Wills & Trusts

Greensboro Wills & Trusts Attorney

Document Preparation & Planning Services in Guilford County and throughout North Carolina

Planning your estate is a critical step toward protecting your loved ones and ensuring your wishes are carried out. Without a plan in place, the state will decide how your assets are distributed, and this may not align with your intentions. At Law Offices of Cheryl David, we offer professional guidance to help you understand and navigate the different options for estate planning, including the use of wills, trusts, and other related legal tools.

Our experienced team works with you to create an estate plan that reflects your unique needs and goals, minimizing future complications and ensuring your wishes are honored after you’re gone. We provide clear explanations about the key differences between wills and trusts, helping you make informed decisions that suit your family and financial circumstances.

Schedule a consultation today by calling us at (336) 717-0375 or submit a form online.

What Is a Will?

A will is a legally binding document that outlines how your property, assets, and personal belongings will be distributed after your death. It allows you to designate specific beneficiaries to inherit your possessions, specify who will take care of any minor children by naming guardians, and detail your final wishes, including funeral and burial preferences. A will is an essential part of estate planning, ensuring your wishes are followed when you’re no longer able to make decisions.

However, it’s important to note that a will typically goes through a legal process called probate. This court-supervised procedure validates the will, settles debts, and oversees the distribution of assets. While probate is a necessary step for most estates, it can be time-consuming, costly (often 5-7% of your estate’s value), and public. Probate proceedings may also lead to delays in your beneficiaries receiving their inheritance and can sometimes result in legal disputes if your will is challenged.

What Is Probate?

Probate is the legal process that occurs after someone passes away, through which their estate is administered and distributed according to their will, or by state law if no will exists. The process involves validating the will, paying any debts, and distributing the remaining assets. Probate is overseen by a court and can take several months or even years to complete. During this time, the court appoints an executor to manage the estate, including gathering assets and ensuring all obligations are met. However, probate can be costly, often requiring 5-7% of the estate’s value in fees, and it’s a public process, meaning the details of the estate become accessible to anyone. Because of these challenges, many opt for trusts, which can bypass probate entirely, ensuring quicker and more private asset distribution.

What Is a Trust?

A trust is a legal arrangement that allows you to transfer ownership of your assets to a trustee, who manages and distributes them on behalf of your beneficiaries, according to your wishes. Unlike a will, which specifies how your assets should be distributed after your death, a trust takes effect immediately, allowing for asset management even during your lifetime, particularly in cases of incapacity.

Trusts offer greater flexibility and control over how and when your assets are distributed. One of the key advantages is that properly established and funded trusts generally bypass probate, meaning your estate will avoid the lengthy and expensive court process.

Also, trusts are not subject to public record, allowing you to keep your estate’s contents and beneficiaries confidential. By avoiding probate, trusts minimize delays and expenses typically associated with the court process. This makes the trust an appealing option for those seeking more control over their estate and wishing to avoid the complications of probate.

Choosing Between a Will & a Trust

When it comes to planning your estate, choosing between a will and a trust is a critical decision. Both legal tools serve the purpose of transferring your assets after you pass, but they operate in different ways and offer distinct benefits. Understanding the key differences can help you decide which option best suits your needs and long-term goals.

Below are the important factors to consider when deciding between a will and a trust:

Probate Requirements

One of the most significant differences between a will and a trust is how they are handled after your death.

Wills: A will must go through a legal process called probate, where a judge verifies the will’s validity and oversees the distribution of assets. Probate can be time-consuming, expensive, and public. This process can last for months, or even years, and often leads to significant legal fees for your estate, which may be passed on to your heirs.
Trusts: If you have a properly established and funded trust, your estate will likely avoid probate entirely. This means your beneficiaries won’t need to wait for court approval, and the process will be quicker, cheaper, and less stressful. By bypassing probate, trusts offer a smoother transition for your loved ones.

How Your Assets Are Managed

Both wills and trusts let you specify who gets your assets, but trusts offer more flexibility and control over the distribution process.

Wills: A will allows you to designate beneficiaries and outline who will inherit specific assets. While you can name guardians for minor children, you have less control over when and how your assets are distributed. For example, it can be difficult to impose conditions like an age requirement for receiving an inheritance.
Trusts: A trust offers much greater flexibility. You can set conditions for when beneficiaries will inherit assets, such as reaching a certain age or achieving specific milestones. Trusts also provide added protection if you become incapacitated, ensuring your assets are managed on your behalf. This level of control is not available with a will.

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Costs & Long-Term Savings

The initial cost of creating a will versus a trust differs, but the long-term financial implications are where the real difference lies.

Wills. A will is typically less expensive to create at the outset. However, the real costs come later, as your estate will likely go through probate. Probate fees, which can range from 5-7% of the total estate value, can quickly add up. For example, a $500,000 estate could incur probate costs of $25,000 or more.
Trusts. While trusts usually have higher upfront costs, they can save your estate substantial money in the long run. Since a trust avoids probate, there are no costly court fees or delays. Properly funding your trust ensures a smoother transfer of assets, with fewer financial burdens for your beneficiaries.

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Stories of Trust and Peace of Mind Hear From Our Happy Clients

At Law Offices of Cheryl David, your satisfaction is our priority! See for yourself what our clients have to say about working with us.

"Kindness & Patience"
Thank you for guiding my family through a difficult time with kindness and expertise. Your team’s support has been invaluable, and we’re forever grateful!

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Our experience with the Law Offices of Cheryl David was exceptional. Their caring team guided us through our Living Trust with professionalism and efficiency!

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Contacting Law Offices of Cheryl David was the best decision for me and my husband. Their knowledgeable team provided peace of mind and expert elder care guidance!

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Sudden illness made me realize the importance of estate planning. The team was pleasant, competent, and incredibly helpful throughout the process!

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Professional, friendly, and efficient! Claudia ensured we understood everything during our annual update. Highly recommend the team at Cheryl David’s!

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Blaire, Olivia, and Paula made a tough time easier with their dedication and support. Forever grateful for their help in handling my father’s estate!

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Thank you, Cheryl and team, for your genuine care and personal approach. I truly appreciate it and look forward to any updates you may have!

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Thank you, Kelly, for your support and dedication. Your work has been a pleasure to experience, and you've truly put my mind at ease—much appreciated!

- Roger Z.

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Guided by Compassion, Built on Trust Our Promise to You

Where Experience Meets Compassion
With decades of experience and a genuine understanding of family needs, we deliver legal solutions that ensure your loved ones are cared for today and tomorrow.
Empowering Families Through Knowledge
We believe in empowering families with the tools and information needed to make confident decisions about their futures. Your trust inspires our commitment to excellence.
Trusted Advocates for Every Stage of Life
From estate planning to elder law, our experienced team stands by your side, providing compassionate and reliable support tailored to your family’s unique needs.
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Your family’s future is our priority. With personalized guidance and unwavering dedication, we help secure your loved ones’ legacies and peace of mind.

Why You Shouldn’t Use Internet Wills

While the convenience of online will-making tools may seem appealing, creating your estate plan without proper legal guidance can lead to significant complications. Many individuals who use online will services overlook state-specific requirements, making their documents invalid or problematic when it comes time to enforce them.

A common issue with internet wills is that they don’t always account for critical details, especially regarding minor children and the distribution of assets. For example, in North Carolina, if you have minor children, a simple will may not include necessary language to ensure their inheritance is properly managed by a trustee until they reach a responsible age. Without a trust in place, your assets could be handed directly to your children when they turn 18, which may not align with your intentions. Similarly, guardianship provisions for minor children can be vague or fail to address complex family dynamics.

In one case, a couple who used an internet will discovered that their document didn’t include necessary provisions for managing their children’s inheritance or a clear structure for guardianship. The following is a letter sent to the couple who called us for assistance. Names and identifying information have been excluded to protect client confidentiality.

Sample Letter

Dear [Client],

Thank you for allowing me to review your wills. I’m glad that you called, and I’ll begin work immediately.

To recap our conversation, every state in our country has different wills and different requirements, and I’ve found, when handling countless estates for the last thirty years, that it’s what you don’t know when drafting legal documents, without an attorney, which will negatively affect your children.

In NC, you each need a will. While you may each designate your spouse to receive the estate and access the money, when it comes to your minor children, it’s a different story.

I understand that you were putting together something quickly before you went away on vacation, but if you were to both die today, with your wills, I don’t think you would like the results.

As I mentioned, all of your beneficiaries should be your spouse first and then your estate, second, until your children are adults and at an age where you think they are financially responsible.

In your existing wills, you wrote, ” If my spouse does not survive me, I give, devise and bequeath my net residuary estate in shares of approximately equal value, outright and free of trust, to my descendants who survive me, per stirpes.” This language gives the money your heirs immediately, but minors can’t inherit in their own name. The money left for your children needs to be held under trust.

By utilizing different language and creating a trust in your will, to hold the children’s assets, the assets in the trust can be held by a Trustee for your children, until a certain age. I usually recommend age 25. Without such beneficiary designations, assets end up being held by the court and they can’t be accessed for the children until the Court releases them to the children at age 18. Age 18 usually isn’t the best age for children to receive these assets, and they would have been much more beneficial for the children if your trusted agent had access to them while raising the children. With our language, until age 25, your trustee would use the assets for your children, for their health, education, maintenance and support.

Your children would also be entitled to monthly social security if either of you die while they are minors.

In your wills, you also left your children your home, if you were both gone. We need special language which wasn’t in your documents to keep problems from occurring. Our language allows the Trustee to hold the house for your children, until they’re adults.

We also discussed Guardianship. You may each designate the guardians of your choice in your respective wills. Each of you would serve first for the other, and then you may each name someone to serve if both of you are gone. Courtney, you could name your sister first, and then your mother and James, you could name your mother and then your sister.

The Guardian is different from the Trustee. The Guardian manages your child, and the Trustee manages your money. The same person may handle both jobs. When selecting the Trustee, they should be the person in your life whom you trust most with your money. Again, you may each name a different person, but most couples select the same Trustee.

There are four other important documents that you each need, and I’ll be preparing, namely the Durable Power of Attorney, the Health Care Power of Attorney, the Living Will and a HIPAA Authorizations. These documents can save your nest egg and your life, if one of you becomes sick or is in an accident.

Thank you for hiring us to assist you with your estate planning.

At Law Offices of Cheryl David, we provide tailored estate planning solutions that ensure your will accurately reflects your wishes, providing clear instructions on asset distribution, guardianship, and other essential matters. We emphasize the importance of working with an experienced attorney who understands the nuances of North Carolina law and can help ensure your estate plan is both valid and effective.

Why Proper Trust Funding Matters

Creating a trust is just the first step in estate planning. For a trust to actually work as intended and avoid probate, your assets must be properly transferred into it. This step is called “funding” the trust. Without this action, even a well-drafted trust may not function correctly, and your estate could still end up in probate.

Unfortunately, many trusts fail to achieve their goals simply because the funding process is overlooked or completed improperly.

At Law Offices of Cheryl David, we guide you through the funding process to help ensure your trust is fully functional and will protect your estate. Our comprehensive approach includes:

Re-titling existing assets. We help transfer your current assets (like real estate, bank accounts, and investments) into your trust, so they are legally owned by the trust.
Providing guidance on managing new assets. As you acquire new assets, we provide instructions on how to add them to your trust to maintain its effectiveness.
Issuing trust ID cards. We give you a plastic ID card with the name of your trust, making it easier to refer to it when buying new property or opening new accounts in the future.

Proper funding is essential for your trust to serve its purpose. By ensuring all your assets are correctly included, you can have peace of mind knowing your estate will pass smoothly to your beneficiaries without the hassle of probate.

Trust Planning & Cost of Probate

Trust planning offers significant benefits that set it apart from traditional estate planning methods, especially when considering the high costs and delays associated with probate. When you establish a trust, your estate avoids the lengthy and expensive probate process, which can take months or even years. Probate fees typically range from 5% to 7% of the total estate value. For example, an estate valued at $100,000 could incur around $5,000 in probate costs, while a $500,000 estate could see fees upwards of $25,000. Even larger estates can face costs exceeding $50,000. These fees can be draining on your estate, reducing what your beneficiaries ultimately receive and prolonging their wait to inherit.

With trust planning, these costs are eliminated, ensuring more of your estate passes directly to your beneficiaries. Not only does a trust avoid probate, but it also streamlines the asset distribution process, preserving your wealth while offering privacy, control, and flexibility.

At Law Offices of Cheryl David, we help you through every step of the trust planning process, from creating a trust that meets your needs to ensuring all your assets are properly funded into the trust. Trust planning provides a smarter, cost-effective alternative to traditional wills and probate, making it the best choice for many individuals looking to protect their legacy.

Benefits of Working with Law Offices of Cheryl David

Our firm has a deep understanding of local estate planning laws and regulations. Since 2000, we’ve been providing personalized estate planning services tailored to the unique needs of our clients, ensuring the plan meets North Carolina’s specific legal requirements. Our long-standing presence in the community gives us the credibility and trust to guide you through every step of the planning process.

At Law Offices of Cheryl David, we don’t just draft documents, we work to ensure your plan is executed and functions exactly as intended. We go above and beyond to provide hands-on assistance, helping you fund your trust, manage assets, and address any changes or updates over time. You’ll receive regular check-ins, updates, and ongoing support to make sure your estate plan remains relevant as your life evolves.

What sets us apart from other firms is our commitment to providing true value to our clients:

Free laminated Trust ID cards. A tangible tool that helps make sure your trust is always with you, simplifying asset management and ensuring seamless transactions.
Legacy workbooks. We help you preserve not just your assets, but your personal and family history, allowing you to leave a lasting legacy for future generations.
Exclusive seminars & eAlerts. Stay informed and empowered with invitations to our educational seminars and monthly eAlerts that offer valuable updates and insights into estate planning.

Choosing Law Offices of Cheryl David means partnering with a firm that is dedicated to giving you peace of mind, confidence, and the resources you need to help protect your legacy.

Contact Law Offices of Cheryl David at (336) 717-0375 or submit a form online to discuss your options.

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