Trust Lawyers in Charlotte, NC

What is a Living Trust?

For most people who are working on an estate plan, a living trust or revocable living trust is the kind of trust that will work best for their circumstances. A trust will distribute certain assets, properties, and finances to beneficiaries when you pass away while also allowing you to maintain control of those important items while you are still alive.

When it’s an option, a trust can be beneficial over a will because a will must go through probate, but a trust will usually act as a more direct path between assets and beneficiaries. Also, a living trust can be canceled or modified whenever you want, so you won’t feel strictly bound to it if situations in your life change.

You can name yourself as the trustee of your trust, which gives you control of the trust and any property placed “within” it. Our trust attorneys can help you choose your successor trustee who will take over the trust if you cannot manage it yourself for any reason, such as physical or mental incapacitation or passing away. We can also talk about shared living trusts that divide the responsibility of the trust between you and another person; spouses are usually the only people who use shared living trusts.

What is an Irrevocable Trust?

An irrevocable trust acts like a living trust but it cannot be canceled or modified once it is finalized and signed. Property placed in an irrevocable trust also “belongs” to the trust in most cases, so you will technically no longer own or control that property once it is placed. Most people don’t want to use an irrevocable trust due to its “set in stone” finality. However, specialized benefits, many relating to estate tax reductions, can often be achieved only with an irrevocable trust, so they do have their benefits.

Think an irrevocable trust could work for you? Call Blood Law, PLLC at (704) 286-0570 to discuss your options.

What to Consider When Making a Trust

The process of making a trust can be intricate, depending on your estate, its value, the assets that comprise it, and who will be the beneficiaries of those assets. You will have much to consider, but you don’t have to make those considerations alone. Allow our trust attorneys to guide you through the process from start to finish, so you can be confident that the final trust reflects your best interests and the wishes of your loved ones.

When making a trust in North Carolina, it is worth it to consider:

• Whether an individual trust or shared trust will be the right option.
• Whether a living or irrevocable trust will be for the best.
• What property you want to place into the trust.
• Who will be the successor trustee.
• Who will be the beneficiaries of the trust.
• What property will be assigned to which beneficiaries.

Why Should You Consider Setting Up a Trust?

Setting up a trust offers numerous benefits that can significantly enhance your estate planning. Here are some key reasons to consider establishing a trust:

• Avoiding Probate: Trusts allow for a faster and more private distribution of assets, bypassing the probate process.
• Asset Protection: Trusts safeguard your wealth from creditors and legal claims.
• Tax Benefits: Certain types of trusts can help minimize the tax burden on your estate and beneficiaries.
• Control Over Distribution: Trusts enable you to specify how and when your assets are distributed, ensuring your wishes are followed.
• Providing for Minors or Dependents: Trusts can manage and allocate funds for the care and well-being of minor children or dependents who cannot manage their finances.

Setting up a trust is a strategic move that provides privacy, protection, tax advantages, and control over your estate, ensuring that your assets are managed and distributed according to your wishes. It’s an essential consideration for comprehensive estate planning.

Who Should Have a Living Trust?

It is a common misconception that only seniors or people with significant financial assets need to create an estate plan and use a trust. The truth is that most people can benefit from making a trust, regardless of age, finances, or health. Specifically, a living trust is broadly useful because it can be modified or revoked as needed, making it feel less restrictive.

You should consider making a living trust if you want to:

• Do more to avoid probate for your estate when you pass away.
• Reduce estate taxes.
• Retain control of important assets but still put them into an estate plan.
• Gain certain protections against creditors.
• Retain privacy over your estate (trusts are not public records).

Using Trusts & Wills Together

Although trusts are useful and versatile, they can’t handle everything in an estate plan. You will probably benefit from creating a trust and a will. Not to worry about extra work, though. Our legal team is well-versed in everything estate plan-related, so we can help with creating a will, too.

Two common reasons why people need a will in addition to a trust are:

1. Minor children: A trust can’t designate a guardian for minor children. A will can. If you have minor children or other dependents, we will want to discuss making a will alongside your living trust.
2. Additional property: Some property you won’t want to place in a trust, like some health saving accounts or retirement accounts. Other property you might forget to place into an irrevocable trust, so it is “locked out” of it. No matter why, if you have additional property not in a trust, a will can be used instead.

Talk to an Attorney About Making a Trust – Call Now

The lawyers of Blood Law, PLLC are here to be your legal guides and supporters if you want to create a trust for your estate plan. We love getting to know new and returning clients, so we can truly personalize their estate plans to what they and their families need. Let us remove any complications and confusion by walking you through this process, step by step.  

Talk to our Charlotte trust lawyers today by dialing (704) 286-0570.