Securing Your Legacy with Revocable Trust Attorneys in Raleigh
A revocable trust can be an effective way to handle your estate—particularly in providing clear direction on how your assets should be disbursed (and to whom) following your death. They have many benefits and few disadvantages, nicely fitting into many estate plans. These trusts offer benefits both during your life and after your death. NC Planning’s revocable trust attorneys in Raleigh can help you achieve your goals, provide for your loved ones and establish your legacy.
Estate planning is not only about ensuring your last wishes are carried out, but about alleviating the burden for loved ones after you pass. One of the most basic ways to do this is through a revocable trust. NC Planning revocable trust attorneys in Raleigh can help you choose what type of trust will benefit you most, then prepare and seamlessly incorporate that trust into your estate plan.
What Are the Benefits of Revocable Trusts?
One of the primary reasons people choose to have a revocable trust as a part of their estate plan is to allow their loved ones to avoid probate. Probate can be costly—both in time and money. There are many fees that must be paid—and probate can take many months to complete. Probate is a public process, meaning others can easily find out what your estate entails and who your beneficiaries are. A trust, on the other hand, can settle quickly, has minimal administrative expenses, and is private. Other benefits of revocable trusts include:
- You maintain control of your assets both prior to your death and after your passing. If you have minor children, you can delay distributions until they reach a specified age. You can ensure the money does not fall into the hands of creditors or ex-spouses of your adult children. If you have an adult special needs child, you can ensure they still qualify for benefits by using a special needs or supplemental trust.
- Trusts significantly reduce the possibility of a court challenge. A revocable trust is more difficult to challenge in court than a will because proving incompetence is harder. Since a trust is often managed by you—the grantor—during your lifetime, substantiating claims of incompetence is unlikely. Further, while a will must be made publicly accessible to all named beneficiaries as well as to your heirs, those heirs who have been disinherited will know—and may contest the will. Since a trust is private, disinherited heirs are not entitled to see the contents of the trust.
- If you were to become incapacitated, a revocable trust allows your successor trustee to step in and manage your affairs without court intervention. A guardianship occurs when a court-ordered representative is given authority to manage matters on behalf of an incapacitated person. If you do not have a trust—and a named successor trustee—a representative may be named without your input.
- A revocable trust brings peace of mind to you and to your loved ones. A revocable trust clearly sets out a plan to deal with all your assets now and after your death. You can rest easy, knowing your wishes will be carried out even after you are gone.
What Are the Disadvantages of a Revocable Trust?
There are few disadvantages of a revocable trust, although some might think the additional paperwork could fall under that category. Since the ownership of property must be legally transferred into the trust during your lifetime or after your passing, preparing and signing new deeds to transfer ownership can take a bit more paperwork and record-keeping. Transferring properties in and out of the trust can necessitate careful record-keeping. Income received from property being held in the trust is reported on your personal income tax return. If you transfer property in or out of the trust, accurate written records are crucial. A revocable revocable trust offers no asset protection and does not aid in the qualification for Social Security/Medicare/Medicaid assistance.
Revocable Versus Irrevocable Trusts
A revocable trust or revocable trust can be changed or revoked at any time, for any reason, if the Grantor is alive and mentally competent. An irrevocable trust cannot be changed without consent from all the beneficiaries. While this may seem like a bad idea, an irrevocable trust can be beneficial in protecting assets from lawsuits and creditors. Doctors, lawyers, and others in particularly litigious professions can reap significant benefits from irrevocable trusts.
How NC Planning Will Help You Plan for the Road Ahead
At NC Planning, building strong client relationships is not just something we talk about, it’s something we believe in it and live, with every single client. We always make sure we fully understand your goals before we begin making recommendations. As experienced revocable trust attorneys in Raleigh, the NC Planning attorneys are trusted advisors who are responsive to your needs and believe in open, honest communication with our clients. Contact either our Raleigh, NC, or Cary, NC office today to schedule a consultation with our knowledgeable NC Planning trust attorneys. When planning for the future, there’s no time like the present.
