A living revocable trust in North Carolina is part of the estate planning process that’s a way to avoid probate. The living revocable trust also provides long-term management of property. As the name implies, the trust can be revoked or completely terminated at any time. Since it’s also known as a “living” trust, it can be added to and updated as needed. The trust is designed to pass assets on to beneficiaries and can be funded as little or as much as you desire.
There are three critical people involved in a living trust: a beneficiary who will receive the benefit of the administered property within the trust, a settlor who actually creates the trust, and a trustee appointed to manage the trust and its assets.
The trustee is a cornerstone of this trust since that person is responsible for making all the important decisions for the trust. They have total control over the property that is placed within the trust. When creating a living trust, a successor for this initial trustee should be established so that your property is distributed as you wish without probate.
A trust is a complex matter best handled by an experienced attorney. A living trust does not replace a last will and testament. Any assets that are not put into the trust will be subject to probate. Since there are numerous mechanics at play and other factors to consider, such as which types of property cannot be placed within a trust, you should schedule a consultation with lawyer Jonathan Meek to discuss your options and the most efficient management of your trust.
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