Welcome back. We are here to talk more about living trusts and how they're important. As we stated in our previous blog post, A living trust and a will are two different ways to ensure that your assets are given to the people you choose. The difference between the two is that a living trust can help your family avoid probate, the process in which your will is distributed to your heirs.
Living Trusts | Probate Lawyer in Cary NC
A benefit of a living will is that the person you named as your trustee can immediately take over your estate should you become incapacitated or die. If you have a will without someone named as durable power of attorney, the courts will appoint someone to oversee your finances, and it may not be the person you would choose. A living trust allows you to pick the person you want to handle your financial affairs. This is important in cases where you may become ill and then recover.
When you have a living trust you must give it a name, such as “The John Doe Family Trust.” If privacy issues concern you, you do not have to use your name although that is the most common option. You can use the name of one your assets, such as the road where your home is located, for example “The Farm Road Trust.” Keep in mind that if you give it the name of someone else in order to maintain your privacy, you run the risk of giving over your assets to that person while you are still alive and able to take care of your own estate.
The most important element in creating a living trust is funding that trust. You must transfer your assets into it in order for it to become effective. If you missed our last blog post and are interested in learning more about living trusts, be sure to visit back with our previous blog before moving on!
Eldreth Law Firm, PC | Probate Lawyer in Cary NC
As always, feel free to contact us with any questions or concerns you may have about your current estate plan. Also, feel free to contact our office to schedule a consultation with us if you are looking for a probate lawyer in Cary NC. We are here to help you with all your legal matters, whether it be small business, trademarking, copyrighting, or DWI issues.