• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The Potter Law Firm

North Carolina and Kentucky Estate Planning Attorneys

phone iconNC (704) 944-3245
KY (606) 324-5516
Attend A Free Seminar - KY Attend A Free Webinar - NC/SC THIS IS AN ADVERTISEMENT

  • Home
  • About Us
    • About Our Firm
    • Attorney and Staff Profiles
  • Practice Areas
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • Pet Planning
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Nursing Home Planning
    • Veterans Benefits
  • Communities We Serve
    • Kentucky
      • Boyd County
        • Ashland
        • Florence
      • Kenton County
        • Covington
        • Fort Mitchell
        • Independence
    • North Carolina
      • Mecklenburg County
        • Charlotte
        • Davidson
        • Huntersville
  • Resources
    • Definitions
    • DocuBank
    • Elder Law
      • Elder Law Links
      • Elder Law Reports
      • Local Elder Law Resources
        • Ashland Elder Resources
        • Covington Senior Resources
        • Huntersville Elder Law Resources
        • Independence Senior Resources
    • Elder Law Reports
    • Emergency Legal Documents
    • Free Estate Planning Seminars
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • IRA & Retirement Planning
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Pet Planning
      • Trust Administration & Probate
    • Is Your Estate Plan Outdated?
    • Kentucky Probate Resources
      • Ashland, Kentucky Probate Resources
    • Newsletters
    • North Carolina Probate Resources
      • Huntersville, NC Probate Resources
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Elder Law Reports
      • Estate Planning for Niches
      • Trust Administration
  • Contact Us
  • BLOG
Home » Estate Planning » Trusts » Will or Living Trust? Charlotte Living Trust Attorney Compares the Two

Will or Living Trust? Charlotte Living Trust Attorney Compares the Two

November 9, 2018 by John Potter

Charlotte living trust When most people think of estate planning, their first thought is the last will and testament. However, the last will and testament is not the only option for estate planning, and it may not be the best option either. When you use a will, your heirs receive lump-sum inheritances once the will is probated. But not all of your heirs will necessarily be good at managing money or a large amount of assets. This is particularly true if they are minors at the time of your death.  Let our Charlotte living trust attorney explain how using a living trust might be a better choice for you than a simple will.

A living trust and a will do not work the same way

While a simple will makes lump-sum distributions to your beneficiaries, things are different if you use a revocable living trust. As the grantor of the trust, you would act as the trustee while you are living, but you would name a successor to administer the trust after you pass away. You can name an individual that you know personally to act as the trustee, but many people will use a professional fiduciary such as a trust company.  Our Charlotte living trust attorney can help you properly draft your trust declaration.

In the trust declaration, you could leave instructions for the successor trustee to follow regarding the way you want assets distributed to the beneficiaries. To protect a young or spendthrift beneficiary, you could instruct the trustee to distribute limited assets on a monthly basis over an extended period of time.

Spendthrift provisions can be useful

A spendthrift family member could burn through his or her inheritance quickly. Down the road, there would be nothing to draw from, and you would not be around to provide financial assistance.  The ability to provide spendthrift protections is one advantage that you gain with a living trust over a last will and testament, but you can also take steps to prepare for possible incapacity. Unfortunately, many seniors become unable to handle their own financial affairs at some point in time. Let our Charlotte living trust attorney help.

Using a living trust to prepare for incapacity

There are various causes of incapacity, but Alzheimer’s disease is increasingly common — around 45 percent of people who are at least 85 have contracted the disease.  When you create the trust declaration, you could empower a disability trustee to handle the trust administration tasks in the event of your incapacitation.

Living trusts can provide the flexibility you need

You have a great deal of flexibility when you have a living trust so you don’t have to worry about losing control once you convey assets into the trust.  You can also add property to the trust along the way, and you can change the terms of the trust at any time. A living trust can be a good choice for a wide range of people.

Living trusts used to avoid probate

The probate process can be time-consuming and costly, and it is public. Anyone who is interested can find out how you planned your estate.  To avoid these pitfalls, you could use a revocable living trust. When you establish this type of trust, the trustee can distribute assets to the beneficiaries outside of probate.

Join us for a FREE seminar today!  If you have questions regarding living trusts or any other estate planning matters, please contact the experienced attorneys at The Potter Law Firm for a consultation. You can contact us either online or by calling us at (704) 944-3245 (Charlotte, NC or Huntersville, NC) or for individuals in Kentucky, at (606) 324-5516 (Ashland, KY) or (859) 372-6655 . We are here to help!

  • Author
  • Recent Posts
John Potter
Latest posts by John Potter (see all)
  • What You Need to Know about the Medicaid Look-Back Rule - January 3, 2023
  • How to Pass Down Your Legacy in Your Estate Plan - October 3, 2022
  • Practical Steps to Take after Receiving a Terminal Diagnosis - September 30, 2022

Filed Under: Trusts

Other Articles You May Find Useful

Huntersville trust administration
The Ins and Outs of Huntersville Trust Administration
Ashland trust attorneys
Our Ashland Trust Attorney Explains How a QTIP Trust Works
Florence living trust lawyers
What Happens If I Leave Assets Out of My Living Trust?
living trust attorneys
What Does a Living Trust Do For You?
Charlotte trust administration
Do You Know the Basics of Charlotte Trust Administration?
create a trust
4 Things You Should Know to Create a Trust

Free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Texting Permission

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

Subscribe to Our Blog

  • This field is for validation purposes and should be left unchanged.

Testimonials

default image

Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS Client Review August 28, 2020

default image

John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J. Client Review August 28, 2020

default image

My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

Jillian Client Review August 28, 2020

<< Prev
Next >>

Where We Are

Ashland

ASHLAND
1620 Carter Avenue
Ashland, KY 41101-7631
Phone: (606) 324-5516
Fax: (606) 324-4766

Charlotte

CHARLOTTE
15720 Brixham Hill Avenue
Suite 300,
Charlotte, NC 28277
Phone: (704) 944-3245

Huntersville

HUNTERSVILLE
11330 Vanstory Drive
Huntersville, NC 28078
Phone: (704) 944-3245

Northern Kentucky

NORTHERN KENTUCKY
7310 Turfway Road
Suite 550,
Florence, KY 41042
Phone: (859) 372-6655

Office Hours

Monday8:30 AM - 4:30 PM
Tuesday8:30 AM - 4:30 PM
Wednesday8:30 AM - 4:30 PM
Thursday8:30 AM - 4:30 PM
Friday8:30 AM - 3:00 PM

Map/Location

potter_sidbr_map
potter law logo
  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Privacy Policy | Terms of Service | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2023 American Academy of Estate Planning Attorneys, Inc. THIS IS AN ADVERTISEMENT