Louisiana Will vs. Living Trust: Succession, Divorce & Your Home | RE: Real Estate Podcast

EPISODE 103 Louisiana Will vs. Living Trust: Succession, Divorce & Your Home | RE: Real Estate Podcast   Content Type Interview Primary Goal Know what happens to a Louisiana home without a will, and decide whether a will or living trust fits your family. Keywords Louisiana will vs living trust, Louisiana succession, forced heirship Louisiana, homestead exemption trust, Louisiana power of attorney real estate, selling a house during divorce Louisiana, community property Louisiana, Houma Thibodaux real estate, estate planning attorney Houma, Woody Falgoust Summary In Episode 103, estate planning attorney and title insurance producer Woody Falgoust joins Ben and Clint to explain what happens to a Louisiana house when the owner dies without a will, why majority doesn't rule among heirs, and how wills and living trusts compare. They also cover divorce and real estate, including selling or buying before community property is settled, and the power of attorney mistakes that delay closings. Key Topics •  What happens to a house when someone dies without a will•  Forced heirship and heirs who can't agree to sell•  Will vs. living trust, homestead exemption and Medicaid planning•  Life events that mean it's time to update your plan•  Divorce: your ex in your will, and selling or buying mid-divorce•  Louisiana power of attorney rules for closings   Title Options •  What Happens to a Louisiana House With No Will? Ask a Houma Attorney | RE: Real Estate Podcast•  Do You Need a Will in Louisiana? What Happens to Your House Without One | RE: Real Estate Podcast Sound Bites “Majority does not rule when it comes to co-owners or heirs.” “You don't get to stay co-owners forever. That's not an option.” “At a minimum, revisit your needs every five years.” “The notary cannot be a witness, and the seller cannot be a witness.” Chapters 00:00  Cold open: do you need a will?00:24  Meet Woody Falgoust01:41  House with no will: how succession works03:02  Forced heirship explained04:05  Unopened successions at closing05:15  Why majority doesn't rule among heirs06:50  Will vs. living trust09:07  Trusts and the homestead exemption10:54  Revocable vs. irrevocable, Medicaid13:27  When to update your will or trust16:25  Divorce: your ex and your will17:59  Selling a house mid-divorce20:24  Buying mid-divorce: end the community22:04  Power of attorney for closings24:02  Homework and wrap-up Resources Woody Falgoust – Title · Law · Estates: woodyfalgoust.com La. C.C. art. 1493 (forced heirship): law.justia.com La. C.C. art. 1608 (divorce and bequests): law.justia.com La. C.C. art. 1833 (authentic act): law.justia.com   Show Links Website: rerealestatepodcast.com YouTube: youtube.com/@REREALESTATEPODCAST Facebook: facebook.com/rerealestatepodcast Instagram: instagram.com/rerealestatepodcast TikTok: tiktok.com/@rerealestatepodcast Find every episode at rerealestatepodcast.com – subscribe wherever you get your podcasts.   Guest Woody Falgoust Attorney at Law | Licensed Title Insurance ProducerWoody Falgoust – Title · Law · EstatesThibodaux | Houma | Plattenville985.447.6665 | wfalgoust@woodyfalgoust.com | woodyfalgoust.com    Hosts Ben Harang REALTOR® | Keller Williams Realty Bayou PartnersLa. License #: 36589Mobile: 985.859.2500 | Office: 985.262.4400ben@benharang.com | benharang.com Clint C. Galliano REALTOR® | Keller Williams Realty Bayou PartnersLa. License #: 995704723Mobile: 985.647.4479 | SMS Hotline: (985) 200-5447Office: 985.262.4400clint.galliano@kw.com | SoLahomegroup.com  Produced by: Clint Galliano | Music by: Wiggins StudiosClick here to view the episode transcript. Click here to watch a video of this episode.