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Triangle Estate Lawyers, an estate planning and probate law firm in Raleigh, North Carolina helps clients protect their loved ones and their hard-earned assets using custom-tailored estate plans and asset protection strategies.
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During the estate planning process, many clients find great value in adding a trust to their estate plan. There are many varieties of trusts that can be created to suit a lot of different needs and satisfy different planning goals.
How Trust Planning Works
One of the first questions many clients ask is whether they need a will or a trust? It depends on a lot of factors. Using a will to distribute your assets after death is not ideal for all situations and types of property. But it may work for many clients. We offer both a Basic Wills Package and a Revocable Living Trust Package which includes all the documents from the Basic Wills Package and adds a revocable trust. Even if you set up a trust, you need a will to “pour-over” any residual assets that may not have ended up in the trust.
Trusts provide some added benefits that wills do not. First, the property in a trust passes to beneficiaries seamlessly without having to go through a lengthy probate process. This can provide your loved ones with peace of mind and quick access to their inheritance. Trusts are also private. They do not get filed in probate court like a will does. You can even name your trust something unrelatable to you to add even more layers of privacy. Many wealthy celebrities do this.
Trusts also allow you to impose certain terms and conditions on your beneficiaries in order to inherit. You can be very creative, but not break the law or impose a condition that contravenes public policy. Many settlors who create trusts impose age restrictions to inherit. They prefer their children or grandchildren to wait until they are 25 or older to inherit.
Some types of trusts protect assets from creditors and equitable distribution due to divorce. Some provide income for the spouse of a second or subsequent marriage while protecting trust principal for children from a first marriage. These types of trusts are very common for blended families.
The Two Main Types of Trust Categories
There are two main categories a trust falls into- revocable and irrevocable trusts. Also if a trust is created and funded while the settlor is still it is referred to as intervivos or living trust. A trust created and funded after the settlor dies is called a testamentary trust. We use a lot of trust language in wills that direct executors to create a testamentary trust, often for minors or beneficiaries with special needs.
Revocable and Irrevocable Trusts
If someone creates a living trust, it will be considered as either revocable or irrevocable. A revocable trust is one which the settlor can add or remove terms, name a new trustee, and grant property to different beneficiaries or remove them from the trust altogether. The settlor can revoke the trust entirely.
An irrevocable trust grants the named trustee permanent control over the assets, meaning the settlor no longer has control over that property and cannot change any terms regarding how it will be managed.
There are pros and cons to each type of trust. For example, assets in irrevocable trusts are not considered part of a settlor’s taxable estate and therefore do not count towards estate taxes as well as protects the assets from liquidation by creditors seeking to collect on debts.
Potential Tax Benefits
Sometimes trusts can provide tax benefits as well. Irrevocable trusts are most often used to transfer assets out of your taxable estate if your net worth is close to, or may exceed, the federal estate tax exemption amount. The current federal tax exemption amount is $12.06 million.
Contact us to learn more about Revocable Living Trust Package or to specific to an attorney about more complex trust options.
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Our Process
01
Schedule an appointment
Book appointments by phone or email for remote or in-person visits at our three locations, with free parking at our downtown Raleigh office.
02
Signing Meetings
Signings typically occur in our Raleigh office but can be accommodated upon request. Meetings include witnesses and a notary for your convenience.
03
Intake
Complete forms online before your appointment; post-interview, the attorney will draft and send documents for your review.
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