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Wake Forest Trusts Lawyer

Proper estate planning is essential for establishing your future goals and ensuring that they will be carried out after you pass away. Most people are aware of the importance of a Will in an estate plan, but there are other options that may offer more flexibility in transferring property and avoiding tax liabilities.

A Trust can transfer assets to others, allow a person to remain in a home that is under someone else’s name, or even provide payments to charities. If you are considering this estate planning tool, speak with a Wake Forest Trusts lawyer. A knowledgeable attorney at our firm can explain what type of Trust may be right for you and your family.

Legal Requirements to Create a Trust in Wake Forest

A Trust is a flexible estate planning document that can serve various purposes, including transferring property, providing for scheduled payments, or making donations to a charity. To set up a Trust, there are several key requirements outlined by state law.

According to North Carolina General Statutes § 36C-4-401, a Trust must:

  • Be in writing
  • Contain the maker’s signature
  • Identify the property that the maker wishes to transfer
  • Name the party to which that property will move

It is also necessary to name a trustee who will hold property until the time comes to make the transfer. At that time, the trustee has a duty to make the appropriate distributions. An experienced lawyer at our firm could provide more information about the legal requirements for making or administering a Trust.

Benefits of Trusts in Estate Planning

A major benefit of Trusts is that they are much more flexible than other types of estate planning tools. People often create various types of Trusts as a way to retain stability in life while avoiding tax complications. For example, a Qualified Personal Residence Trust allows a person to remain in a home while transferring ownership to another free from taxes.

Simply put, a Trust is a way to transfer control over property to another person. For example, a person may place $10,000 in a Trust with instructions that the trustee provide that money to their child when they graduate from college. Another common use for a Trust is to provide funds to a charity without going through the complex probate process. A Charitable Lead Trust or a Charitable Remainder Trust provides payments to charities before an estate must pay debts through probate.

In general, a Trust can function as a simpler way to transfer property or assets while avoiding probate court. A skilled Wake Forest attorney could offer further guidance on drafting Trusts that meet your specific needs.

Call a Wake Forest Trusts Lawyer to Secure Your Future

Trusts are versatile tools that allow for an easier transfer of money and property. These documents can help avoid significant delays in probate and decrease taxes on an estate. Additionally, a Trust can facilitate a direct transfer of property, allow a person to remain in a home, provide payments to charity, or ensure payments to an heir in the future.

A Wake Forest Trusts lawyer can provide more information about the role that these tools play in effective estate planning. Contact our law firm today to discuss how we could help you achieve your plans for the future.