Charlotte Living Trust Lawyer

Charlotte Living Trust Attorney

A big part of planning for the future involves planning for what happens after you’re gone. Wills and trusts form the foundation for most quality estate plans in North Carolina, but it can be challenging to know how to implement them into your overall estate planning strategy. The good news is a Charlotte living trust lawyer can help.

Our attorneys at Orsbon & Fenninger, LLP, bring over five decades of combined experience protecting our clients’ assets and securing the financial security of their loved ones. We go above and beyond not only to guide you in your trust strategy but also to explain the purposes and benefits of all your legal options for your assets.

What Is a Living Trust?

A living trust, or revocable trust, is a private agreement that allows a person (the grantor) to transfer and hold the assets of another person (the trustee) for the benefit of another person or group of people (the beneficiaries).

While a grantor is alive, they can serve as the grantor, trustee, and beneficiary of their own trust. Upon their death, the trust becomes a taxable entity, and the new trustee established for the trust must file an income tax return for it. It also becomes an irrevocable trust at this point.

Living trusts are also called revocable trusts because the grantor is allowed to amend terms or revoke the trust altogether while they are still alive. The IRS requires that income earned by trust assets must still be taxed, but the grantor reports it on their personal tax return. Once the grantor has passed, the trust cannot be revoked or amended — even by the trustee.

In fiscal year 2023-2-24, 4,842 cases regarding estates were filed in Mecklenburg County, followed by another 9,378 that were still pending. The cases made up 5.6 percent of the estate cases filed across the entire state. That said, it’s important to secure trustworthy representation.

Avoiding Probate With a Living Trust in North Carolina

One of the benefits of having a living trust is having the ability to avoid the probate process upon the grantor’s death. Probate refers to the court process whereby the court oversees the official transfer of assets from the decedent to whoever has the right to them. If the decedent had a will, the assets go to their beneficiaries. Otherwise, all assets are distributed in accordance with North Carolina law.

The probate process is often known for being lengthy and expensive. The good news is probate administration in North Carolina isn’t quite as bad as other states — especially when compared to California. That said, the time it takes to get you through the probate process relies solely on the complexity of your situation.

The clerk of the superior court of the county where the person was living when they passed handles the probate process. The Mecklenburg County Court is located in Charlotte near Marshall Park and Elizabeth Park and is open to the public from 9-5, Monday through Friday.

Why Is Having a Living Will a Good Idea in North Carolina?

In 2022, there were 112,906 deaths recorded in North Carolina, with over 81,000 pertaining to residents who were 65 years or older. As you and your loved ones get older, it’s natural to think about what happens to the wealth you’ve built once you’re gone. Estate planning is one part of the process that makes it simple for you to understand and make plans for all your assets and finances.

A living will specifically allows you to maintain control over your assets until you’re ready to pass them on. As the grantor, you can amend or revoke the trust up until the moment you pass away, ensuring you can distribute your assets how you see fit.

FAQs

Q: What Does a Last Will and Testament Do in North Carolina?

A: A will is a legal document that determines the beneficiaries of an estate and appoints an executor to administer the estate on the decedent’s behalf. Some wills can also suggest guardians for any minor children left behind and can create trusts for the individuals who need them. The probate process involves validating the last will and testament of the deceased.

Q: Why Do People Create Living Trusts in North Carolina?

A: There are a variety of reasons why a person may want to create a living trust for their assets. Some of the most common reasons people establish living trusts include wanting to control assets more easily when facing declining health, minimizing tax obligations, and avoiding the North Carolina probate process.

Q: How Do I Start the Estate Administration Process in North Carolina?

A: When the time comes to administer an estate, working with a Charlotte living trust lawyer can be beneficial. Regardless, there are certain steps to take to start the process. This includes locating a decedent’s will, securing their official death certificate, and identifying all assets. Once you have these items ready, you can contact the Clerk of Court in whichever North Carolina county the grantor of the estate was residing in when they passed.

Q: What Types of Property Can Be Passed Down Through an Estate?

A: Assets that are handled through the estate administration process in North Carolina are known as probate assets and include things like bank accounts, furniture, jewelry, stocks and bonds, vehicles, and more. Some non-probate assets that can pass outside of the estate admin process include property that has a living beneficiary, like annuities, joint bank accounts, life insurance policies, and retirement accounts.

Reach Out to a Charlotte Living Trust Lawyer to Set Up Your Living Trust

A living trust can be exceptionally beneficial as a part of your estate plan. By working with a Charlotte living trust attorney, you can learn how to safeguard your assets and ensure everything gets into the right hands when the time comes.

4,842 cases regarding estates, has over 50 years of combined experience representing clients throughout Charlotte, NC, and Mecklenburg County. Located across the street from Symphony Park in Charlotte, our attorneys are ready to help you. Come to the office to see us, or give us a call to set up an appointment with our team today.