Although trusts are often perceived as only for the wealthy, they can be helpful estate planning tools for people at all income levels. When considering estate planning possibilities, individuals should consider the different types of trusts that are available. Options include revocable and irrevocable trusts, credit sheltering trusts and generation-skipping trusts.
Trust options available to North Carolina residents
Why executors may need legal assistance
A person who is appointed as an executor under a North Carolina testator's will might make the mistake of trying to do it without getting help. Probating a will must be completed according to the probate court's rules and procedures and must also follow the state's laws.
How North Carolina residents benefit from trust planning
No matter how old a son or daughter may be, he or she may have trouble managing money. In some cases, a parent may have one child who struggles with finances while the other one has no such problem. That could create a quandary for parents who don't want to seem unfair by placing restrictions on how an inheritance is to be distributed or what it can be used for.
Estate planning and second marriages
People entering a second marriage may have important assets such as savings, a home or a business. They may also have children from a prior marriage whose interests they want to protect.
