I was talking with a woman recently about estate planning. She wanted to know if she needed a will even if she had a trust in place. I then asked her if she knew what would happen, if she died with an asset in her name that was not in the trust. Her eyes got really big and she swallowed hard as she realized the entire goal of her trust would be thwarted if that happened!
Many people in North Carolina have a revocable living trust for the following three reasons.
* To prevent their assets from being frozen upon their death.
* To eliminate the timely and expensive probate process.
* To ensure there is a smooth and quick transfer of assets to their loved ones after they are gone.
With a revocable living trust, as long as all of the necessary assets are properly titled in the name of the trust, the costs of lengthy probate proceedings can be completely avoided. However, should you acquire an asset that is in your name and you neglect to title it in the name of the trust, then that asset will be frozen and probate will be required to transfer it to the appropriate heir.
To learn how to establish a revocable living trust and title your assets the right way to enable your heirs to avoid probate, contact Thomas Walters, PLLC at (888) 787-1913 to schedule a complimentary consultation. Or consider attending a Thomas Walters, PLLC, educational seminar by going to www.twestateplanning.law for more information.