A revocable living trust provides privacy, probate avoidance for many assets, and flexibility to update as family needs evolve. It also allows you to designate a trusted successor to manage finances if you become incapacitated, helping loved ones navigate financial decisions with less delay and ambiguity.
A coordinated plan ensures assets are properly titled and managed under one framework, reducing mismatches and avoiding probate for funded items while keeping nonfunded assets aligned with overall goals.
We tailor plans to your unique situation, explaining options in plain language and outlining steps to fund and implement the trust. Our approach emphasizes collaboration, transparency, and a focus on long-term results for you and your loved ones.
We execute documents, provide copies to key individuals, and store originals securely while keeping you informed of next steps.
A revocable living trust is a flexible instrument that places assets under a trust during your lifetime and directs distribution after death. You remain in control as the grantor and can amend or revoke the trust at any time. Wills and beneficiary designations still play a role for certain assets. A will handles assets not funded into the trust and provides for guardianship or minor beneficiaries. The combination offers privacy, potential probate avoidance for funded assets, and a clear roadmap for your family.
In North Carolina, a revocable living trust can avoid probate on assets properly funded into the trust, but some assets may still pass through probate if not titled correctly. The court process is typically simpler for funded assets, providing privacy and potentially faster administration for those assets.
Choosing a successor trustee depends on your family structure and comfort level. Ideally, select someone who is organized, trustworthy, and capable of handling finances. You should discuss expectations, preferred communication, and any potential conflicts to ensure smooth transitions when needed.
Funding typically includes transferring real estate titles, bank accounts, investment accounts, and business interests into the trust. Not all assets must be funded, but properly funded assets receive the intended benefits of privacy and probate avoidance. We provide a thorough funding checklist and steps tailored to your situation.
Yes. Durable powers of attorney for finances and health care directives work alongside revocable living trusts. They coordinate roles if you become unable to manage affairs, ensuring continuity and clear decision-making for both asset management and medical care.
NC tax rules can affect how trusts are drafted and taxed. We discuss income tax considerations, potential estate tax implications, and strategies to optimize tax efficiency while maintaining flexibility and control within your plan.
If you become incapacitated, the successor trustee steps in to manage finances per the trust terms. Having a plan reduces delays, avoids court supervision in many cases, and ensures your assets are managed in line with your prior instructions.
To start, contact our Chapel Hill office for an initial consult. We gather information about your assets, family goals, and timelines, then outline a plan and provide a clear path to drafting, funding, and implementing your revocable living trust.
