Crafting a document that outlines what you wish to happen to your property and assets once you are gone can be an overwhelming project to take on, especially by yourself. There are many emotions invested in such a process, which can make it difficult to make decisions or plan adequately. Luckily, you don’t have to go through the process alone. Our Gastonia wills & trusts lawyer is prepared to guide and support you through every step of creating your future plan.
Both wills and trusts are similar in that they legally document how a person wishes for their property to be designated once they are deceased. However, each has its own unique features, so deciding which is right for you is entirely based on your individual needs. Before you decide which one to use, it can be helpful to understand the framework of both.
Wills are simple documents outlining how a person wishes for their property and/or assets to be distributed after death. These can be handwritten or typed out and printed, although it can be better to have them typed and printed in order to be easier for someone else to read and understand. A will must go through probate in order to be legally acted upon after your death.
Trusts are legal arrangements involving three parties: you, a trustee, and a beneficiary. In the case of a trust, you would designate the property and/or assets that you wish to bestow to a beneficiary, but those assets are held by the person you name as the trustee. They are then responsible for distributing the things you specified to the beneficiary. Trusts may be preferred over wills because they are not required to go through probate, and they can be enforced while you are alive.
Wills are some of the most common estate plans used in Gaston County. You can use a will to do many things, some of which include:
There are a few reasons why someone would prefer a trust to a will. When using a will, the document must pass through probate before it can be legally acted upon. This may take some time. In contrast, trusts skip the probate process.
A living trust is a trust that you create while you are still alive. Within a trust, you name a beneficiary or multiple beneficiaries who will receive the things you designate once you are deceased. One of the favored aspects of trusts is that they are not required to go through probate. A trustee whom you appoint will ensure that the beneficiaries you designate will receive what you wish.
In many cases, people who have trusts do not need to worry about federal estate taxes. These are only pertinent if your estate is worth a considerable amount, which changes with the times. Additionally, the state of North Carolina does not collect state estate taxes.
A lawyer’s fee for helping you to create a will depends on many factors, including the payment methods they use, how much time they spend on your case, the amount of experience they have, and more. For example, some lawyers charge an hourly rate. This means that how much you pay them depends on how much time they put into helping you. Other lawyers may charge flat rates for different services. You should always ask your lawyer about their pricing.
The cost of setting up a trust in North Carolina can vary widely, depending on many factors and what you are putting in the trust. The type of trust you choose and the size of your estate will also play a role in its total cost. If you’re considering creating a trust in Lincolnton, it is wise to consult an attorney who can help you better understand the costs and steps that come with it.
You are not required to get your will notarized in North Carolina. If your will has been signed by two witnesses, it will have legal standing. However, if you want to make your will to be self-proving, you will need to have it notarized. This means that when your will goes through probate, the court will not spend time contacting the witnesses who signed your will. The notarization will instead speak on your behalf, saving you and your family time.
To be required to go to probate, an estate must be worth more than $20,000 or $30,000 in the case that there is a surviving spouse who is going to receive the entire estate. It may be difficult to determine exactly how much your estate is worth, which is where the help of an experienced wills and trusts attorney can come in handy.
If you are considering creating a will or trust in Gaston County, our wills and trusts attorney can help. At The Schweppe Law Firm, P.A., our legal team is ready to walk alongside you and your family as you make decisions regarding the things that are most meaningful to you. Reach out today to learn more about how we can be of assistance.