Statesville offers historic charm and thrilling adventures. The Ballooning Capital of the East boasts many splendors of the great outdoors, from lake activities and boating to picnics in the park and hiking trails. When you’ve spent your life building something, you want to ensure that it’s distributed according to your wishes after you pass. A skilled Statesville trusts lawyer can help ensure your wishes are followed.
Hire a Trusts Lawyer
For over two decades, Griffin Law, PLLC, has helped families in Iredell County with all their family law needs. When you start planning how to distribute your assets after your passing, you want to hire a trusts lawyer who guides you through the process and advocates for your interests. Our dedicated team wants to help you secure your future during a stressful time. Griffin Law, PLLC, is proud to be knowledgeable, honest, and vigorous advocates for your interests. For many families, pairing a trust with a carefully drafted will provides clarity—working with an experienced Statesville wills lawyer can ensure both are coordinated to protect your wishes.
Who Benefits from Creating a Trust
In Iredell County, according to the Census Reporter, there are 199,710 residents with a median age of 40.8. Many people (61%) are between the ages of 18 and 64, with only 17% over the age of 65. With 77,592 households, 70% of which are run by a married couple, spouses and other family members benefit through the creation of a trust.
When you want to have control over how your assets are distributed after you’ve passed, creating a trust can give you that ability and create peace of mind that your beneficiaries are being cared for according to your wishes. A trust is a legal document establishing a trustee to manage your assets after your passing.
Types of Trusts Recognized in North Carolina
There are numerous types of trusts recognized in North Carolina that can be created. These trusts are recognized and subject to the laws of the North Carolina Uniform Trust Code. Although you can legally establish a trust yourself, having a knowledgeable Statesville trusts attorney oversee the creation can help prevent any costly legal issues that could arise from incorrect paperwork or missed deadlines.
Although there are numerous types of trusts, they all fall within two categories. They are either revocable or irrevocable trusts. In general, a revocable trust remains in the control of the person establishing it. Assets can be removed from or added to the trust, and the beneficiaries and trustee can be altered.
An irrevocable trust, once created, is no longer controlled by the person who created it. All the assets included in the trust are under the control of the trustee. Creditors cannot touch assets in the trust, and they may no longer be included in the taxable estate. The type of trust that’s right for you can be determined with the help of a skilled trust attorney.
When you have decided to establish a trust, there are a few steps that need to be completed, including:
- Determine which assets can be included in the trust.
- Name your trustee and any beneficiaries.
- Create the trust documents and sign them along with your trustee.
- Transfer ownership of your assets to the trust.
Life events like marriage, separation, or divorce can change your plans—understanding how marital misconduct affects divorce settlements is a reminder to keep your trust up to date.
Why Set Up a Trust
There are numerous benefits and practical reasons for creating a trust in Statesville, NC, these include:
- Avoiding probate
- Maintain control of your assets
- Gain privacy
- Support for minors
- Reducing estate taxes
- Shielding property from creditors
- Supporting charities
No matter what your reason is for establishing a trust, you should seek the advice of an attorney who can help you understand how it can benefit you, your family, and your estate planning needs.
FAQs
How Much Does It Cost to Create a Trust in North Carolina?
The cost to create a trust in North Carolina can vary based on several factors. The complexity of the trust may affect the overall cost, with more complex trusts having higher costs. The total number of assets and the type of assets being included in the trust can also affect the overall cost. There may also be ongoing costs, including administrative fees, trustee fees, and tax preparation fees.
What Type of Lawyer Handles Trusts in North Carolina?
In North Carolina, the type of lawyer who handles trusts is often called an estate planning attorney, trust attorney, or estate lawyer. Regardless of the title, these lawyers handle creating trusts, managing the trust, and advising the trustee on the distribution of the trust after the trust holder has passed away. Trusts are often created as part of a larger estate plan.
Do You Have to Go Through a Lawyer for a Trust in North Carolina?
In North Carolina, you do not legally have to hire a trust lawyer to create a trust. However, there are several advantages to hiring a professional. Trust laws are often complex, and mistakes can be costly to fix. Errors in paperwork can lead to personal liability issues for the trustee that could delay the trust distribution or lead to high costs for the trustee. The guidance of a trust attorney can be especially helpful with specialized trusts.
Does a Trust Lawyer Handle Distribution of the Trust in North Carolina?
Trust distribution is generally handled by the trustee appointed in the trust, but a trust attorney offers guidance and assistance to the trustee to ensure that the trust is distributed according to the instructions established in the trust. If there are disputes or legal challenges from other beneficiaries, the trust lawyer can assist the trustee in handling these issues.
What Are the Disadvantages of a Trust in Statesville?
There are potential disadvantages to creating a trust based on your unique circumstances and the number and type of assets being included in the trust. Initially, there are high costs associated with creating and managing the trust. After creating a trust, loss of control of the included assets and the loss of flexibility to dissolve the trust could be potential disadvantages. The complexity of trust laws makes creating them difficult and time-consuming.
Statesville Trusts Lawyer
Creating trust can be an overwhelming process, regardless of when you decide to initiate it. Trust laws can be confusing, and setting one up incorrectly could create challenges for your trustee after your passing. At Griffin Law, PLLC, we’re ready to establish your trust and guide your trustee through the distribution process after your passing. Contact Griffin Law, PLLC, for a confidential consultation.
