Carolina Trust Attorney

Revocable Living Trusts

In simple terms, a Trust is an agreement between the Trustor (the individual creating the Trust account) to give the Trustee (the individual managing the Trust) legal responsibility of their estate for the beneficiary (the individual entitled to the Trust). In other words, when you set up a Trust, you assign another party the responsibility to manage it for a while and then pass it on to the beneficiary when certain conditions are met.

Is Trust the Same as a Will?

These two have huge differences, even though they are used during estate planning. 

A Will is a legal document that explains how you want your estate distributed to your beneficiaries when you die. This document protects your estate from intestacy, also known as 'dying without a will.' 

When you die without a will in the Carolinas, the states take over the property distribution process. The biggest disadvantage of intestacy is that the estate distribution process may not necessarily reflect your wishes, but because you did not have a will, the state will not be obliged to respect your wishes. 

Types of Trusts

Trusts come in different forms. For this reason, it is important that you consult an experienced estate planning lawyer to understand your options. Some common types of Trust include:

Living Trust

A living Trust involves setting aside assets to be distributed to the beneficiary during their lifetime. This type of Trust helps avoid the lengthy and often frustrating probate process. In addition, since the beneficiary already owns the assets, they do not have to go through probate when the Trustor dies. Instead, they assume official ownership of the assets upon the Trustor's death. In other words, when you set up a living Trust, the beneficiary can only access it after you die, although they technically own the Trust when you're alive. 

Testamentary Trust

A testamentary Trust is usually created immediately after the Trustor's death and is based on instructions from the Trustor's last Will. This type of Trust outlines when assets will be distributed to certain named beneficiaries. It comes in handy when the deceased wants to pass their assets to beneficiaries when they meet certain conditions, such as graduating, getting married, or reaching a certain age. 

Revocable Trust

As the name suggests, a revocable Trust is a kind of Trust that can be revoked anytime, especially when there is a significant change in circumstances. However, these changes can only be made during the Trustor's lifetime. For example, if they get a divorce, they may need to revoke their Trust. However, the Trust goes into full effect when the Trustor dies. 

Benefits of Hiring a Trust Attorney

Below are some good reasons to hire an estate planning attorney specializing in Trusts. 

Choosing the Right Trust for Your Unique Situation 

As discussed earlier, there are different types of Trusts, each serving a unique purpose. Therefore, the right Trust for you will depend on your unique circumstances. An experienced Trust attorney can help evaluate your situation and guide you in choosing the right Trust.

Ensuring the Trust Complies With the Carolinas Estate Planning laws 

It is much more difficult to set up a Trust than a Will, even though having an attorney in both scenarios is advisable. When creating a Trust, you may need help ensuring it is legally compliant. This significantly reduces the chances of legal battles, especially when you die. That is where an experienced estate planning attorney comes in to help create the best legal strategies and prevent unnecessary court battles or tax burdens. 

Choosing the Right Trustee

When creating a Trust, a lawyer can help you identify the right Trustee. Of course, we all know that the right person for this role should be honest and responsible. But those are not the only two qualifications; many different factors come into play when selecting a Trustee. 

These factors vary depending on your unique situation. For this reason, a seasoned Trust attorney in The Carolinas can help you select the right Trustee, ensuring that your wishes and desires are protected even when you are gone. 

Explaining Legal Jargon and Navigating Complex Processes

A standard Trust usually involves complex legal terms and processes that you may not be familiar with. But when it comes to something as important and sensitive as a Trust, you want to avoid assuming anything or taking shortcuts that could jeopardize your true intentions or wishes as far as distributing your assets is concerned. An attorney can help you navigate these complex processes and break down legal jargon, ensuring that you understand everything along the way. 

Updating Your Trust to Reflect Recent Changes in Circumstances 

Lastly, a Trust is not the kind of document you want to create, seal, and forget about. On the contrary, you may need to update this document several times before you die. But, understandably, you may not remember to update it after every change in circumstances in your life. Again, your attorney can help keep track of these situations and ensure that your Trust constantly reflects your most current wishes. 

Contact Estate Planning of The Carolinas

At Estate Planning of the Carolinas, we can help you create a Trust that reflects your true intentions and desires. The best part is that we offer virtual services, meaning you don't need to leave your home or workplace to plan your loved one's future; you can do it from anywhere. 

All you need to do is set up a free consultation with our estate planning attorney. And you don't need to worry about paying hidden fees or expensive hourly rates. Instead, we offer free, flare-rate pricing. 

Ready to get started? Book a free consultation with our estate planning attorney today, or send us a message online. We will respond within 24 hours.