Estate planning in North Carolina is more than just having a will. While the last will and testament is a critical document to have, you should also consider having advanced directives and a living will. If you have amassed considerable wealth, you may even benefit from a trust. Often considered a cost-effective estate planning tool, a trust may help protect your assets and the interests of your beneficiaries, including your minor children. Deciding on whether you need a trust can be challenging, and instead of trying to understand the estate planning norms, you may consider talking to a lawyer. You can schedule a free initial consultation with a top law firm to learn more about creating a comprehensive estate plan.
What is a trust?
Let’s start with debunking a myth. You don’t have to be extraordinarily wealthy or affluent to have a trust. There are three parties in a trust. The first person is the grantor, who is the person who sets up and funds the trust. Managing the affairs of a trust is on the trustee, while the beneficiary is someone who gets the benefits from the arrangement. Creating one takes considerable work, and you must be compliant with both state and federal laws, which is precisely why you should have an attorney.
Types of trusts
There are different kinds of trusts that one can consider for an estate plan. The first one is a revocable living trust, which allows the trustee to retain complete control over the assets and funds. The trustee is also responsible for transferring the assets after the death of the granter. If you have a loved one who has special needs, you can consider a Special Needs Trust (SNT). You can ensure that they have the benefits from the trust but don’t disqualify them from other public programs. You can also set up a trust for your minor children. A charitable trust, on the other hand, allows you to leave a significant donation for a cause.
Get a lawyer
You need an estate planning attorney who will review your financial situation and give you an overview of the options you can consider for your estate plan. They will explain the types of trusts and the best options for your goals. They will also take care of the paperwork and document and ensure that the trust is in sync with the laws. The correct estate planning lawyer can also help you draft other documents.