What is a revocable living trust?

A revocable living trust is a type of legal document that allows an individual or couple to have control over how their financial assets and property will be handled upon their death. This type of trust is often used to avoid the time and expense of probate court proceedings. In North Carolina, a revocable living trust can also be used to help protect assets from long term care costs. The trust will typically name a trustee to be in charge of managing the trust and overseeing any distributions that may need to be made. This trustee is responsible for distributing the assets in the trust according to the instructions set forth in the trust document. Revocable living trusts can also contain provisions that protect the trust assets from creditors, provide tax advantages, and protect the trust assets from being inherited by creditors. A revocable living trust can also be used to name guardians for minor children and disabled individuals in the event the creator of the trust passes away. This is especially important for individuals who may not have any other family members who can provide care for these individuals. In North Carolina, there are certain state laws that must be followed when creating a revocable living trust. It is important to seek the advice of an experienced elder law attorney to ensure the trust is properly written and meets all applicable legal requirements.

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What is a revocable living trust?

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