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Effective estate planning can help secure your family’s future after you pass away. However, certain testamentary documents can go into effect at an earlier date, allowing you to protect your loved ones even before your death.
One tool that can make this possible is a Trust. A Trust is a way to transfer property to another party at any time without having to go through probate. This can help to simplify the conclusion of your estate for your loved ones.
If you are considering your goals for the future, talk to an attorney experienced in Trust planning in Wake Forest. A skilled lawyer could help you identify the need for a Trust, nominate eligible property, and craft documents that will ensure these items pass on to your selected beneficiaries.
Trusts are an increasingly popular way for Wake Forest residents to transfer property. They can go into effect at any time and allow for the property to move without being subject to the complex probate process.
In fact, many people use Trusts as an alternative to Wills. These documents are the traditional way to transfer property, but heirs in Wills can only inherit after the payments of debts and completion of the probate process. By contrast, a Trust can transfer property while avoiding many of these complicating matters.
People create Trusts for a variety of reasons. At the simplest level, they can be a way to transfer ownership of property. However, a Trust may also exist to:
A local attorney could help you identify your unique goals and use Trust planning to achieve them.
Trusts are legal documents that carry the full weight of the law. Courts will obligate other parties to follow the directives laid out in your Trust documents. To gain this legal security, it is crucial to follow the state’s laws concerning the creation and enforcement of Trusts.
According to North Carolina General Statutes § 36C-4-401, a Trust must name specific property that becomes the subject of the document. This may include cash, physical assets, or real estate. Additionally, the Trust must nominate beneficiaries to receive that property at a specific date.
Importantly, a Trust must nominate a trustee. Under N.C. Gen. Stat. § 36C-8-801, a trustee may be any person over the age of 18 and of sound mind. This party has an obligation under the law to hold property on behalf of the beneficiary until the date specified in the Trust. Additionally, the trustee has a duty to act in good faith and to fulfill the wishes of the Trust maker. If you are choosing a trustee or if you have been nominated for this role, a seasoned Wake Forest lawyer could provide more information on Trust preparation and administration.
Most people imagine estate planning as only taking effect at the end of a person’s life. However, flexible estate planning tools like Trusts can help accomplish a simplified transfer of property before this time.
If you want to secure your family’s financial future, discuss Trust planning in Wake Forest with an attorney. A knowledgeable member of our team could help you understand the process in an initial strategy meeting. Give us a call today to learn more.