Wake North Carolina Revocable Trust Agreement with Corporate Trustee

• Category: Trusts - Agreements
• State: Multi-State
• County: Wake
• Control #: US-0377BG
• Format: Word; Rich Text

Description

A revocable trust is a trust that can be modified or revoked by the settler. In such trusts, the settler reserves the right to terminate the trust and recover the trust property and any undistributed income. Revocable trusts are considered grantor trusts and therefore the income is taxed to the settler and the assets in the trust at the time of settlers death are included in the settlers taxable estate. A Wake North Carolina Revocable Trust Agreement with a Corporate Trustee is a legal document that establishes a trust in Wake County, North Carolina, where the trustee of the trust is a corporate entity. This type of trust agreement is commonly used by individuals in Wake County who wish to protect their assets and plan for the distribution of their estate upon their death. The Wake North Carolina Revocable Trust Agreement with Corporate Trustee offers several advantages, including greater asset protection, professional management of the trust's assets, and the expertise of a corporate trustee. By designating a corporate trustee, individuals can ensure that their assets are properly managed and protected, and their estate plan is executed according to their wishes. There are different types of Wake North Carolina Revocable Trust Agreements with Corporate Trustees that cater to specific needs and circumstances. Some of these types include: 1. Individual Revocable Trust: This type of trust agreement is established by an individual, who serves as both the granter and the trustee during their lifetime. The individual retains the right to amend or revoke the trust, and upon their death, the trust becomes irrevocable, with the corporate trustee taking over the management and distribution of the assets. 2. Joint Revocable Trust: This trust agreement is created by a married couple or domestic partners. Both parties serve as contractors and trustees during their lifetime. Similar to an individual revocable trust, the trust becomes irrevocable upon the death of one of the granters, and the corporate trustee assumes control. 3. Special Needs Trust: This type of trust agreement is designed to provide financial support for individuals with disabilities or special needs. It allows the granter to set aside funds for the beneficiary's care while still preserving their eligibility for government benefits. The corporate trustee ensures that the funds are properly managed and disbursed to meet the beneficiary's unique needs. 4. Charitable Remainder or Charitable Lead Trust: These types of trust agreements are established to support charitable causes while providing tax benefits to the granter. A corporate trustee manages the trust and ensures that the funds are distributed as per the granter's instructions, either to provide income to the beneficiaries or to support charitable organizations. In conclusion, a Wake North Carolina Revocable Trust Agreement with a Corporate Trustee offers individuals in Wake County a reliable and professional means of estate planning and asset protection. Depending on their specific needs, individuals can choose from different types of trust agreements that cater to their circumstances, ensuring their assets are protected and distributed according to their wishes.

A Wake North Carolina Revocable Trust Agreement with a Corporate Trustee is a legal document that establishes a trust in Wake County, North Carolina, where the trustee of the trust is a corporate entity. This type of trust agreement is commonly used by individuals in Wake County who wish to protect their assets and plan for the distribution of their estate upon their death. The Wake North Carolina Revocable Trust Agreement with Corporate Trustee offers several advantages, including greater asset protection, professional management of the trust's assets, and the expertise of a corporate trustee. By designating a corporate trustee, individuals can ensure that their assets are properly managed and protected, and their estate plan is executed according to their wishes. There are different types of Wake North Carolina Revocable Trust Agreements with Corporate Trustees that cater to specific needs and circumstances. Some of these types include: 1. Individual Revocable Trust: This type of trust agreement is established by an individual, who serves as both the granter and the trustee during their lifetime. The individual retains the right to amend or revoke the trust, and upon their death, the trust becomes irrevocable, with the corporate trustee taking over the management and distribution of the assets. 2. Joint Revocable Trust: This trust agreement is created by a married couple or domestic partners. Both parties serve as contractors and trustees during their lifetime. Similar to an individual revocable trust, the trust becomes irrevocable upon the death of one of the granters, and the corporate trustee assumes control. 3. Special Needs Trust: This type of trust agreement is designed to provide financial support for individuals with disabilities or special needs. It allows the granter to set aside funds for the beneficiary's care while still preserving their eligibility for government benefits. The corporate trustee ensures that the funds are properly managed and disbursed to meet the beneficiary's unique needs. 4. Charitable Remainder or Charitable Lead Trust: These types of trust agreements are established to support charitable causes while providing tax benefits to the granter. A corporate trustee manages the trust and ensures that the funds are distributed as per the granter's instructions, either to provide income to the beneficiaries or to support charitable organizations. In conclusion, a Wake North Carolina Revocable Trust Agreement with a Corporate Trustee offers individuals in Wake County a reliable and professional means of estate planning and asset protection. Depending on their specific needs, individuals can choose from different types of trust agreements that cater to their circumstances, ensuring their assets are protected and distributed according to their wishes.