Helping Clients Protect Their Families and Control Their Assets

More and more North Carolina residents are utilizing trusts as part of their estate planning. Trusts typically change ownership of the person’s assets, affecting the taxable estate and providing protection from the probate process. Among other benefits, trusts enable the grantor to have greater control over how their assets are passed on to the next generation.

With revocable trusts, individuals and families have unique control over their assets while avoiding the complex and expensive probate process. However, revocable living trusts don’t necessarily offer the same level of financial security as an irrevocable trust.

If you think a living trust might be beneficial in your estate plan, please consult with a revocable living trust lawyer like Steven Lundberg at Compass Estate and Tax Planning. Our law firm has helped countless individuals and families prepare for the future, including using revocable and irrevocable trusts. We can help you decide the best path forward. Call 919-646-6549 to learn more.

What Is a Revocable Trust?

Revocable trusts, also known as living trusts, allow a person to plan their estate and dictate how the inheritance is passed on while maintaining control over their property during their lifetime. Unlike some other trust forms, living trusts allow the grantor to act as trustee, meaning they manage their own assets within the trust.

While a revocable living trust offers the advantage of greater control, it does not provide the same level of separation between the grantor and the assets that other trusts offer. It’s crucial to speak with an estate planning attorney who understands how trusts work within North Carolina law before making any decisions.

What Are the Benefits of Using a Revocable Trust in My NC Estate Plan?

Revocable living trusts are powerful estate planning tools with several benefits. Many individuals choose a living trust because they want direct control over their assets while they’re alive. Living trusts also help your beneficiaries avoid probate, a process that can be stressful and time-consuming. Finally, having your own living trust means you can change or alter the terms of the trust at any time, which is extremely difficult with an irrevocable trust.

If you are wondering whether a revocable living trust is right for your comprehensive estate plan, please contact our Wake County law firm immediately. We’ll discuss the many benefits of living trusts and address your estate planning needs with care and compassion. If you decide you need another form of trust, such as an irrevocable trust, a special needs trust, a charitable trust, a spendthrift trust, or another estate planning document, we’ll help you get everything in order so you’re prepared for the future.

How Can I Adjust My Revocable Trust?

One of the primary benefits of owning a living trust is the ability to modify its terms. Some examples of times when you may need to change or dissolve a trust include changes in financial circumstances, changes in the family, such as divorce or death, and additions to beneficiaries through birth or marriage.

The good news is that, with a revocable trust, you can alter the designated beneficiaries, name a new successor trustee, or dissolve the trust at any time. Just be sure to speak with a trusted estate planning attorney like Attorney Lundberg at Compass Estate and Tax Planning before taking any actions related to your trust.

Should You Hire Our Revocable Trust Attorney in Cary?

Taking the time to engage in long-term care planning and estate planning can provide peace of mind and security for yourself and your loved ones. Our Wake County legal team is happy to provide you with answers and options as you seek the best solution for your estate plan.

Creating a trust is often an essential part of avoiding probate, minimizing estate taxes, protecting your assets, and specifying the exact manner in which you want your inheritance to be passed on. With the various types of trusts available, it’s crucial to speak with a trust attorney about your future plans.

If you think that a revocable living trust could benefit your family, we are the legal team to talk to. We’ll ensure you are set up for the future, while still giving you the ability to control your money and other assets. You can trust our law firm for excellent guidance and representation, including for estate and trust administration matters.

Call the legal team at Compass Estate and Tax Planning at 919-646-6549 to schedule your confidential consultation and learn how to prepare for your future. We serve communities in Wake County and across the state.