The Heirloom Trust – Estate Planning for Low Income Families


Heirloom Trust

No Matter Your Income or Assets, You Deserve an Estate Plan

It is said that low-income families don’t need estate plans. It’s said they don’t have enough assets to be worth it. That’s simply not true! You might not have an estate big enough to justify a traditional (and expensive!) estate plan, but you probably have many personal items that have special meaning to you and your loved ones. You may have things that have been passed down in your family: jewelry, heirlooms, things of significance that you want to make sure go to the right person when you pass away. We created a new kind of plan just for you.

The Heirloom Trust

An heirloom trust will see to your wishes for your possessions, is actually better for you than a will, and is very affordable!

All of your physical, personal property is transferred to the trust. Then, at any time, you may designate specific items to go to specific people when you pass away. You can easily add or change distributions without the hassle and expense of going to a notary or lawyer.

I call this kind of trust an “heirloom” trust because that is all it is intended to deal with: specific pieces of personal property. Money or other intangible assets are dealt with in a small succession, going directly to your heirs. Titled assets, like vehicles and real estate, are outside of the trust and would also go directly to your heirs in a small succession; but they could be transferred to the trust itself if you want to make sure they go to other specific individuals.

Why the Heirloom Trust is Better Than a Will

A will has to be probated. The probate process costs hundreds, if not thousands, of dollars. Probate might not be worth it to your heirs to go through. Having a will disqualifies you from what Louisiana calls a “small succession.” The small succession process is much easier and can be done with just an affidavit. There is no need for courts or probate. The heirloom trust is intended for people who don’t have a will and are, in fact, better off without one because of the size of their estate. It gives them the power a will gives to bequeath items to specific loved ones while still qualifying for a small succession.

A will cannot be changed easily. You must go to a notary or lawyer every time you want to add anything or make any changes to a will. The trust can be changed as often as you like. Just write a new memo (extras are included, but any paper will do) with what you want to go to whom, date, sign, and put with your other trust documents.

Qualifying for the Trust

I only recommend this trust to people who qualify for a “small succession” under Louisiana law. To qualify for a small succession, and the heirloom trust, you must:

  • be a resident of Louisiana
  • have assets totaling less than $75,000

Steps to Take

Our fee for the trust is just $189.

  1. Call us at (985) 853-8557 with the following information:
    • Your name and address
    • The name and address of your successor trustee (who you want to handle distributing your possessions when you are gone)
    • Arrangements for payment. We accept credit cards, debit cards, paypal, and checks and money orders mailed to us.
  2. Once payment is received, we will mail you the trust documents, blank personal property memorandums, and instructions with a document folder to keep them safe. We will also notify your successor trustee so they know what to do when the time comes.
  3. Sign the documents before a notary and two witnesses.
  4. Keep your document folder in a safe place, but make sure your trustee knows where to find it.
  5. Make changes at any time by simply filling out a new “Personal Property Memorandum” and put it with the other memorandums in your Trust folder. If there is any conflict between memorandums, the trust documents instruct the trustee to follow the newest memo.

Call today for your Heirloom Trust: (985) 853-8557.