Although most people equate estate planning with simply creating a last will and testament, a will is not always the best choice. If you use a will to state your final wishes, your heirs will receive lump-sum inheritances. However, everyone is not good at managing money, and this can be disconcerting. Let our attorneys explain how using a revocable trust can be a better choice than a simple will. Revocable trust vs will Many clients ask which is better? When considering the question revocable … [Read more...] about Revocable Trust vs Will: Which is Better?
Our Ashland probate lawyers understand that the probate process can be very confusing, especially if you have no court experience. But, before you begin to create your estate plan, it would be very helpful to have at least a basic knowledge of how the probate process works. That way you will better understand the effect your various estate planning tools will have on how your estate is distributed after your death. You still have certain legal protections Legal protections do not simply … [Read more...] about Understanding the Basics of the Probate Process
For most clients, deciding between creating irrevocable trusts and revocable trusts depends on the need for retaining control of assets. There are, in fact, some very distinct differences that should be considered as you make the decision. Trusts have been around for a very long time, but they’ve only really begun to gain mainstream acceptance in the last several decades. When it comes to choosing between an irrevocable and a revocable trust, our Charlotte trust attorneys can help you decide … [Read more...] about Ask Your Trust Attorneys Which Type of Trust Will Meet Your Goals
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
Any discussion of estate planning should involve an examination of probate to one extent or another. Just about everyone has heard of a last will. It is the vehicle of asset transfer that is most commonly utilized among people in North Carolina who want to arrange for the future distribution of their financial assets. If you do use a last will, you should understand the fact that the estate must be probated before the heirs receive their inheritances. Probate in Charlotte North Carolina During … [Read more...] about What Are the Drawbacks of Probate in Charlotte North Carolina?
If you’re like most people, you think you want to avoid probate, but you still have the question, “What is probate?” You’re not sure exactly what probate is. Technically, probate is the process the court uses to determine whether a Will is valid or not. But the term “probate” is also used to describe the entire process of administering your estate. The executor of your Will probates your estate, usually with the help of an estate planning attorney, under the supervision of the court. The … [Read more...] about I Know I Want to Avoid Probate, but what is Probate?