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.
Parents can name guardians for their children and provide money and other resources for them through such a document. For some, a will won’t be enough to meet their needs. Therefore, it can be a good idea to consider creating a trust. Before creating the trust, it is a good idea to make a list of all assets a person could have including checking accounts or employer retirement accounts. Trusts can be ideal for those who feel as if a will may be challenged.
They can also be ideal for parents who have special needs children or otherwise want greater control over how assets are used. Individuals can provide a percentage of an asset or overall estate to each beneficiary. They can also distribute assets by any other means that they can think of. Finally, a person should consider a trust if he or she has significant assets that need to be protected.
Creating a trust may be an integral part of the estate planning process for some individuals. Trusts might make it easier for an estate to avoid probate or otherwise keep the details of an estate private. Parents may have greater control over how children or grandchildren spend money or use assets passed to them. Legal counsel might help draft a trust or review its terms to ensure that it meets an individual’s goals.
