How To Keep From Selling Your Louisiana Real Estate After You Die
An attorney approached me yesterday and said she was working on a will for one of her clients and the client demanded that after the client died, the client’s real estate never be sold. The attorney approached me and asked, “Can somebody do that in Louisiana?” Really, the answer is, no, you can’t require that the people you leave your real estate to cannot sell it. So one of the solutions we came up with was in the clients will, the client can designate that her real estate will go into a trust after she dies and the client will designate someone as a trustee and will trust that the trustee never sells that real estate. That’s better than just leaving the real estate to five different co-owners where any one of those co-owners in Louisiana regardless of the percentage of ownership could force a sale of the real estate. It’s called a partition. So if that’s an interest to you, making sure that property and real estate in Louisiana stays in the family or does not get sold, that might be something you want to talk to us about. Perhaps setting it up in a trust in a way where you designate a certain trustee of trustees that you would feel confident will honor your wishes not to sell that property for some period of time. I’m Paul Rabalais and have a great day!