A revocable living trust is often a centerpiece of estate plans created by people in the Greensboro, North Carolina area. The idea of a revocable living trust is relatively simple. It's essentially a separate legal entity you can create that has the ability to own property. When you use the trust to transfer inheritances after you die, you allow your trust to avoid, or at the very least … read more
trusts
Using a Living Trust to Replace a Will
Sometimes, people ask estate planning attorneys if they can use their living trust to replace a last will and testament. While these types of questions are understandable, they reflect a misunderstanding about what each of these essential estate planning tools do. Both a living trust and a last will and testament are key pieces of any estate plan. Each of them serve specific purposes, … read more
Living Trusts and Pour-Over Wills in Greensboro NC
In estate planning circles, a pour-over will is a specific kind of will used primarily in conjunction with a revocable living trust. Pour-over wills are not necessarily different than other types of wills as far as the legal requirements involved. Instead, their difference comes in the terms you choose to include. Revocable living trusts and pour-over wills go hand-in-hand, and have … read more
Your Living Trust and Your Property
A lot of people who hear about the benefits of a revocable living trust are eager to create their own as soon as possible. But some have concerns that by creating a trust they will lose control over their property. After all, if a trust is a separate legal entity, won’t the trust itself become the new legal owner? While it’s true that creating a revocable living trust requires you to … read more
Why You Need Trusts in North Carolina and Don’t Even Know It
Creating a good estate plan in Greensboro, North Carolina means using various estate planning tools, such as a trust, to meet your goals and desires. Before people begin the estate planning process they often have little experience with trusts in North Carolina, nor do they understand why these devices are so useful. Broadening your understanding of trusts is something that will help you … read more
Practical Trusts: The Schedule of Assets
When people first learn about trusts they often get excited at the idea that these estate planning devices can provide so many benefits. While your estate planning lawyer will discuss the kinds of trust available to you and explain what each of them can offer, there are some practical steps that you can take to greatly help you make sure you create your trust efficiently. One of the … read more
3 Common Living Trust Myths
People in Greensboro, North Carolina who create a will also often create a living trust and use the will primarily as a tool to catch any property that they didn’t adequately transfer to the trust when they were alive. Even though a living trust is an excellent estate planning tool for many people, there are some common misconceptions about it. Here are some of the more common myths … read more
Probate Problem Prevents Widow From Accessing Savings Account
The probate process is, at its worst, an annoying, time-consuming, and expensive bureaucratic operation that can frustrate even the most seasoned probate lawyer. It’s even worse when the rules and policies designed to prevent problems hinder relatives of the deceased person from wrapping up their affairs. Such is the case with Julia Bolena, a Jacksonville, Florida widow whose husband … read more
Commonly Asked Questions About Testamentary Trusts
Question 1: What is a testamentary trust? A testamentary trust is one commonly used form of trust, so-named because you create it through the terms of your last will and testament. Unlike a living trust, a testamentary trust is created after you die. Question 2: How do I create a testamentary trust? In order to create a testamentary trust, you will have to provide key … read more
Estate Planning Basics: The Differences Between Wills and Trusts
When people in Greensboro, North Carolina want to create a will, they often hear from their estate planning attorney that a trust is, for many situations, a much better option. While you may have heard of a trust before, you may not exactly know how they operate or why they can be beneficial. It’s best to speak to your lawyer about the different kinds of trusts and how you can use them, … read more
