Welcome back. Our attorney in Raleigh NC is here to talk more about a few things to consider doing before you start creating and drafting your living trust. If you missed our previous blog, visit back with it before moving on.
Things to do for a Living Trust | Attorney in Raleigh NC
It's important to choose a guardian for minor children or adults children who are not able to take care of themselves. Unfortunately, designating a guardian cannot be done in a living trust, but you should still consider you might want to take care of them in the event of your death. This information can be put into a different type of document. Your attorney in Raleigh NC can help you with this, as well.
It's also important to go ahead and choose beneficiaries. Revert back to the list that you made previously. Your beneficiaries could include friends, family or organizations and charities. You get to choose who receives what upon your death. Sit down and make a plan for this. Then, you can write everything into the living trust.
In addition to choosing your beneficiaries, you should also consider those who you might not want to leave anything too. Sometimes, estranged children, spouses and other issues can leave you deciding not to leave assets to certain friends or family. Also discuss this with your lawyer.
Before writing your living will, it's also important to choose a successor trustee. This will act like an executor would for a will. You are the trustee when you're alive, but the successor trustee will be the one to pay debts and distribute assets. They will work with your directions, the court and your lawyers.
We hope this information helps you better understand what to do before writing you're living will. If you have any questions, be sure to contact our attorney in Raleigh NC today.
Klish and Eldreth, PLLC | Attorney in Raleigh NC
The amount of time it takes to create a living trust is only a little more than creating a will. Any costs you incur now from establishing a living trust will help your family avoid fees in the future if your estate is subject to the probate process. You can talk with an attorney in Raleigh NC about your options and see if a living trust is the best choice for you and your family. Contact us to learn more about whether or not this option might work well for you.