Although a Last Will and Testament remains the most common estate planning document, a trust is not far behind in popularity. If you decide to add a trust to your estate plan, you will have to decide which type of trust to create. A Charlotte estate planning attorney at Potter Law Firm explains five reasons why you might want to include a revocable living trust in your estate plan. Trust Fundamentals A trust is a relationship whereby property is held by one party for the benefit of … [Read more...] about 5 Reasons to Include a Revocable Living Trust in Your Estate Plan
For some people, estate planning is as easy as creating a Last Will and Testament, power of attorney and advance directives, and a living will. Everyone’s situation is different, however, and there are millions of people who just can’t get away with that type of basic estate planning. Some of them have complex business concerns that need to be dealt with. Others have issues related to long-term care planning or retirement efforts. And then there are those who want to avoid probate or provide for … [Read more...] about What Are Trusts and Why Do You Need Them?
You may be familiar with the many different types of trusts available to use in your estate plan. One of those trusts, the testamentary trust, is the type of trust that only goes into effect after your death. A testamentary trust is really the opposite of a living trust, which becomes effective when you create it and continues to operate during your lifetime. If you are considering which type of trust to use our estate planning attorneys can answer questions and help you make the right … [Read more...] about Estate Planning Attorneys Explain the Benefits of Testamentary Trusts
While financial planning can help you to build wealth over time, through the wise management of your resources, and retirement planning focuses on directing a portion of today’s income and assets toward tomorrow’s needs, your estate plan must to bring these strategies together in a comprehensive way. A well thought out estate plan can preserve and distribute the wealth, you have worked so hard to accumulate, to the next generation and beyond. Everything doesn’t work out automatically You may … [Read more...] about Charlotte Residents Can Benefit From Early Estate Planning