Mecklenburg North Carolina Revocable Trust Agreement when Settlors Are Husband and Wife

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• County: Mecklenburg
• Control #: US-OG-104
• Format: Word; Rich Text

Description

This form provides for the establishment of a trust, specifying the duties and responsibilities of the trustee, and the distribution of the assets to be transferred to the trust. This form of trust is known as a revocable intervivos trust. Being a trust does not automatically accomplish the transfer of an owners property into the trust. This must be done by conveying, in deeds or assignments, the property to the Trustee. A Mecklenburg North Carolina Revocable Trust Agreement is a legal instrument that allows a couple, who are both referred to as Settlers or Granters, to establish a trust for their assets while they are alive and dictate the distribution of those assets after their deaths. This type of trust agreement is specifically designed for married couples residing in Mecklenburg County, North Carolina. Benefits of a Mecklenburg North Carolina Revocable Trust Agreement for Husband and Wife: 1. Flexibility and Control: The trust can be altered, modified, or revoked by the Settlers at any time, giving them full control over their assets during their lifetime. 2. Probate Avoidance: Upon the death of the Settlers, the assets held within the trust can pass directly to the beneficiaries without the need for probate, saving time and money. 3. Privacy: Unlike a last will and testament, a trust agreement remains private, as it does not go through the public probate process. 4. Incapacity Planning: The trust includes provisions on how the assets should be managed in case one or both of the Settlers become incapacitated. Types of Mecklenburg North Carolina Revocable Trust Agreements for Husband and Wife: 1. Joint Revocable Trust: Also known as a "spousal trust," this agreement combines the assets of both Settlers into one trust. It allows the surviving spouse to retain control and access to all the assets upon the death of the first spouse. 2. Individual Revocable Trusts: In this arrangement, each spouse creates their own separate trust, maintaining control over their individual assets. Upon the death of one spouse, the assets in their trust can be distributed according to their wishes, while the surviving spouse continues to manage their own trust. 3. AB Trust: Also referred to as a "marital and bypass trust," this type of trust aims to minimize estate taxes. It involves dividing the assets into two trusts upon the death of the first spouse: the "A" trust for the surviving spouse's benefit, and the "B" trust ("bypass" or "credit shelter" trust) for the benefit of the ultimate beneficiaries, typically children. 4. TIP Trust: Short for "Qualified Terminable Interest Property," this trust allows the Settlers to provide income for the surviving spouse while determining the ultimate beneficiaries upon the second spouse's death. It is critical for couples considering a Mecklenburg North Carolina Revocable Trust Agreement when set as husband and wife to consult an estate planning attorney familiar with North Carolina state laws to ensure their specific needs and intentions are met.

A Mecklenburg North Carolina Revocable Trust Agreement is a legal instrument that allows a couple, who are both referred to as Settlers or Granters, to establish a trust for their assets while they are alive and dictate the distribution of those assets after their deaths. This type of trust agreement is specifically designed for married couples residing in Mecklenburg County, North Carolina. Benefits of a Mecklenburg North Carolina Revocable Trust Agreement for Husband and Wife: 1. Flexibility and Control: The trust can be altered, modified, or revoked by the Settlers at any time, giving them full control over their assets during their lifetime. 2. Probate Avoidance: Upon the death of the Settlers, the assets held within the trust can pass directly to the beneficiaries without the need for probate, saving time and money. 3. Privacy: Unlike a last will and testament, a trust agreement remains private, as it does not go through the public probate process. 4. Incapacity Planning: The trust includes provisions on how the assets should be managed in case one or both of the Settlers become incapacitated. Types of Mecklenburg North Carolina Revocable Trust Agreements for Husband and Wife: 1. Joint Revocable Trust: Also known as a "spousal trust," this agreement combines the assets of both Settlers into one trust. It allows the surviving spouse to retain control and access to all the assets upon the death of the first spouse. 2. Individual Revocable Trusts: In this arrangement, each spouse creates their own separate trust, maintaining control over their individual assets. Upon the death of one spouse, the assets in their trust can be distributed according to their wishes, while the surviving spouse continues to manage their own trust. 3. AB Trust: Also referred to as a "marital and bypass trust," this type of trust aims to minimize estate taxes. It involves dividing the assets into two trusts upon the death of the first spouse: the "A" trust for the surviving spouse's benefit, and the "B" trust ("bypass" or "credit shelter" trust) for the benefit of the ultimate beneficiaries, typically children. 4. TIP Trust: Short for "Qualified Terminable Interest Property," this trust allows the Settlers to provide income for the surviving spouse while determining the ultimate beneficiaries upon the second spouse's death. It is critical for couples considering a Mecklenburg North Carolina Revocable Trust Agreement when set as husband and wife to consult an estate planning attorney familiar with North Carolina state laws to ensure their specific needs and intentions are met.