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Board Certified Specialist in Estate Planning and Probate Law
Welcome to nclivingtrust.com. Living Trusts eliminate costs of probate administration and, if structured properly, can minimize federal and state estate taxes. A Living Trust is a legal arrangement in which an individual (the trustor or grantor) gives fiduciary control of property to a person or institution (the trustee or grantee) for the benefit of beneficiaries. The trustor of a Living Trust can be not the trustee and the beneficiary during the trustor's competent lifetime. If the trustor becomes incompetent, the Living Trust continues under a successor trustee for the benefit of the trustor or any others stated beneficiaies. Living Trusts allow for designation of successor trustees and additional beneficiaries upon a certain event (incompetency or death) or at a specified time. In addition, if the Living Trust is revocable, a trustor may revoke a Living Trust during the competent lifetime of the trustor.
Probate is the time consuming and sometimes costly, and unnecessary, cost of authenticating a Will (if there is one) and administrating the property of a decedent, incompetent or minor. However, state laws require the probate process when the owner of property dies or becomes incompetent. For most estates, probate costs and time delay can be totally avoided through the use and proper funding of a Living Trust. Living Trusts also provide the benefits of minimizing federal and state estate taxes by using legal provisions that allow for lifetime use of property without the property being included in the beneficiary's estate. In a Living Trust, the trustor specifies his or her wishes for control of property and its final distribution to beneficiaries. The Living Trust provides flexibility so that beneficiaries can receive their distributions in differing manners and amounts, taking their age and financial responsibility into account. Bottom line, Living Trusts offer flexibility and control.
More discussion on Living Trust can be found in our sections on avoiding probate through Living Trusts ("Living Trusts"), "Probate - Understanding Living Trusts", "How you can Avoid Probate, Save Taxes and More", "What's so bad about Probate", "Doesn't Joint Ownership Avoid Probate?" "Probate - if something happens to me, who has control?," "Probate - how can a living trust save on estate taxes?"
This living trust information is maintained by Dan Brady, Attorney and Certified Public Accountant, located in Raleigh, North Carolina. Dan is a partner in the firm of Brady, Nordgren, Klym & Morton, PLLC, Attorneys at Law.
The Firm's active practice areas include Corporate and Business Law and Taxation, Trusts and Estate Planning, Business Bankruptcy Practice, Personal Injury Litigation, Real Estate, Family Law and Divorce, Criminal Defense, Billing, and Staff Confidentiality.
Please visit our site to learn more about North Carolina probate and other areas of law in which we may be able to assist you in the management of your estate and legal affairs.
Brady, Nordgen, Klym & Morton, PLLC
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Mark R. Klym