When you start to explore your options with regard to estate planning devices, you may come to the conclusion that a living trust is the ideal centerpiece. There are a number of different benefits if you go this direction, and one of them is the avoidance of probate. If you use a will to state your final wishes, the executor would admit the will to probate, and the court would determine its validity. Going forward, the executor would handle the estate administration tasks under the … [Read more...] about Who Will Administer Your Living Trust?
A lot of people are under the impression that a last will is the preferred estate planning document. They shy away from trusts for a couple of different unfounded reasons. One of them is the idea that a will is the right choice if you are not extremely wealthy. The second one is a fear of permanently losing control of assets that are conveyed into a trust. Let’s clear up these misconceptions. Essentially, there are two different classes of trusts: revocable trusts and irrevocable trusts. … [Read more...] about Trusts Are Often Misunderstood
Far too many people are remiss when it comes to estate planning. Unfortunately, the lack of action will often yield negative results when families are left behind to manage on their own. This is something that we see all too often, and the inaction is quite unfortunate because some simple advance planning can make all the difference. It is important to discuss asset transfer methods with an inheritance planning attorney because there is no one-size-fits-all estate plan. The ideal way to … [Read more...] about A Comparison of Common Asset Transfer Methods
A lot of people who have not probed into the subject of a living trust reduce the process of estate planning to the creation of a last will. In fact, there are other asset transfer vehicles that can be preferable when certain circumstances exist. Plus, a well-constructed estate plan will address end-of-life issues. The estate planning device that is the best choice for many people is the revocable living trust. In this post, we will provide an overview in the form of a hypothetical question … [Read more...] about Living Trust Questions Answered
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
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