At Donald R. Fuller, Jr., PLLC, I am a Hickory, NC revocable trusts attorney who helps families find the optimal solutions to their estate planning needs. For many, a revocable living trust is the best way to distribute assets upon their death.
A revocable trust is a legal instrument that is created to hold assets and transfer them based on instructions given by the trust’s creator, sometimes referred to as the grantor. Unlike irrevocable trusts, the grantor retains the power to change the trust’s terms, as well as the ability to dissolve the trust completely, throughout their lifetime. As an experienced Hickory trust attorney, I can review your situation and advise if a revocable trust will help to accomplish your estate planning goals.
People choose to create revocable trusts for many reasons, including:
After reviewing your situation, I can identify how a revocable trust might be suited to your needs.
Trusts are sometimes associated with the very wealthy, but they are capable of serving the interests of individuals and families regardless of the size of the potential estate. Some people are primarily concerned about sparing their family the hassle of probate, while others want to set up a mechanism for managing complex assets while they are still alive. Doing so can reduce the likelihood of a family dispute after you have passed away.
Many people use a revocable trust as their primary means of distributing property upon their death. However, even if this is your strategy, it is still wise to draft a valid will that can cover any assets that are not placed into the trust. Failing to do so could be mean that certain items that you own will be allocated based on the state’s intestacy statute rather than your wishes.
A revocable trust can be personalized to fit your specific circumstances and needs. You can transfer ownership of financial holdings such as investment and brokerage accounts to the trust. Should a significant change occur, you have the ability to remove those assets from the trust or dissolve the trust entirely. Many revocable trusts include a provision giving the grantor access to any property in the trust for the rest of their life, so you can put the title to your home or vehicle into the trust and still use them for as long as you like. Should you decide to set up a living trust, I will advise you on the documents you need and the steps you must take to transfer ownership of particular assets into the trust. If your goal is to help your loved ones avoid probate, there’s no need to put assets such as jointly owned real estate or payable on death investment accounts into the trust, because those are transferred outside the probate system.