Key benefits of a revocable living trust include avoiding probate, maintaining privacy, managing assets during incapacity, and providing flexible control over distributions. With careful planning, families can reduce delays, lower costs, and create a clearer path for heirs while staying adaptable to future needs.
A comprehensive approach coordinates trusts with wills and designations to streamline transfers, reduce delays, and limit potential disputes among heirs.
Choosing our firm means working with a local team that understands North Carolina law, state specific probate rules, and the needs of families in Union County.
We provide secure storage and offer periodic reviews to adapt the plan as life and laws change.
A revocable living trust is created during your lifetime and can be amended or revoked. It allows you to control assets and designate how they pass to heirs, avoiding probate for assets that are properly funded. This structure provides privacy and flexibility while you live and after you pass away.
People with real estate in more than one state, blended families, or assets they want to pass privately often benefit from a revocable living trust. It is also useful for those who want to maintain control over financial decisions if illness or injury occurs.
Funding a trust involves transferring ownership of real estate, bank accounts, and investments into the trust. It also means updating beneficiary designations and retitling assets to ensure they are governed by the trust terms and avoid probate delays.
Setting up a revocable living trust typically takes a few weeks, depending on the complexity of assets and the need to coordinate other documents. A thorough initial consult helps establish a realistic timeline and a clear plan.
Yes. When funded properly, a revocable living trust can keep asset details private and avoid the public probate process for those assets owned by the trust, providing discretion about how and when distributions are made.
If you become unable to manage finances, a durable power of attorney or a successor trustee steps in to handle decisions. The trust arrangement can reduce court involvement and ensure continuity in financial management.
Revocable living trusts do not eliminate estate taxes on their own. They can be coordinated with other planning tools to optimize tax efficiency, while still providing flexibility and privacy through life and after death.
It is wise to review trusts every few years or after major life events such as marriage, birth, divorce, or death in the family, to ensure the plan remains aligned with goals and current laws.
Estate planning supports blended families by clarifying distributions, guardianships, and trust funding for stepchildren, ensuring fairness while honoring prior commitments and longstanding plans.
To begin, contact our Marvin office for a consultation. We will outline options, gather essential information, and explain the steps to create or update your Revocable Living Trust.
