Charlotte Trusts Attorneys
Serving Clients in Charlotte, Waxhaw, Huntersville, NC & Surrounding Areas
At Blood Law, PLLC we believe in protecting our clients’ future. We want the best for you and your loved ones – no matter what situation arises. To ensure we can deliver on this promise, we offer estate administration services, including the creation of living trusts, revocable trusts, and irrevocable trusts.
A trust can help you manage your deceased’s affairs more effectively and efficiently. It defines exactly what will happen to this individual’s property and assets, how they will be distributed, and who will inherit what in the estate itself. By taking the time to establish a trust, you could save yourself and your loved ones’ time, money, and paperwork by avoiding the probate process.
If you need assistance determining whether you should create a living will or trust, consult with a lawyer on our team today by calling (704) 286-0570.
What Is a Trust?
A trust is a legal document established by an individual known as the grantor. Control of the trust is maintained by a trustee. Trusts ensure the grantor’s property and assets are managed effectively and distributed accordingly after death.
There are various reasons to set up a trust, but the most common one is to avoid the probate process. You can bypass probate and distribute assets and property in a timelier manner if you establish a trust. This also means you and your family can avoid paying probate fees and going to court.
Types of Trusts
While there are many kinds of trusts, most fall into one of the following categories: living trust, revocable trust, irrevocable trust.
What is a Living Trust?
A living trust is a trust that is created during the settlor's lifetime. The settlor is the person who creates the trust and transfers property into it. A Charlotte trust attorney can help you create a living trust and transfer property into it. The trustee is the person who manages the trust property.
The beneficiaries are the people who will receive the benefit of the trust property. You can be the trustee and beneficiary of your own living trust. You can also appoint someone else to be the trustee. If you become incapacitated or die, the trustee will manage the trust property for the benefit of the beneficiaries.
What is a Revocable Trust?
With a revocable trust, the settlor has ownership and control over the property in the trust and can change its terms whenever he/she deems it necessary.
What is an Irrevocable Trust?
With this type of trust, the settlor hands over ownership of the property to the trustee, thus being unable to make changes to the trust.
Requirements for Creating a Valid Trust
In North Carolina, to create a valid and authentic trust, you must follow these rules:
- There must be a clear intention to create the trust
- The individual who creates the trust must have the ability to convey his/her wishes
- There will need to be a definite beneficiary
- A competent trustee must be appointed, and
- The trustee and beneficiary cannot be the same individual
Why Hire an Attorney
An experienced lawyer can ensure your living trust is set up properly and that you are on the right path to avoid probate. This can save you and your loved ones both money and time in the long run – especially if your trust is not legally enforceable. To get started on the process, call us today!
With offices in Charlotte, Waxhaw & Huntersville, we make it easier for families across North Carolina to find quality counsel.
Children Come First
With the complexities of family law, we put the well-being and safety of your children at the forefront of your case.
When you work with Blood Law, PLLC, you work with our entire team. Everyone is here to support you through each step.
We create personalized plans for each client while setting realistic expectations on the possible outcomes of the case.
From our first phone call to final signing, our team goes above and beyond to make sure you're getting the attention you deserve.
“Anna guided me through the entire process and answered all of my questions and concerns quickly.”- Debra K.
“Anna is very knowledgeable of the law as well as the local courts and judges.”- Penny N.
“I’m extremely grateful for Anna's help in my time of need.”- Olivia L.