Key benefits include avoiding court probate, maintaining privacy, and ensuring smooth asset management if you become incapacitated. Revocable trusts can be revised as life changes occur, protecting beneficiaries and supporting charitable goals. They can coordinate with guardianship arrangements and asset protection strategies while remaining flexible to tax considerations.
A thorough plan identifies vulnerabilities and lays out strategies to protect assets from unnecessary costs, disputes, and mismanagement.
Our North Carolina firm focuses on estate planning and probate with practical, results oriented advice. We communicate clearly, draft precise documents, and help you implement a plan that fits your family.
We guide trustee actions, ensure distributions follow your plan, and ensure compliance with North Carolina law.
A revocable living trust is a trust you create during life. You can amend or revoke it at any time as long as you are competent. It allows you to manage assets during life and provides a pathway for assets to pass privately after death. Probate can be avoided for funded assets.
Yes, many assets held in a properly funded revocable living trust avoid probate. However some assets may require additional steps or be subject to payment to creditors. Our firm reviews your entire portfolio to maximize probate avoidance where possible.
The trustee should be someone you trust to manage assets according to the trust terms. Many clients appoint themselves as initial trustee and choose a successor. You may also designate a trusted family member or a professional trustee to handle complex estates.
Most assets can be placed in a trust, including real estate, bank accounts, stocks, retirement accounts with beneficiary designations, and business interests. Proper titling and beneficiary coordination are essential to ensure the trust functions as intended.
Funding involves transferring ownership of assets into the trust. This may require deeds for real estate, change of title for accounts, and updating beneficiary designations. We guide you through these steps to ensure the trust is activated effectively.
Trusts may have tax implications, but revocable living trusts are typically income tax neutral for the grantor. We explain how distributions affect beneficiaries and coordinate with any existing tax planning strategies to minimize complications.
Yes, a revocable living trust can include provisions for incapacity planning. You can appoint a durable power of attorney and a healthcare proxy to ensure decisions are made in line with your wishes if you become unable to act.
Having both a will and a revocable living trust can provide comprehensive coverage. The will can address assets not placed in the trust and appoint guardians for minor children, while the trust handles probate avoidance for funded assets.
