?
Appointing a knowledgeable and trustworthy trustee is crucial for proper administration and compliance.
Our firm specializes in special needs trusts to ensure your loved ones are financially secure. Contact us for personalized assistance.
will and trust lawyer
Avoiding probate: Strategies for passing assets efficiently
Why avoiding probate?
Probate can be lengthy, costly, and public, making it less desirable for many families.
While probate is a significant concern in the U.S. and U.K., France’s succession process is governed by strict inheritance laws.
To learn more about inheritance laws in France, you can read the following article:
How does a living trust help avoiding probate?
Assets in a trust are not subject to probate because they are technically owned by the trust, not the deceased individual.
In France, notarial intervention may be required even for non-probate transfers.
Can joint ownership of assets avoid probate?
Yes!
Jointly owned assets with rights of survivorship pass directly to the surviving owner without going through probate.
This is less common in France due to civil law restrictions. Indeed, in France to do so, you need to get the agreement of the children’s spouses.
What are transfer-on-death (TOD) and payable-on-death (POD) accounts?
These accounts allow you to name a beneficiary who will receive the assets directly upon your death.
Similar things exist in France but are less flexible.
Do small estates qualify for simplified probate procedures?
In some jurisdictions, small estates may qualify for expedited or simplified probate processes.
French law may involve simplified inheritance declarations depending on estate size.
To learn more about avoiding probate and protecting your family from unnecessary delays, contact our experienced estate planning lawyers today.
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Our articles about legacy
How to contest a will
Will definition
A will, also known as a last will and testament, is a legal document that expresses an individual’s wishes regarding the distribution of their property, assets, and the care of any minor children upon their death. The person creating the will is known as the “testator” (or “testatrix” for a female), and they outline specific instructions for how their estate should be handled after their death. With a will, a testator is then free to choose their beneficiaries.
International inheritance
Definition
International inheritance
Inheritance is the process by which the ownership of a deceased person’s property and assets (testator) is transferred to their heirs.
When it comes to legacy and the share of assets, as each country has its own laws and regulations, international inheritance requires legal advice.
International disinheritance
Disinheriting a child is a complex and often emotionally charged decision that involves navigating intricate legal frameworks. In France, the civil law system imposes strict rules known as forced heirship, which protect children’s inheritance rights and limit parents’ ability to disinherit their offspring. Conversely, in common law jurisdictions like England, parents enjoy greater testamentary freedom, allowing them to distribute their assets according to their wishes, including the possibility of disinheriting a child.