Trust Attorneys in Concord, North Carolina
Trusts are essential estate planning tools that can be used to protect and preserve assets until a future date. Establishing a trust can help your assets and your family bypass costly and time-consuming probate proceedings. Ultimately, trusts allow you to pass on your legacy and make a lasting impact on your loved ones.
If you need assistance with establishing a trust, reach out to our North Carolina estate planning attorneys for detailed guidance. At Ferguson Hayes Hawkins, PLLC, we’re dedicated to offering highly personalized legal counsel to clients in estate planning and trust-related matters. Our team is available to discuss your different estate planning options, help you understand the process of creating a trust, and offer support during this meaningful time.
Ferguson Hayes Hawkins, PLLC proudly serves clients throughout Concord, North Carolina, and the surrounding areas of Albemarle, Salisbury, Kannapolis, Rowan County, and Cabarrus County. Set up a consultation with us today.
Overview of Trusts
A trust can be described as an arrangement that allows you to choose a trustee who will manage the trust property for the beneficiary’s benefit. Trust property includes all assets, property, and money put into the trust. The person who creates the trust is known as the settlor, trustor, or grantor.
The person appointed to manage the trust assets—the trustee—plays a vital role: upon the death or sudden incapacity of the grantor, the trustee will step in and administer the trust according to the provisions and instructions of the trust documents.
Types of Trusts
The most common kinds of trusts in North Carolina include:
A revocable trust is a trust that can be canceled, revoked, or modified. Generally, the trustor will have control over the trust assets until they become incapacitated or die. The trustor is allowed to redistribute trust properly or revoke the trust totally prior to their demise.
An irrevocable trust is a trust that you cannot revise, amend, or cancel. Once you set up and fund the trust, the trust assets aren’t yours any longer. You will leave control of them to the trustee. In addition, assets and property placed into an irrevocable trust are not part of the trustor’s estate. Thus, they are exempt from estate taxes.
Ready to Set Up a Trust?CONTACT US
Process of Creating a Trust
With the help of an experienced attorney, follow the steps below to set up a living trust in North Carolina:
Decide the type of living trust you want to create: an irrevocable trust or a revocable trust.
Choose whether to create a shared or individual trust.
Identify the assets, property, or funds to be placed in the trust.
Select a trustee/successor trustee.
Determine the trust beneficiaries.
Sign the trust document in front of a notary public.
Change the title of the trust property.
Fund or transfer assets into the trust.
Reach out to a local estate planning lawyer for assistance with the processes involved in creating a trust or other estate planning documents.
Why Having a Trust is Important
Here are some key benefits of creating a living trust:
It protects your estate in the event of a critical illness or mental incapacity.
You can determine the particular beneficiaries who will receive particular assets.
Your estate can avoid probate, a costly court-supervised process
You can select a reliable trustee to manage the trust assets.
Trust assets are protected from frivolous lawsuits and creditors.
A trust offers a great way to avoid or reduce estate and inheritance taxes.
Unlike a will (which goes through probate), a trust is private and away from the public eye.
A seasoned lawyer can offer you the reliable counsel you need when creating your trust documents and choosing a trustee.
Choosing a Trustee
Here are some important considerations when selecting a trustee for your trust:
Choose someone who is reliable and honest.
Choose someone with in-depth knowledge about the basics of investing.
Choose a person who is financially smart.
Choose someone capable of making informed decisions, regardless of the situation.
Choose someone who is responsible and glad to be held accountable.
Choose someone who can keep detailed and accurate records.
Most importantly, ensure that you choose a person who has your best interests at heart.
Work With Dedicated Estate Planning Attorneys
Establishing a trust in North Carolina can entail a lot of complex processes and paperwork—not to mention the emotions that come with planning for the future. When setting up a living trust, it’s important to consult with a dedicated estate planning attorney who will stand by your side.
At Ferguson Hayes Hawkins, PLLC, our attorneys feel honored to guide clients through the complex procedures involved in estate planning and creating trusts. No matter what your specific situation is, we’re ready to help you and your family move forward.
Trust Attorneys in Concord, North Carolina
If you’d like to create a trust, contact us at Ferguson Hayes Hawkins, PLLC. Our legal team can walk you through the procedures involved in crafting a well-rounded estate plan, including trusts. We’re proud to serve clients throughout Concord, Albemarle, Salisbury, Kannapolis, Rowan County, Cabarrus County, and the rest of North Carolina.