When most people consider estate planning, they think of creating a Will. While this can certainly help achieve your future plans for your family and heirs, it can also result in a complex and lengthy probate process. Additionally, your named heirs will only collect your assets and property after you die.
Understandably, many people may wish for their property to move quickly after their death. This is especially important in the distribution of a family home or when transferring control over a business. An alternative to the traditional Will process is to create a Revocable Living Trust. These Trusts place physical property into the possession of a Trustee.
Even so, this process is not without drawbacks. A skilled attorney can provide more information about Cary Revocable Living Trusts and help you determine if this is right for your situation.
Every person has the right to ensure that their property and assets pass to assigned heirs upon their death. However, the traditional process to complete these goals, known as probate, can be lengthy, complex, and expensive. In some situations, probate can take months or years to resolve.
Creating a Revocable Living Trust with legal assistance is one way to avoid the probate process in Cary. With a Trust, a party transfers control over their assets to a Trustee before they die. This person or organization that oversees the Trust will then immediately transfer the goods, money, or property after the Trust maker’s death.
As stated above, a primary goal of creating a Living Trust is to avoid probate. For this reason, it is vital to understand how to create a Trust that carries legal weight. According to North Carolina Revised Statutes § 36C-4-401, a person may create a Trust simply by transferring property to a Trustee and indicating a third party to which the property will pass after the Trust maker’s death. The final document must contain the Trust maker’s signature and a notary’s seal.
A Living Trust will remain in effect until the Trust maker dies. However, this does not mean that it cannot change. The Trust is “revocable” because the Trust maker is the only party with the authority to change its terms. In the same vein, a Trust maker can end the arrangement at any time. As such, creating a Revocable Living Trust is a powerful but flexible way to ensure that a Cary resident’s property passes quickly to heirs after death.
There are many options to ensure that your property moves to heirs after death. Traditionally, a person can author a Will that describes the property they wish for each party to receive. However, in most situations, a Will must pass through probate. This could result in concerns over the validity of the Will, difficulties with the issuance of payments to an executor and the court, and significant delays.
By creating a Trust, you can transfer ownership of your property to a Trustee to keep it safe until your passing. At this point, the Trustee can then efficiently distribute the property to the named beneficiaries, avoiding traditional probate. This type of Trust is also a flexible tool, as you can alter or destroy the arrangement at any time. Call an experienced lawyer today to discuss Cary Revocable Living Trusts and secure the future for you and your family.