Welcome back! We are here for a final time to go over a few FAQ (Frequently Asked Questions) that you might have about estate planning. Our attorney in Raleigh NC is here to talk with you about each of these questions in detail, if you'd like. Just give us a call to set up a time to speak.
FAQ | Attorney in Raleigh NC
- Which costs less – a living trust or a will?
When you have a will, it is subject to the probate process, which does incur fees that are dependant on your state’s laws. If a tax return has to be filed, or if the trust was an A-B Trust, there may be additional fees. With a living trust, probate can be avoided. To learn more, contact our attorney in Raleigh NC
- Is a living trust the only way to avoid probate?
There are other ways to disburse your assets without having them go through the probate process. These include gifts made during your lifetime (which may help you avoid taxes), bank account trusts, community property titles, joint tenancy titles, pay on death accounts, life insurance proceeds and revocable grant deeds. Each has their own advantages and disadvantages. An estate planning attorney can help you decide what is right for your situation.
- What is the role of an attorney in Raleigh NC for estate planning?
While you may want to try to do it yourself (DIY), interpreting the laws on various components of an estate plan, such as property rights and taxes, can be difficult. A DIY form or book may not have the answers to questions regarding your particular situation.
An attorney in Raleigh NC can help you formulate a plan that includes all of your objectives as well as inform you of laws that apply to you. Each state has its own laws regarding estate planning so it is important to be aware of them so that you can plan for any applicable taxes or other requirements.
If you missed other blogs in this series, be sure to visit back with those, as well, below:
- FAQ for Estate Planning Part One
- FAQ for Estate Planning Part Two
- FAQ for Estate Planning Part Three
- FAQ for Estate Planning Part Four
Eldreth Law Firm, PLLC
Are you thinking of estate planning now, so that when the time comes, your affairs are in order and have representatives that will take care of them for you, should you pass in an untimely death or become incapacitated? If so, it might be time to contact our attorney in Raleigh NC.
Contacting an attorney to help with estate planning will help you ensure that you include everything that’s needed for estate plans. Wills, trusts, power of attorney, and other things are important to include if they’re needed. Don't hesitate to call to make an appointment, now.