When you prepare for the future by setting up a trust and planning your estate, you can fully enjoy life, confident that your wishes will be carried out and your family protected in the event of your death. An experienced Charlotte trusts and estates lawyer will help ensure you are ready for whatever the future may hold.
At Melone Hatley, P.C., our firm has spent the past decade assisting clients as they set up legal plans for their futures. We can assist you whether you are just beginning the estate planning process or making changes to an already established estate plan. Learn more about what a Charlotte family attorney can do to help you through a free case review by calling our firm.
Matters an Experienced Trusts and Estates Attorney Serving Charlotte Can Help You Address
At Melone Hatley, P.C., our legal team will be your partner as you attempt to resolve all issues pertaining to your trusts and estate. Our experienced trusts and estates lawyers in Charlotte can assist you with a variety of legal matters, including:
- Will drafting and disputes
- Estate tax planning
- Trust creation Living wills
- Powers of attorney
- Pet trust
The best way to ensure you are prepared for the future is by creating a comprehensive plan with a Charlotte trusts and estates lawyer that meets all your goals. Once you have set everything up so that your family is protected and your future is secured, you can focus on living in the present.
Estate Planning Is Essential
When creating your estate plan, there are several decisions you will need to make regarding how your assets will be managed, distributed, and preserved following your passing. By setting up an estate plan, you can also ensure the proper management of your financial assets and obligations in the event that you become incapacitated.
Some of the most common assets included in an estate are:
- Property: Real estate, land, and buildings.
- Art: Paintings, sculptures, and other artworks.
- Collectibles: Items such as stamps, coins, and antiques.
- Vehicles: Cars, boats, and other motorized vehicles.
- Stocks: Shares and other investment securities.
- Pensions: Retirement accounts and pension plans.
- Life Insurance: Policies that pay out upon your death.
You may think that estate planning is something that only the super-wealthy need to worry about. However, regardless of your assets and the size of your estate, planning for the future is critical for protecting your family and ensuring that everything will be handled in line with your wishes in the event of your death.
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Trusts Have Various Benefits
A trust is a fiduciary arrangement designed to allow for the passing of assets from one party to their designated beneficiary or beneficiaries in the event of their death. Different types of trusts have different benefits for the parties that set them up and the beneficiaries.
When you create a trust, you will appoint a trustee who holds your assets on your behalf until the time comes to transfer them to your beneficiaries.
You can choose from a wide range of trusts depending on the benefits that best meet your goals.
Potential benefits of different trusts include providing protection to your loved ones after your passing, reducing your estate taxes, and avoiding the probate process so your beneficiaries can access the assets in your trust more quickly.
Common Types of Trusts
Some of the trusts you can choose to set up include:
- Revocable living trust
- Charitable lead trusts
- Charitable remainder trusts
- Marital or “A” trusts
- Bypass or “B” trusts
- Generation-skipping trusts
- Grantor Retained Annuity Trust (GRAT)
- Irrevocable Life Insurance Trusts (ILIT)
- Qualified Terminable Interest Property (QTIP) trust
- Testamentary trusts created with a will
An experienced Charlotte trusts and estates lawyer will help ensure you fully understand all the ins and outs of the available trusts so you can choose the option that best aligns with your goals.
Creating a Will Is Vital
Even if you establish a trust that directs how certain assets will be distributed following your death, it is still critical to create a valid will that covers how any assets not included in your trust will be distributed between your beneficiaries.
An experienced attorney from our firm can assist you as you draft your will, ensuring that all matters that need to be resolved are addressed. Determining all the issues you will need to include in your will without help from a legal professional can be challenging.
Fortunately, our experienced lawyers will be able to work with you to ensure that every issue is covered and that you don’t leave your family with any loose ends.
Going Through the Probate Process in Charlotte
Probate is the legal process through which a will is recognized and the terms of the will are followed. During the probate process, a personal representative or executor of your estate will be appointed.
Although the assets in certain trusts are exempt from the probate process, several issues will still need to be settled through probate.
An experienced attorney can help you set up your estate properly to ensure a smooth probate process and avoid unwanted burdens and complications for your loved ones.
Get Started on Your Case With Help from an Experienced Charlotte Trusts and Estates Attorney Today
Creating an estate plan that addresses all the issues that may arise regarding your assets and how they should be distributed when you die is a critical part of protecting your family. By getting started early, you will be able to relax, knowing that your family’s needs will be provided for after your death.
Of course, any plans you create as part of your estate plan can be modified at any time if you decide you would like to make a change. At Melone Hatley, P.C., we are here to help. Our Charlotte trusts and estates lawyers can assist you whether you are creating an initial plan or modifying a plan already in place. Visit our client testimonials page to learn about our firm’s history of helping clients with their trust and estate planning needs.
Contact us by using our online chat tool, completing our contact form, or giving us a call to schedule your free initial case evaluation today.
