Raleigh Revocable Trusts Attorney

A good attorney becomes your trusted partner in safeguarding your assets and ensuring your wishes are honored. 

At Oak City Estate Planning, our experienced legal team can create revocable trusts that provide flexibility and control over your estate. With our comprehensive approach, we guide you through the process of establishing a trust that reflects your needs and family dynamics. 

Our dedicated attorney is here to answer your questions and provide the support you need as you plan for the future. We can help you create a revocable trust that aligns with your goals.

To schedule a free consultation with our Raleigh revocable trust lawyer, contact our team online today.

What Is a Revocable Trust?

A revocable trust is a legal entity. You can transfer your assets into a trust, making it the legal owner of that property. A revocable trust allows you to retain control over those assets during your lifetime. As the grantor, you can modify or revoke the trust at any time, making it a flexible estate planning tool. 

What Assets Can Be Placed In A Revocable Trust?

As Raleigh revocable trusts attorneys, we often guide clients through the process of setting up a revocable trust and help them understand what assets can be included. A revocable trust is a versatile estate planning tool that allows you to manage and distribute your assets efficiently, avoiding probate and ensuring privacy.

You can place a wide variety of assets into a revocable trust. These include:

• Real Estate: Your primary residence, vacation homes, or investment properties can be transferred to the trust. This helps avoid probate and can simplify the transfer process upon your passing.
• Bank Accounts: Checking, savings, and money market accounts can be included. However, you may want to retain some accounts outside the trust for daily expenses.
• Investment Accounts: Stocks, bonds, mutual funds, and other investment accounts can be transferred to the trust, allowing for seamless management and transfer to beneficiaries.
• Business Interests: Ownership interests in LLCs, partnerships, or corporations can be placed in the trust, ensuring continuity of business operations.
• Personal Property: Valuable personal items such as jewelry, art, antiques, and collectibles can be part of the trust, providing clear instructions for their distribution.
• Life Insurance Policies: While not commonly added directly, naming the trust as a beneficiary can ensure proceeds are managed according to your wishes.
• Retirement Accounts: Typically, retirement accounts like IRAs and 401(k)s are not transferred directly into a trust. However, you can name the trust as a beneficiary to control the distribution of these funds.

Revocable trust lawyers in Raleigh can help you determine the best assets to include in your trust, ensuring it aligns with your estate planning goals. By placing these assets in a revocable trust, you maintain control during your lifetime and provide clear instructions for their management and distribution after your death.

The Benefits of a Revocable Trust

A revocable trust allows you to avoid probate. This feature is one of its strongest benefits. Assets held in a revocable trust pass directly to beneficiaries without going through the lengthy and costly probate process. Your loved ones can enjoy a smoother transition of assets than they would receive through a will alone.

Additionally, revocable trusts provide privacy. Upon your passing, they do not become part of the public record, so your personal and financial information can remain confidential.

Revocable trusts also offer enhanced asset management in case you become incapacitated. If you are unable to manage your affairs, a designated successor trustee can take over. This power transfer helps ensure assets are managed according to your wishes without any disruption.

These trusts also provide flexibility and control during your lifetime, allowing you to make modifications as circumstances change. This feature empowers you to adapt your estate plan to fit evolving family dynamics or financial situations. 

Overall, revocable trusts provide a comprehensive solution for effective and efficient estate planning.