Welcome back! We are here to talk more about estate planning in Raleigh NC and the differences between a living will and a living trust. We offered more information, as well, in a previous blog. Be sure to take a look back it, before moving on.
Living Wills and Trusts | Estate Planning in Raleigh NC
If your estate exceeds the current estate tax threshold, you may want to establish a trust with provisions for taxes. You can’t reduce your taxes, but you can plan for them ahead of time.
There are a few things that you can’t do with a will or living trust, such as leave money to pets, but you can use your will to name a caretaker for them. You can create a trust for your pet so that their new owner will have funds to care for them.
You cannot leave final wishes in a living trust, but you can outline things such as funeral arrangements in a will.
If you want to leave information about your accounts and passwords for your computer devices, you can do so for the executor of your estate. But it is not recommended that you put this information in a will or trust. It should be in a separate document that can be put away with your other estate planning documents.
In order to determine if you need a will or a living trust, you will have to decide which objectives will meet the needs of you and your family.
These two documents can be confusing when estate planning in Raleigh NC. Just remember, both a will and a living trust are established so that you have a say in who gets your assets after you are gone. However, a living trust puts your assets into a trust that will benefit you until your death. When you are gone, your assets are transferred to the beneficiaries you have named.
When you have a will, your assets are not in a trust. Upon your death, they are distributed after the courts have gone through the probate process, which can be a lengthy ordeal. If you have a living will, it can be as little as a few weeks before your assets are distributed, but it can take years to complete the probate process for a will if issues arise.
We hope this information helps you with your estate planning in Raleigh NC. If you're ready to get started, contact our office, today.
Eldreth Law Firm, PC | Estate Planning in Raleigh NC
As always, feel free to contact us with any questions or concerns you may have about estate planning. Also contact our lawyer in Raleigh NC to schedule a consultation if you have yet to start estate planning. It's never too early to make plans for your wishes upon death. In addition, our we are here to help you with all your legal matters, whether it be estate planning, trademarking, copyrighting, or DWI issues.