Trusts provide vehicles for people in North Carolina to pass on assets to heirs. Benefactors sometimes want to keep these trusts secret, at least for a time, so that younger heirs will not grow up with the expectation of receiving a large inheritance. Concerns about young people developing a spoiled attitude or wasting their lives prompt benefactors to withhold information from their heirs. The law, however, could likely require some form of disclosure eventually.
Balance secrecy with trust beneficiaries' right to know
The tools that can help organize an estate
Everyone currently living in North Carolina and everywhere else in America will die one day. Therefore, it is worth taking time now to plan for what happens to everything left behind when that happens. Basic estate plan tactics include creating a will and designating an executor. An executor can be a friend, family member or any other trusted person, and it is possible to have more than one executive.
