Trust Attorney in Raleigh
Protect Your Assets & Your Family’s Future
One of the most important purposes an estate plan fulfills is the transfer of property from one generation to the next. A will can accomplish this, but a trust may be a better legal instrument for those who wish to avoid probate, protect their privacy, and protect their assets during their lifetime. If you wish to form a trust, an experienced attorney can help you work toward achieving your goals.
At Oak City Estate Planning, we can provide all of the services you need to protect your wealth and secure your family’s future. With more than 30 years of experience, we have the knowledge and skills necessary to provide each client with a personalized experience. This means that we approach each client’s situation from an individualized perspective, customizing our legal services to help them achieve their goals.
For more information about how our trust lawyer in Raleigh can help, contact Oak City Estate Planning online today!
What Forming a Trust Can Do for You
A trust is a legal agreement that permits a trustee to manage the assets during your life and after you pass away. There are many reasons why people form a trust because there are many different kinds of trusts available.
The following are the main reasons why people choose to form a trust:
- Trusts avoid the probate process, which can cost your loved ones a lot in time and court fees to settle your estate.
- Trusts can be flexible, as is the case with a revocable living trust. Once created, these trusts’ terms can be changed at any time. That means beneficiaries can be changed, property can be added or removed from the trust, and more.
- Trusts can be very specific, giving grantors a precise level of control over what happens to their property during their lives and how it’s distributed after they’ve passed away. Some trusts can even survive the grantor, providing limited disbursements over time to a beneficiary who might need help managing a large sum of money.
- Trusts can protect you during incapacity or when you are too injured or ill to manage your own finances. Your trustee can step in to make distributions on your behalf to pay bills and even file tax returns.
- Trusts can mitigate the impact of federal estate taxes if your estate isn’t exempt from these. Holding assets in an irrevocable trust can protect them from unnecessary taxation when you die, preserving as much wealth as possible for your beneficiaries.
Why Should I Want to Avoid Probate?
All revocable and irrevocable trusts avoid probate, which is often the most important reason why people choose to establish a trust at all. As previously mentioned, avoiding probate means keeping your estate out of probate court, which can take a long time to settle and chip away at your estate’s value.
Another important reason why people want to avoid probate is to preserve privacy. Probate records are public information, which means anyone can access information about your estate’s value, debts, distributions, and other details that one might wish to keep private.
Should I Form a Revocable or Irrevocable Trust?
The two main types of trusts in common use are revocable and irrevocable trusts. Each of these types can be customized to fulfill a specific purpose, but ultimately a trust will fall into either category.
A revocable trust provides a lot of flexibility because its terms are revocable. Once created, the grantor can change specific aspects of this trust, such as its beneficiaries, funding, and more. Many people choose to hold their estate in a revocable living trust because this type of trust allows them to accomplish important estate planning goals without feeling locked into any specific decisions.
An irrevocable trust contrasts with a revocable trust in that its terms can’t be changed by the grantor once the trust is created. While this means that property in an irrevocable trust is no longer owned, by the grantor, it is still in their control, as are decisions concerning beneficiaries and other important matters. What irrevocable trusts lack in flexibility they can make up for in shielding assets from the grantor’s creditors and predator's.
Do You Need Legal Assistance?
If you are unsure about which type of trust is right for you, consult with our Raleigh trust lawyer. With guidance from Oak City Estate Planning, you can feel confident knowing that you’re making the best possible decisions for your loved ones.
Learn more during a consultation with our team. Call (919) 975-5359 today to get started.
“The process was easy and we now have a robust estate plan that covers any and all eventualities, protecting both ourselves and our beneficiaries. We highly recommend Lars at Oak City Estate Planning, having done so with friends and colleagues.”- Phil B.
After signing up for a vision meeting, you will watch a video that provides an overview of estate planning.
During this meeting, you will meet with Mr. Kissling and discuss your case and specific planning needs.
The second meeting with the attorney involves sitting with Mr. Kissling and actually putting your plan together.
In the third and final meeting, you will review the plan, tie up any loose ends, and sign your finalized plan.