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Almost half of the 3 million people who die in the United States each year die without a will.
A Valuable Component of a Strong Estate Plan
A strong estate plan has a variety of features. At the law firm of Kelly & West, one feature that we highly recommend is a living trust. Not only can this feature ease the passing on of property at death by allowing the probate process to be skipped, it can also ensure that loved ones are cared for in case of incapacity. Our attorneys can help you determine if you should incorporate a living trust into your estate plan.
Free Consultations About Living Trusts
E-mail us or call us at (888) 341-0873 to discuss living trusts with an experienced attorney.
The Definition of a Revocable Living Trust
Our lawyers are committed to helping you understand the options available to you. For that reason, it is important to know what exactly a revocable living trust is. Let's break it down:
- Revocable: It can be changed at any time during your lifetime. You can change your mind if you want to.
- Living: It is created while you are alive.
- Trust: A legal entity that owns your property while still allowing you to benefit from it.
During your lifetime, you will be the trustee of the trust. In other words, you take care of and manage the trust's property. After death or in the event of incapacity, a loved one, such as your spouse, will become the trustee. The trustee oversees how property is distributed to your beneficiaries, such as your children. The trustee can also be a beneficiary.
The Strengths of a Revocable Living Trust
Living trusts are important components of estate plans for a variety of reasons. One of the most obvious strengths is that it can make the passing on of assets efficient and cost-effective by avoiding probate.
Another strength is privacy. Unlike wills, which are public matters, a revocable living trust is kept private.
Living trusts are also valuable because they can offer a variety of options that are not available through other tools, such as offering more control over how and when assets are distributed. For example, this tool can be designed to slowly distribute property to heirs until they reach a certain age.
An additional strength of the living trust is that it can function in the case of incapacity, whereas a will only becomes relevant at the time of death.
Our lawyers are also available to incorporate other types of trusts into an estate plan, such as AB trusts and life insurance trusts.
Find Out More About Living Trusts
E-mail us or call us at (888) 341-0873 today to schedule a free consultation. Our team is available to serve people in Lillington, Sanford and the surrounding areas of North Carolina.
