Huntersville Trust Lawyer

Trust Attorney in Huntersville, NC

There are a variety of estate planning tools available to residents of Huntersville looking to protect their assets. A trust is a legal tool many North Carolina residents use instead of creating a will, or to protect certain assets from the probate process. Establishing a trust in Huntersville requires a strict adherence to guidelines and compliance with the trust’s terms. A Huntersville trust lawyer can help you establish a trust that meets your long-term goals.

About OrsbOrsbon & Fenninger, LLP

Orsbon & Fenninger, LLP, is an estate planning law firm serving the greater Charlotte area, including Huntersville and surrounding cities. Collectively, our firm has over 50 years of legal experience in trust and estate planning. As native North Carolinians, our attorneys are well-versed in local trust laws and have helped countless clients establish trusts that help them feel confident in their futures.

North Carolina Trust Laws

The North Carolina Uniform Trust Code 36C defines how a trust must be created, modified, administered, and terminated. It is imperative that a trust follow its established guidelines to maintain compliance and validity. The purpose of NC trust laws is to make sure all trusts established in North Carolina are administered fairly, accurately, transparently, and in agreement with both the settlor’s intent and state laws.

It is the duty of a trustee to protect, manage, and distribute assets within a trust. This is because when a trust is created, the ownership of the assets within it is transferred to the trustee. This makes them responsible for protecting the assets in that trust and the beneficiary’s rights to those assets.

With almost 13.5% of the population in Huntersville being aged 65 and over, it’s important to understand what legal tools can help you protect your assets and your loved ones. A trust is an estate planning tool that allows grantors to keep their assets and business out of the public eye and away from probate, while still making sure they are protected, maintained, and distributed properly.

Different Types of Trusts in North Carolina

There are multiple types of trusts you can choose from in North Carolina, all of which come with different terms. A skilled trust lawyer from our firm can help you identify the right trust for your situation and help you establish it. The following are the most common trusts used throughout North Carolina:

• Irrevocable Trusts. Irrevocable trusts in North Carolina allow grantors to transfer assets to their beneficiaries while they are still living. This fully transfers ownership of the assets to the trustee and the trust’s beneficiaries, meaning the grantor is no longer the legal owner of those assets. Irrevocable trusts minimize tax risks and protect assets from creditors.
• Revocable / Living Trusts. When you create a revocable trust, you act as your own trustee and maintain full control of your assets until your death. Once you pass away, your trust then becomes irrevocable, and your assets are distributed to beneficiaries. These assets can avoid the probate process.
• Grantor Retained Interest Trusts: In a grantor retained interest trust, a grantor can place certain assets into a trust while still maintaining their rights to those assets. After a certain period has passed, those assets are then transferred to beneficiaries in hopes of mitigating tax penalties.
• Testamentary Trusts. This form of trust only becomes active once the grantor passes away. A testamentary trust is generally included in a will and assigns a trustee to manage assets and distribute them to beneficiaries.
• Special Needs Trusts. A special needs trust allows family members to care for someone with special needs without jeopardizing their eligibility for disability benefits.

Hire a Trust Lawyer in Huntersville With Experience

When you’re looking to create a trust in Huntersville, it’s crucial that you hire a trust lawyer who can help you identify and establish the right trust for your situation. The lawyers at Orsbon & Fenninger, LLP, share decades of legal experience and have helped a myriad of North Carolina residents create trusts that protect their assets, loved ones, and estates.

Whether you’re looking to learn more about the different types of trusts in North Carolina or you’re ready to establish one today, don’t wait to see how our experienced attorneys can help.

FAQs

What Cannot Be Held in a Trust in North Carolina?

While most assets can be placed into a trust in North Carolina, certain assets are excluded, such as retirement accounts. IRAs, 401ks, and similar accounts, as well as life insurance policies, cannot be placed in a trust, as it can result in serious tax penalties. Also, vehicles, foreign assets, and joint property with survivorship rights should be left out of a trust, as tax penalties and complications can easily arise.

When Should You Hire a Trust Lawyer in North Carolina?

If you are looking to create a trust, want to learn more about the benefits of a trust, or are dealing with a dispute involving a trust, you should hire a lawyer as soon as possible. Working with a skilled trust lawyer helps to make sure that you create a legally valid trust that adheres to guidelines and tax requirements while also protecting your assets. An attorney can help you establish a trust, resolve disputes, and manage the assets within your trust.

Can You Put Your House in a Trust in North Carolina?

You can put your house in a trust in North Carolina, but whether it is the right decision for you should be a decision made after speaking with a North Carolina trust lawyer. It can be beneficial to put a house in a trust because it avoids probate and can simplify the transfer of assets to beneficiaries. However, it’s not always a beneficial move. An attorney can help you identify the right legal strategy to protect your family home.

Can You Modify a Trust After It Is Established in North Carolina?

Whether or not you can modify a trust after it is established in North Carolina depends on the trust you created. Revocable trusts can be modified or revoked if the grantor decides it is beneficial. However, irrevocable trusts cannot be modified and become irrevocable as soon as they are established.

Contact an Experienced Huntersville Trust Lawyer

Orsbon & Fenninger, LLP, Huntersville trust lawyers, stay up-to-date and educated on North Carolina trust laws, allowing us to help our clients create sound estate plans. Contact our office today to learn more about how we can help you establish a trust in Huntersville.