Securing Your Legacy with Revocable Trust Attorneys in Cary
Revocable trust attorneys specialize in revocable trusts that are also known as inter vivos trusts or living trusts. These trusts are created while the creator is still alive, and through the proper use of a living trust, the grantor—the individual creating the trust—ensures beneficiaries can avoid probate. Probate can be a lengthy, expensive, public process that many families would prefer to skip. During the creation of a revocable trust, the grantor will appoint an individual to manage the assets in the fund, known as a trustee. Many people choose to be the trustee of their own living trust.
Another individual is appointed to manage the trust after the death or incapacitation of the original trustee. This person is known as the successor trustee. All assets placed in a living trust pass to chosen recipients outside the probate process. The successor trustee will be responsible for transferring ownership to those beneficiaries—a process that is usually quick, private, and avoids probate transfer fees. A trust ceases to exist once its purpose has been fulfilled (trust assets have been fully transferred to beneficiaries). Having experienced revocable trust attorneys in Cary to assist you in setting up your own living trust can be extremely beneficial. At NC Planning, we will ensure we have a comprehensive understanding of your goals before providing recommendations.
What Are the Benefits of Revocable Trusts?
Revocable trusts are an extremely important component of an estate plan. It is important, however, to understand that trusts do not solve every estate planning issue and that different trusts do different things. Depending on the language, and whether the trust is revocable or irrevocable, the following are benefits associated with living trusts.
- Minor children can be protected using a revocable trust. The revocable trust can hold assets for minor children until they reach an age designated by the grantor of the trust. Money left by the grantor can be staggered over a period of time if the grantor wishes
- A revocable trust can help keep family assets in the family. If the grantor of the trust has doubts regarding the spouse of an adult child, the trust can be structured to prevent that spouse from receiving trust assets in the event of a divorce.
- If avoiding probate is your goal, then a living trust is one of the best tools to do so. Assets will be re-titled for the benefit of beneficiaries upon your death with no probate (no waiting, and no fees).
- Avoiding probate with a revocable trust protects the privacy of your family. A probated will becomes a matter of public record. This includes the value of your assets—even an inventory listing those assets.
- A revocable trust protects you while you are alive. Once your trust is funded, should you become incapacitated, your successor trustee will be able to make decisions on your behalf.
What Are the Downsides to Having a Revocable Trust?
Having a revocable trust brings many more benefits than downsides. These include:
- A revocable living trust does not protect assets from creditors. This can only be done with an irrevocable trust.
- Time and effort are required to re-title assets from individual ownership to a trust. Any assets not properly coordinated with the trust will go through probate. (A pour-over moves probate assets to the trust if needed.)
- It can be difficult to refinance property held in the trust.
- Insurance & taxes can be higher on property in a trust.
- Revocable Trust may not shield assets from income taxes or estate taxes.
What Do Revocable Trust Attorneys Do?
A trust attorney is an estate planning professional who will help you create a trust for your estate. Experienced revocable trust attorneys in Cary from NC Planning can help you understand the different types of trusts. Along with revocable and irrevocable trusts, your living trust attorney can advise you on trust documents like generation-skipping trusts, credit shelter trusts, special needs trusts, and charitable remainder trusts. After assisting you in the creation of a revocable trust, your trust attorney can help your named successor trustee administer the trust.
Trust administration includes notifying beneficiaries, government entities, and other organizations of your death. This may include Social Security Administration, the Department of Health, Veteran’s Affairs, health and life insurance companies, banks, credit card companies, and mortgage holders. Trust administration includes management of the trust estate—assessing property values, reconciling outstanding debts, filing taxes, and more. During trust administration, your trust attorney can ensure assets are properly distributed to beneficiaries and that all state and federal laws are properly complied with.
What Are the Benefits of Having Revocable Trust Attorneys in Cary?
Having NC Planning revocable trust attorneys in Cary ensures your living trust will be created with your wishes in mind. First, they will help you determine what type of trust(s) will work best in your situation. They can advise you regarding the types of property that can be placed in your trust, as well as provide guidance on choosing a trustee. Our experienced NC Planning attorneys will guide you through the transfer of all applicable assets into your trust and explain any taxes consequences associated with implementing a revocable trust. If your living trust is a part of a bigger estate plan, we will ensure all parts of that plan work together seamlessly to accomplish your goals.
How NC Planning Will Help You Plan for the Road Ahead
The NC Planning revocable trust attorneys in Cary make it easy for you to plan for the future. We will help you protect and take care of your loved ones following your death by developing a comprehensive estate plan that will help you achieve all your goals. The NC Planning attorneys build strong client relationships while always being responsive, accountable, and compassionate. Contact NC Planning today to speak to a knowledgeable estate planning attorney. We have offices in Cary, NC, as well as in Raleigh, NC.