Preparing A Trust That Specifically Meets Your Needs
While a will is one of the most essential estate planning tools an individual can have, you may have additional assets that a will cannot protect. Trusts can often provide protection for individuals wishing to preserve these assets, might prevent assets from going through the probate process, and provide a measure of control over distribution of assets after you die.
The attorneys at Tally & Tally have extensive experiencing preparing a wide variety of trusts for our North Carolina clients. We have been providing estate family services from our Fayetteville office since 1948. When reviewing your situation, we can help you determine what sorts of trusts may be beneficial for you.
The Sorts Of Trusts We Routinely Prepare
With an eye for detail, the lawyers at our firm regularly prepare the following sorts of trusts:
- Irrevocable trusts
- Life insurance trusts
- Revocable trusts or living trusts
- Charitable trusts
We can also prepare testamentary trusts in conjunction with your will for overseeing particular assets. Whatever your circumstances, we will carefully prepare these trust instruments in a manner that meets your most personal needs and wishes.
Why Trusts Are Essential For Your Estate Planning Concerns
Without the right sort of trust in place, there may be depletion of the assets in your estate due to taxation and expense. While a will allows for you to designate who will receive your assets and belongings, it does not allow for you to retain control over those assets or prevent those assets from going through probate.
A trust can shelter certain assets from probate. When drafted carefully, a trust can also shield assets from taxation and expense. A trust allows for you to provide instructions on distribution of assets. It also allows for you to place limitations on the spending of trust funds so that money in the trust is not needlessly depleted.