Maginnis Howard offers some of the most comprehensive estate planning services in all of North Carolina, this includes Wills & Trusts.
A Trust is a legal arrangement through which one person called a “trustee,” holds legal title to property for another person, called a “beneficiary.” A Trust usually has two types of beneficiaries. The first type receives income from the trust during their lives and another one receives whatever is left over after the first set of beneficiaries dies.
A Will covers any property that is only in your name when you die. A Will does not cover property held in joint tenancy or in a Trust. A Trust covers only property that has been transferred to the Trust. In order for property to be included in a Trust, it must first be put in the name of the Trust.
Creating a valid Will or Trust that fully addresses your estate planning needs is a matter that should be addressed by an experienced attorney. A lawyer should review your situation and create a Will or Trust that is legally enforceable and handles your assets and properties according to your wishes. Individuals who are considering creating a Will or Trust may wish to speak with an estate planning attorney in North Carolina.
One of the main differences between a Will and a trust is that a Will goes into effect only after you die, while a Trust takes effect as soon as you create it. A Will directs who will receive your property at your death and it appoints a legal representative to carry out your wishes. A trust can be used to begin distributing property before death, at death, or afterwards.
Want to speak an estate planning attorney in Raleigh NC about creating a Will or Trust ? Thankfully for you, you’re in the right place. Maginnis Howard can answer your questions regarding estate planning/Wills and Trusts.
Don’t hesitate to give us a call at 919-526-0450 to speak with an estate planning attorney Raleigh NC or email us with any questions at firstname.lastname@example.org.