Why a Revocable Trust is Vital to Your North Carolina Estate Plan

While a will is still required, a revocable living trust can be a powerful tool to provide greater control, privacy and peace of mind for you and your loved ones, as your primary North Carolina estate plan vehicle.

What is a Revocable Trust and How Does it Work?

A living revocable trust, often called an “inter vivos trust” or a “revocable trust” or a “revocable living trust”, is an instrument that allows you to place your assets, such as your home, bank accounts, investments, cars and other personal property into a trust, during your lifetime.

As the founder of the trust, you are the trustor/settlor of the trust. Upon signing you bring the trust into existence. During your life, you also serve as the trustee, maintaining complete control over your assets, just as you did before putting them in the trust. The key legal difference is that through your trust, you have designated a successor trustee to take over management and distribution of trust assets, after you die, in accordance with your desires.

If you are married, the typical arrangement is for each spouse to serve as trustees during their joint lifetime. When one spouse passes away, the surviving spouse becomes the sole trustee. After the surviving spouse passes away, a successor trustee fills the shoes of the original trustees to manage the trust assets and effectuate their instructions in the trust. Once the trustors pass away, the trust becomes irrevocable, meaning it can no longer be revised.

This is why a revocable trust is a smart choice for your North Carolina estate plan:

1.   Avoid the North Carolina Probate Process

This is one of the top benefits of having a living revocable trust. In North Carolina, if you die with only a will, or no will, your assets must go through a court-supervised process called probate, generally in the court in the county where the majority of your assets are located, or where property like your home is located.

For those that are unaware, probate can be expensive, time-consuming and public. It involves court validation of a will, identifying and valuing assets, paying creditors and finally distributing assets to a person’s heirs. This can take several months, or even years at times, and legal fees can significantly bite a good chunk out of the estate value. The process is even worse for people that die with no will.

With a properly funded revocable trust, assets are owned by the trust, not by you personally. This means that your assets will bypass the probate court entirely. Your successor trustee can manage and distribute the assets according to your instructions immediately after your death, saving your loves ones money, time and hassle.

2.   Protect Your Privacy

A will, once it goes through probate, becomes a public record. This means that with the right amount of legwork, anyone can access details about your estate, including the value of your assets and who your beneficiaries are. A revocable trust, however, is a private document. The details of your estate and your beneficiaries remain confidential, which provides a layer of privacy to your loved ones that a will simply cannot.

3.   Plan for Potential Incapacity

A revocable trust is a powerful tool for planning for a potential time that may arise, where you may be unable to manage your affairs due to illness or injury. By naming a successor trustee, you ensure that someone you trust, that you have selected, can step in as successor trustee to manage your finances without the need for a court to appoint a guardianship to manage your affairs. This bypasses a lengthy and potentially expensive legal process and provides a simple continuation in the management of your assets.

4.   Manage Property in Multiple States

If you own property, such as real estate in multiple states, a revocable trust is your friend. Without a trust, your family would have to go through separate probate processes in each state where you own property, which can result in a costly, time consuming and logistical nightmare for your loved ones. By transferring your out-of-state property into your trust, you can avoid multiple probate proceedings and simplify the distribution of your entire estate.

5.   Retain Flexibility and Control

A revocable trust is not a permanent, unchangeable decision. Keyword, REVOCABLE. This means that you can amend, revoke, or terminate the trust at any time while you are still alive and mentally competent. This flexibility allows you to make changes to your plan as your life circumstances evolve, whether you have a new grandchild, want to change a beneficiary, or acquire a new asset, etc.

The Bottom Line

While having a will is a good start, and puts your loved ones in a far superior position at the time of your death than if you did not have a will, a revocable trust offers a comprehensive and flexible approach to estate planning that provides significant advantages in North Carolina. Having a revocable living trust can save your loved ones from potentially significant financial burdens and administrative stress of probate, protect the privacy of your loved ones and your privacy and provide a clear plan for managing your affairs during your lifetime and after you pass away.

Be aware that creating a legally enforceable revocable trust is a complex legal process, that is not one size fits all, so it is always highly recommended to work with a qualified North Carolina estate planning attorney who can help you determine the proper estate planning measures that you should take in your situation for you and your loved ones.

Are you interested in getting a living revocable trust, will or other estate planning items in order?  We’re here to help. Quick turnarounds and no surprises. Remote services available with document signing procedure instructions provided.

Contact Biazzo Law today at (703) 297-5777 or alyssa@biazzolaw.com to schedule a consultation today. www.biazzolaw.com 

** Information in this blog should not be considered legal advice, nor does it form an attorney-client relationship

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