Greensboro Trust Planning Lawyer

Greensboro Trust Planning Attorney

Planning for the future is a gift you can give your loved ones to take the stress out of dealing with your estate following your death. If you want to put your estate in a trust, it is important to set it up properly. A Greensboro trust planning lawyer can ensure that your trust withstands any changes in laws and can hold up in court against anyone who might contest it.

Hire a Trust Planning Lawyer With Experience

The legal team at Orsbon & Fenninger, LLP, has over 75 years of combined estate law experience. Our primary practice focuses on estate law and related areas of practice. In addition to familiarity with local laws, we are also vested in the community. We know the local culture and can offer practical solutions for your trust planning needs. Our team is committed to providing straightforward legal advice that our clients can understand.

Adherence to the North Carolina Uniform Trust Code

In North Carolina, the North Carolina Uniform Trust Code is a law that specifically defines the way certain aspects of a trust must be structured. It names such important aspects of a trust as the duties of trustees and the conditions of formation. Comprehension and application of this 80-page law is an essential component of forming a legal and binding trust in NC.

It is imperative that a knowledgeable Greensboro trust planning attorney advise anyone who is considering forming a trust within the state. Failure to adhere to this law can result in a number of potential consequences. Some of these include:

• Certain conditions of the trust may be unenforceable
• If some provisions are found to be in contradiction with the NCUTC, the court may decide that default requirements supersede the unmet conditions
• There is a possibility of contestation of the trust and potential litigation
• The court could decide to modify the trust to meet the terms of the NCUTC
• The court could rule the trust null and void altogether, at which point the estate would be subject to probate as if there were no will, and intestate laws would apply to its distribution

Benefits of a Trust

Many people choose to put their assets in a trust rather than leave a will for a variety of reasons. For example, a trust can have certain tax advantages as well as protect beneficiaries from creditors. There is also less potential for disputes among beneficiaries with a trust. Estate planners and beneficiaries alike benefit from other features of a trust as well. Some of these advantages are described below.

A Trust Avoids Probate

North Carolina courts receive about 86,000 estate cases each year. A will is subject to probate by the Clerk of Superior Court’s office at the Guilford County Courthouse, located at 201 S Eugene Street, Greensboro, NC. Unlike a will, a trust does not require probate before it can be carried out. Probate can delay the distribution of assets for months after the individual’s passing. A trust, on the other hand, can be handled immediately.

A Trust Is Private

Another reason why people opt for a trust is that it keeps the personal details of assets in the estate out of the public eye. When a will goes through probate, it is a matter of public record. Anyone who wants to view the details of a will or court proceedings pertaining to a will may do so at their discretion. However, a trust is a private affair that is carried out between the trustee and beneficiaries.

A Trust Offers Flexibility

Another major advantage of having a trust over a will is that the allocation and distribution of assets has more flexibility with a trust. For instance, a trust can include terms or a schedule for the distribution of assets over time. Asset distribution can even be set up for beneficiaries at certain intervals or at certain milestones, such as graduation, marriage, the birth of a child, etc.

Why Choose Us?

If you’ve opted to put your assets in a trust for your loved ones, the most responsible thing you can do is hire a trust planning lawyer. We can guide you and ensure your trust is structured in compliance with state trust planning laws. Our skilled team has handled countless trust planning cases over the years and has as many satisfied clients. When you need legal advice on trust planning in Greensboro, there is no better place to go than to Orsbon & Fenninger, LLP.

FAQs About Greensboro Trust Planning Law

Do You Need a Lawyer to Manage a Trust in North Carolina?

No, you do not technically need a lawyer to manage a trust in North Carolina. However, it is to anyone’s advantage to consult with a local estate planning lawyer when forming a trust. Adherence to the North Carolina Uniform Trust Code is essential when creating a legal and binding trust that will hold up within the state’s courts. The NCUTC is not optional and is a law that must be followed; otherwise, certain consequences could void your intentions.

What Are the Disadvantages of a Trust in NC?

While a trust is a very responsible and practical way to approach estate planning in NC, there are some disadvantages to a trust. Setting up a trust may not be for everyone. Some downsides to a trust include initial setup costs, complications with transferring assets to the trust under certain circumstances, the need for ongoing administration, and the loss of control by the grantor, especially in an irrevocable trust.

Is It Better to Inherit a House or Put It in a Trust?

In most cases, it is better to put a house and other assets in a trust to avoid the costly and lengthy process of probate. By putting assets into a trust, it is theoretically easier to transfer ownership than it is via a will. To understand the specific application of trust planning laws in your situation, contact a trust planning lawyer for more informed legal advice.

Discuss Your Case with a Qualified Greensboro Trust Planning Lawyer

The knowledgeable and experienced legal team at Orsbon & Fenninger, LLP, can answer all your trust planning questions. Contact us to discuss your options for trust planning.