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 Falgoust 01:41 House with no will: how succession works 03:02 Forced heirship explained 04:05 Unopened successions at closing 05:15 Why majority doesn't rule among heirs 06:50 Will vs. living trust 09:07 Trusts and the homestead exemption 10:54 Revocable vs. irrevocable, Medicaid 13:27 When to update your will or trust 16:25 Divorce: your ex and your will 17:59 Selling a house mid-divorce 20:24 Buying mid-divorce: end the community 22:04 Power of attorney for closings 24:02 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:    / @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 Producer Woody Falgoust – Title · Law · Estates Thibodaux | Houma | Plattenville 985.447.6665 | wfalgoust@woodyfalgoust.com | woodyfalgoust.com Hosts Ben Harang REALTOR® | Keller Williams Realty Bayou Partners La. License #: 36589 Mobile: 985.859.2500 | Office: 985.262.4400 ben@benharang.com | benharang.com Clint C. Galliano REALTOR® | Keller Williams Realty Bayou Partners La. License #: 995704723 Mobile: 985.647.4479 | SMS Hotline: (985) 200-5447 Office: 985.262.4400 clint.galliano@kw.com | SoLahomegroup.com Produced by: Clint Galliano | Music by: Wiggins Studios