Top Elder Law Attorney Dennis Toman founder of The Elderlaw Firm in Greensboro, NC stresses the importance of understanding living trusts and consulting an experienced attorney. For more information please visit https://www.elderlawfirm.com
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Living Trusts remain untapped for most as they either aren’t aware of them or have questions only an Elder Law or Estate Planning attorney can answer, said North Carolina Elder Law Specialist Dennis Toman.
For more information please visit https://www.elderlawfirm.com
A revocable living trust enables a person to place assets into a trust over time. These assets can be utilized by that person and overseen by a nominated trustee. Assets are available to the person who sets up the trust during their lifetime and are distributed after death to named beneficiaries.
The Founder of the Elderlaw Firm in Greensboro urged anyone with questions about living trusts to speak to an experienced attorney.
Toman said they should ask about taxable impacts on trusts, how they can help avoid the probate process, whether wills should run parallel to a trust, how a power of attorney works, and understanding the difference between what a trust can deliver compared to a will.
Whether property or assets can be placed in a trust should also be established, Toman said.
For most, choosing the right trustee usually means naming themselves as initial trustee to administer the trust during their lifetime. But they must name a successor if the trust is to remain active when they become incapacitated or after they die.
He said: “Living trusts offer diverse benefits, such as allowing trust assets to be distributed soon after death and negating the period it takes to put a will through probate.”
Because a Living Trust is revocable, a person can alter it at any time. They can dissolve a trust and as it is not probated it never becomes a public record.
The downside could be forgetting to change the ownership of an asset to the trust. Only assets placed in the trust during lifetime will avoid probate.
Toman concluded: “Living trusts should be an essential part of any estate planning strategy. A Living Trust can act as a treasure chest, but all the treasure must be in that chest to be protected.”
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Contact Info:
Name: Dennis Toman
Email: Send Email
Organization: The Elderlaw Firm
Address: 403 W Fisher Ave, Greensboro, NC 27401
Phone: 336-378-1122
Website: https://www.elderlawfirm.com
Release ID: 89130886
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