Estate planning involves putting your assets and property in order by assigning wealth to family, friends and any other person or organization in case you are unavailable to do so in future due to illness or death. Planning ahead of these factors is advised to prevent leaving your estate in disarray which might cause your loved ones immense distress.
A will and trust attorney in Raleigh NC can help you plan your estate which basically involves the following:
This is a legal document that clearly outlines all your assets and property in your name distributing them clearly to heirs by their names down to specifying the funeral arrangements you desire after death. This document comes into effect after death and is usually drawn with the aid of an attorney. It is then signed in front of a notary who verifies the signatures. A named executor of the will ensures that the assets are distributed as named.
To avoid a will from being challenged in court in future, employ the services of a will and trust attorney who understand the laws of Raleigh North Carolina that pertains to this legal document.
In a case where a will caveat arises with facts to suggest foreplay, challenging the decedent state of mind or coercion was used to influence them to change the contents of a will, you need to competent estate lawyer to argue and plead on your behalf.
Despite the confusion, a trust is entirely different from a will although both are estate planning tools. A trust is created by assigning one person or persons (trustees) some property or asset to hold on behalf of the creator (owner of asset or property to be put in trust). For property to be put under trust, it has to be under the trust’s name.
The trustee can be a family member, public organization, company etc. This trust comes with terms and conditions in order to govern and keep this fiduciary in check.
The reason for creating trusts vary from one individual or business but the most common benefits include estate planning, tax planning, privacy and asset protection especially when the settlor is a spendthrift.
A living trust can be changed anytime the need arises, trustees can be changed too. Although they rarely go through probate, effectively shutting down disgruntled parties, trusts can be named in wills.
To decide which one is suitable for planning your estate, visit a will and trust attorney in Raleigh NC.
Estate planning involves a will and a trust or both to get your affairs in order to avoid throwing your heirs in chaos someday in future, go to www.bradylawpllc.com
About the Author