Wills & Living Trusts
What Can You Do With a Will or Living Trust?
Whatever your station in life, drafting a will allows you to make a number of important decisions now and save the people you love a great deal of trouble once you've passed. Better still, talking to an attorney about your estate and actually drafting the will itself is a process that takes relatively little time to complete and is within almost anyone's budget.
So then, what exactly can a will be used to accomplish? Although some of the more subtle functions of a will may vary from person to person, they are generally used to accomplish any or all of five different goals:
- Choose beneficiaries
- Minimize taxes
- Appoint a guardian
- Name an executor
- Establish residence
At Crosswhite, Crosswhite, Ashley, Johnson & Allen, PLLC, our attorneys help individuals and families in the Statesville area and throughout the surrounding portions of North Carolina to create effective estate plans through the use of wills, living trusts and other legal tools. To schedule a consultation with one of our lawyers — call our firm directly or contact us online.
What About Living Trusts?
Living trusts can be used to accomplish some of the same goals as a will and come in two basic types, revocable and irrevocable.
What are the differences between them?
First, revocable living trusts are typically used to avoid the probate process (and its costs and delays), while irrevocable living trusts are generally used to avoid income and estate taxes.
Second, a revocable living trust can be rescinded or changed by you at any time whereas with an irrevocable trust, you cannot make those changes and you will generally not be able to benefit from the trust's income or principal.
A Community and Family-Oriented Law Practice
Local: 704.498.4089 / Toll Free: 1.888.604.9071
For answers to other questions you may have about wills or living trusts — and an honest and detailed assessment of your estate planning needs — call or contact us online to schedule a consultation today.
