Raleigh Trust Attorney
Trusts are underutilized as estate planning tools even though they are incredibly valuable. This is largely due to the fact that most people think trusts are just for the rich or for families with "trust funds." This is false. Do not let a misconception like this keep you from taking advantage of a tool that is part of the comprehensive estate planning process.
Simple, Efficient and Effective Solutions
Armor Trust Attorneys of Raleigh, North Carolina, provides clients with the simplest and most efficient solutions for their estate planning goals. Knowledgeable and dedicated estate planning attorney Erica Ferranti helps clients with their comprehensive estate planning and asset protection needs including preparing wills and trusts. We serve clients in Raleigh, Durham, Chapel Hill and the surrounding Triangle counties.
Contact our law office to discuss your individual estate planning needs with an experienced Raleigh trust funds attorney Call (919) 571-4398.
What Is a Trust?
A trust is a legal entity that holds title to property for the benefit of one or more other persons or entities. This can include cash, real property and other investments. Essentially, the trust takes "ownership" of the property and is administered for the benefit of the beneficiaries. For a more detailed legal discussion of trusts and its components, go to our article, Trusts: Underutilized Estate Planning Tools.
Types of trusts include:
Benefits of a Trust
Trusts have more than just estate tax planning benefits. They can be used for the benefit of minor children. In North Carolina, minor children cannot just receive an inheritance right away. Instead any assets go into a custodial account at the Clerk of Court. The money stays there until the child is 18. Trusts allow for parents to be able to decide when and how an inheritance is distributed to their child.
Trusts also allow people to protect their money from creditors or from irresponsible family members. Trusts are beneficial in that they are more flexible than wills by allowing for multiple beneficiaries over time. In addition, trusts are private and confidential as opposed to wills, which are of public record.
Contact Us to Discuss North Carolina Estate Planning Tools
Contact our Raleigh office at (919) 571-4398 to arrange an appointment with our dedicated Raleigh trust fund lawyer. We will take the time to identify your family's estate planning goals and the risks unique to your situation.