What is a living trust?

A living trust is a legal document that may be created during a person’s lifetime to manage and protect their assets while they are alive and after their death. In North Carolina, a living trust is known as a revocable trust, meaning that the Grantor (the person creating the trust) may modify or revoke the trust at any time during their lifetime. They may also appoint a Trustee to manage the trust assets during their lifetime and after their death. A living trust has several benefits for those who create one. It allows the Grantor to have more control over their assets, and allows the Trustee to manage the assets in accordance with the Grantor’s wishes. In addition, it can help to avoid probate, which is the court process of settling an estate after someone’s death. Living trusts can also help to protect assets from creditors, as they are not subject to probate. However, living trusts may also have several drawbacks. They can be expensive to set up and maintain, and they may involve complex legal paperwork. There may also be tax implications, so it is important to discuss these matters with an experienced elder law attorney in North Carolina. Overall, living trusts are a useful tool for those looking to protect their assets and ensure that they are managed according to their wishes. It is important to review the pros and cons carefully before making a decision, and to consider consulting an attorney who specializes in elder law to ensure that all potential questions and concerns have been addressed.

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