Oftentimes, many people may assume that wills and trusts are the same. However, there are a few differences in the two. Today, we are going to talk about living trusts. If you missed our previous blog, be sure to check back for more information on wills. If you have any questions while reading this series, contact our estate planning attorney in Cary NC for more information.
A living trust can also be called a revocable trust. The terms living and revocable are interchangeable. A living trust allows you to do everything a will can, but assets are placed into a trust while you are living. It also allows you to do the following:
- Choosing to incorporate a trust into your estate plan might allow for your affairs to remain private rather than become public record.
- A trust can give you protection from court challenges. Although rare, there have been cases where a trust or will has been challenged in court. When this occurs, a trust may be harder to contest than a will.
- A trust may help you avoid a conservatorship.
- A trust can be more complicated and cost more to create, but it allows for more protection of your assets. Our lawyer is here to go over every detail of a trust and explain why you may want to create one.
- If you have children who stand to inherit your estate, a living trust will allow you to establish provisions instructing when they will be entitled to the assets held in trust.
- If you have a special needs child or other family members, you will be able to leave more specific instructions on how his or her inheritance should be handled.
There are several different types of trusts you can choose to use in your estate plan. To learn more about most common types of trusts be sure to contact our estate planning attorney in Cary NC. We can help you choose the best option for your estate plan.
You can work with an estate planning attorney in Cary NC to plan and to have someone appointed to take care of your estate when the time comes. This can ensure that you are protected and that your wishes will be carried out even when you are no longer able to express them. If you're ready to start planning today, contact our estate planning attorney in Cary NC. We are here to help you.
Have you already created an estate plan? If haven’t reviewed yours in several years, now might be the best time to get started. Our estate planning attorney is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our office.