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It is impossible to predict the future, but end-of-life preparations are always a good idea. An estate plan can establish clear guidelines for the allocation of your assets and property and help ensure that your loved one will be taken care of when you are gone.
There are various tools that a skilled estate planning attorney can recommend for your unique situation. A Raleigh trusts lawyer can explain the process of preparing a trust and help determine if it is a good fit for your and your family’s future plans.
A trust is defined as an arrangement under which the legal title to an individual’s property is held by another person. A trustee is the individual holding legal title to the property and may also be the creator of the trust.
A living trust is simply a trust that someone creates while they are still alive. The beneficiaries of a living trust are the people named who will receive the trust property upon the creator’s death.
Trusts can be very useful when conveying property for a number of reasons, such as tax purposes. However, trusts are not appropriate for every situation. There are several scenarios in which creating a trust may be more beneficial that just leaving a will.
If someone needs a highly adaptable document, they may consider a trust because it can be used throughout different states and the creator has full authority to modify it. A living trust allows the trustee to pass on assets and property directly to beneficiaries with no court intervention.
Living trusts also let a person determine exactly what age and under what conditions assets are allocated to them. Those who wish to have continued control over the way assets are allocated should consider establishing a living trust with the help of a skilled attorney in their area.
The North Carolina probate process is often complex and burdensome for everyone involved. With the help of a Raleigh lawyer, an individual can establish a trust that will allow their family to avoid probate proceedings and the associated stress and financial burden.
Individuals with large estates may benefit from speaking with a local trusts lawyer. While North Carolina no longer has a state estate tax, the federal estate tax applies to estates valued at over $12 million, and certain types of trusts can help people avoid this tax.
If you are unsure of whether a trust is beneficial for your circumstances, consult a practiced legal professional in your area to help you make the best decision for your needs.
If you want to create a trust or are considering your financial options for the future, speak with a Raleigh trusts attorney. Our experienced legal team can listen to your goals and assess your situation to advise on which estate planning tools may be right for you and your family.
Ultimately, you have complete control to decide how you want to provide for your loved ones now and in the future. A supportive trusts lawyer will work to honor your wishes at every step of the trusts process. To learn more about how a trust can secure your family’s financial future, call today and schedule a free consultation.