Winston-Salem Trust Planning Lawyer

Trust Planning Attorney in Winston-Salem, NC

Trusts are useful estate planning tools that allow individuals to have more control and protection over their assets. There are many types of trusts available to North Carolinians, and there are many trust planning laws to navigate when trying to create an enforceable trust. A Winston-Salem trust planning lawyer from Orsbon & Fenninger, LLP, can provide knowledgeable guidance and experienced assistance.

Trust Planning Cases in Winston-Salem, NC

Estate planning is critical if you want to have a say in what happens to the wealth you’ve earned throughout your life once you’re gone. Despite this fact, few Americans actually have any estate planning documents in place, with 46% not even having a last will and testament.

Trusts can minimize tax liability, protect inheritances, and preserve wealth. They can also address a loved one’s special needs or fund a child’s college education. The key benefit of placing assets in a trust is that trusts can typically avoid the lengthy probate process, which involves administering an estate once the individual passes away.

Types of Trusts in North Carolina

There are many types of trusts available to you, depending on the nature of your estate and your goals. Our Winston-Salem trust planning lawyers at Orsbon & Fenninger, LLP, have experience in opening and managing many unique trusts, including:

• Asset protection trusts
• Charitable and charitable remainder trusts
• Grantor-retained interest trusts
• Education trusts
• Irrevocable trusts
• Living trusts
• Pet and pet care trusts
• Qualified personal residence trusts
• Special needs/supplemental needs trusts (SNTs)
• Testamentary trusts

The three main types of trusts you’re likely to hear about are living trusts, irrevocable trusts, and testamentary trusts. Living trusts are created during the settlor’s lifetime, and they allow them to manage assets and modify terms when necessary. Irrevocable trusts, however, are not as easily modified once established. Testamentary trusts don’t even apply until after the settlor’s death.

Regardless of the type of trust you’re working with, it’s wise to hire a trust planning lawyer to help you navigate your trust planning case. With a knowledgeable Winston-Salem trust planning attorney on your side, you can know that you’re making the right choices for your future.

In Winston-Salem, approximately 16 percent of the population is 65 years of age or older. As you get older, it becomes increasingly important to have an estate plan in place. Otherwise, you can leave your loved ones dealing with a mess while they’re coping with their loss. It’s wise to start estate planning as soon as you possibly can. That way, you can be prepared, even if the unexpected happens.

FAQs

What Types of Assets Can I Place in a Trust in Winston-Salem?

The types of assets you can place in a trust in Winston-Salem include most valuables that you possess. The exact property you place in a trust is ultimately going to depend on the details of your finances and other property. Common assets placed in trusts include:

• Business assets
• Financial accounts
• Personal property
• Real estate
• Stocks and bonds

It’s wise to discuss the status of your financial profile with a Winston-Salem trust planning attorney.

What Is a Testamentary Trust in North Carolina?

A testamentary trust in North Carolina is one of many types of trusts recognized under state law. These types of trusts are written into wills and don’t come into effect until after the settlor’s death.

Testamentary trusts are often used to manage assets for minor children or other beneficiaries, such as adults with disabilities. It is possible to modify testamentary trusts by making changes to your will. Once you pass away, however, the trust becomes irrevocable.

Do Assets in a Trust Have to Go Through Probate in Winston-Salem?

No, assets in a trust do not have to go through probate in Winston-Salem. Many people place assets in a trust for the sole purpose of avoiding probate. You appoint yourself as the initial trustee to continue managing the trust throughout your life.

You must include who is going to take over your title as trustee for when you pass away or if you become incapacitated. They are then in charge of handling your estate and distributing assets directly.

What Are the Requirements for Creating a Trust in Winston-Salem?

The requirements for creating a trust in Winston-Salem are outlined in the North Carolina Uniform Trust Code. It’s imperative that you understand state trust planning laws so that your trust can be enforceable. This can help you avoid potential disputes later.

First, the document must show a clear intent to form a trust. The settlor must be legally able to transfer property, and the trustee must be competent. Additionally, the trustee must be given duties to perform.

Hire a Trust Planning Lawyer in Winston-Salem to Plan for Your Future and Beyond

Opening and managing a trust can be a daunting process, especially if you’re trying to do everything on your own. Fortunately, you don’t have to figure it all out by yourself. Instead, you can turn to a Winston-Salem trust planning lawyer. They can explain your options for safeguarding your wealth for generations to come.

Orsbon & Fenninger, LLP, opened its doors in 2001 and has been helping individuals, families, and businesses throughout Winston-Salem, Charlotte, Ballantyne, Lake Norman, South Park, and elsewhere in North Carolina ever since. Our team has over 75 years of combined experience in estate planning, estate administration, and probate law.

Additionally, both attorneys who lead our team are board-certified specialists in estate planning and probate law by the North Carolina State Bar. You can count on us to answer your questions honestly, and we can work hard to make your goals a reality.

If you’re ready to learn more about how we can help, contact our office to schedule a meeting with a member of our team today. We can explain all the relevant trust planning laws, along with how to use them to preserve your wealth and assets.