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North Carolina Living Trust for Individual Who is Single...

Fayetteville North Carolina Living Trust for Individual Who is Single, Divorced or Widow or Widower with Children

Name: Fayetteville North Carolina Living Trust for Individual Who is Single, Divorced or Widow or Widower with Children
Brand: US Legal Forms
Rating: 4.76 (219 reviews)

Category:

North Carolina Trusts - Living Trusts

State:

North Carolina

City:

Fayetteville

Control #:

NC-E0176

Format:

Instant download

Description

This form is a living trust form prepared for your state. It is for an individual who is either single, divorced or widowed with one or more children. A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust.

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FAQ

The cost of forming a living trust will depend on how you go about setting it up. If you use an online program to draw up the trust document yourself, you will pay a few hundred dollars or less. You can also choose to hire an attorney, which could end up costing more than $1,000.

To make a living trust in North Carolina, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trust's beneficiaries?that is, who will get the trust property. Create the trust document.

A living trust in North Carolina (also known as an inter vivos trust) is set up by the grantor, a person placing assets in trust. When you establish a trust like this, your assets will be owned in the name of the trust, but managed for your benefit while you are alive.

No Asset Protection ? A revocable living trust does not protect assets from the reach of creditors. Administrative Work is Needed ? It takes time and effort to re-title all your assets from individual ownership over to a trust. All assets that are not formally transferred to the trust will have to go through probate.

How Do I Make a Living Trust in North Carolina? Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trust's beneficiaries?that is, who will get the trust property. Create the trust document.

Common Types of Trusts Inter vivos trusts or living trusts: created and active during the lifetime of the grantor. Testamentary trusts: trusts formed after the death of the grantor. Revocable trusts: can be changed or revoked entirely by the grantor.

Irrevocable trusts are just that?you generally cannot change or revoke the trust after you create it. These trusts are therefore much less flexible than revocable living trusts, but they do have some benefits that revocable trusts don't offer.

Here's a good rule of thumb: If you have a net worth of at least $100,000 and have a substantial amount of assets in real estate, or have very specific instructions on how and when you want your estate to be distributed among your heirs after you die, then a trust could be for you.

Costs involved in maintaining and managing the trust The most common costs would include: Bookkeeping and accounting fees for the drafting of financial statements and submitting tax returns to SARS, and. Independent trustee fees, which could be charged as a set fee or a percentage of the market value of assets per year

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Fayetteville North Carolina Living Trust for Individual Who is Single, Divorced or Widow or Widower with Children

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How much does a living trust cost in NC?

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How do I start a trust in NC?

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Interesting Questions

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How does a living trust help in avoiding probate?

Is a living trust only for wealthy individuals?

Can I change the terms of my living trust?

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Fayetteville North Carolina Living Trust for Individual Who is Single, Divorced or Widow or Widower with Children

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