Wills & Living Trusts
At Crosswhite, Crosswhite & Johnson, PLLC, our attorneys help individuals and families in the Statesville area and throughout North Carolina create effective estate plans through the use of wills, living trusts and other legal tools.
Whatever your stage 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.
Some subtle benefits and functions of a will may vary from person to person, but they are generally used to accomplish any or all of five goals:
- Choose beneficiaries
- Minimize taxes
- Appoint a guardian
- Name an executor
- Establish residence
Living trusts can be used to accomplish some of the same goals as a will and come in two basic types: revocable and irrevocable. A revocable living trust is typically used to avoid the probate process (and its costs and delays), while an irrevocable living trust is generally used to avoid income and estate taxes.
Additionally, a revocable living trust can be rescinded or changed by you at any time whereas changes cannot be made and you will generally not be able to benefit from the trust's income or principal with an irrevocable trust.