Clemmons Estate & Trust Administration Lawyer

Clemmons Estate & Trust Administration Attorney

Handling your end-of-life affairs can be overwhelming. You want to ensure that your assets are distributed quickly and accurately. Having a trusted Clemmons estate and trust administration lawyer you can rely on makes the process of estate planning simple.

Choose Orsbon & Fenninger, LLP

At Orsbon & Fenninger, LLP, we have over 75 years of combined experience in estate and trust administration cases. Our attorneys and paralegals know the ins and outs of estate and trust administration laws and have your interests in mind while guiding you on effective practices for trust and estate planning.

Our board-certified attorneys focus on estate planning and are certified by the North Carolina State Bar. Located in Charlotte, we are native Carolinians with simple, down-to-earth values. We pride ourselves on making complicated legal situations easy to understand so you can make informed decisions on how you want your assets distributed.

Estate & Trust Administration Lawyers

In Clemmons, with so many excellent golf courses, the Yadkin Valley wineries, and the Clemmons Farmers Market, there are ample choices on how to spend a leisurely weekend or special occasion. However, taking the time now to plan your estate can save your family time and court fees after you’ve gone.

Clemmons is considered a small town with just under 9,000 households. When you want to keep the legacy you’ve built in the family, you will benefit when you hire an estate and trust administration lawyer. Estate and trust administration laws can be complex. Having an estate and trust administration lawyer to guide you through the process can be beneficial in a number of ways:

• Understanding expectations and legal documentation required of the trust. A skilled attorney can ensure that you understand every aspect of the trust and your role if you are the trustee.
• Determine which taxes apply to your situation. Even when you avoid probate, you may still have to pay estate tax, capital gains tax, property taxes, income taxes, and possibly the generation-skipping transfer tax.
• Locate creditors, settle existing debts, and prevent you from potentially being personally liable for those debts in the future.
• Ensure that you are meeting all of the requirements of the trust. Distributing assets may be straightforward for simple estates, but can quickly become complicated for larger estates or estates with special circumstances.
• Ongoing support for long-term trusts. When young children or other dependents receive ongoing support through a trust, that trust could require administration for years or even decades.
• Most importantly, you can have time to grieve without immediately having to worry about estate issues or trust distribution.

Different Types of Trusts

Establishing a trust allows families to pass down assets such as properties, family heirlooms, and substantial assets. It also allows your family to avoid probate court after your passing and may allow them to avoid estate taxes, depending on how the trust is established. A trust can be revocable or irrevocable.

A revocable trust allows you to manage your assets while you are still alive and decide how those assets will be distributed upon your death. The creator of the trust has full authority to make amendments to the trust, adjust how assets are distributed, or dissolve the trust completely. Benefits of a revocable trust include:

• Avoids probate
• Assets are distributed more quickly than a traditional will
• Transfers of property are more confidential

In contrast, an irrevocable trust permanently transfers assets to the beneficiaries while the creator is alive. The terms are set at the time the trust is created and cannot be altered once finalized. Potential benefits include:

• Estate tax reduction
• Asset protection
• Medicaid planning

FAQs

What Is the Difference Between an Estate Lawyer and a Trust Lawyer?

The difference between an estate lawyer and a trust lawyer lies in their scope of duty. In short, an estate lawyer helps manage and settle your estate after death through probate. A trust lawyer assists with managing a trust, usually set up while you are alive, and helps the trustee administer the assets according to the trust terms. Both an estate and a trust offer direction on how assets should be distributed, but do so in different ways.

How Long Does an Executor Have to Settle an Estate in North Carolina?

An executor has no deadline for how quickly they have to settle an estate in North Carolina, but they are expected to do it in a reasonable time. For simple estates, once any creditors have been paid, the remaining estate will be distributed to the heirs. While a more complicated estate, those with many heirs, multiple homes, or several high-value or hard-to-value assets, closing the estate might take longer.

Should I Create a Trust or Rely on My Estate Plan?

Creating a trust or relying on an estate plan depends on the complexity of your assets and your goals. If your estate is small or you have only simple assets, an estate created after your passing based on the provisions of your will is likely to be sufficient.

If you want to avoid probate, want to direct how assets will be distributed to heirs, own properties in multiple states, have a blended family, or want to protect your assets from possible legal claims, a trust might be a better route.

Does the Trust Administration Attorney Also Administer the Trust?

Generally, the trust administration attorney does not administer the actual trust. A trustee is named in the trust who is tasked with administering the trust as outlined. A trust administration attorney can offer guidance and support throughout the process of administering the trust and ensure that necessary tasks are being completed.

How Much Does a Trust Lawyer Cost in North Carolina?

The actual cost of a trust lawyer depends on a number of factors. Simply, the more complex the estate, the more expensive the overall trust might be. The type of trust being established may also affect the overall cost, with more complicated trusts being more expensive. There are also potential administrative or trustee fees.

Hire an Estate & Trust Administration Lawyer From Orsbon & Fenninger, LLP

It’s never too early to plan how your assets will be distributed upon your passing. When you hire an estate & trust administration lawyer at Orsbon & Fenninger, LLP, we can review your options for any size estate. Whether you want to establish a new trust or make modifications to an existing one, contact us for a confidential consultation.