What is a revocable living trust?
A revocable living trust is an estate planning document used to manage assets and property for individuals or families with disabilities. This type of trust allows the person with the disability to have control over the trust’s management and assets without having to go through a court process. With this type of trust, the individual or family can specify who will manage funds for the person with the disability. The trust can also be revoked or changed at any time if needed. In North Carolina, revocable living trusts can be used for the benefit of an individual with a disability. This includes providing for medical care, living expenses, and other needs. The person with the disability can also have a say in how the funds are used and managed. The trust can also be adjusted to ensure the disabled person has access to any government benefits they may be eligible for. With a revocable living trust, the person with the disability can decide how and when money is spent for their own personal needs. They can also provide for a successor to manage the trust and its assets upon their passing. This ensures that the disabled individual’s assets and property are handled appropriately and with the utmost care. Overall, a revocable living trust provides an important estate planning tool for individuals with disabilities in North Carolina. It can provide for their needs and ensure their assets are managed with the utmost care.
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