First of all, Trusts aren’t just for rich people. Creating a trust in NC can save your family a lot of money in the long run, and we can help you figure out how to navigate the pitfalls and process! New parents, please read the information below ~ it will help you sleep better.
Let’s face it, wills in North Carolina sometimes just don’t cut it and your family is left spending thousands paying for a lawyer and going to court just to distribute what’s yours to your loved ones after you are gone.
As new parents, planning for your family’s future is one of the most important steps you can take. While a will is a common way to distribute your assets after your death, it will not always be the best option for new parents. In this blog post, we’ll explore why a trust may be a better choice for new parents who want to provide for their children and ensure their financial security.
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Join us for our free Trust Planning Seminar Saturdays in downtown Asheville!
1. Avoiding Probate (aka helping your family avoid court after you die)
One of the biggest benefits of a trust is that it can help you avoid probate, a legal process that is required when distributing assets through a will. Probate can be a time-consuming and expensive process, and it can also become public record, which can compromise your family’s privacy. A trust, on the other hand, allows your assets to be distributed directly to your beneficiaries without going through probate, saving time and money and preserving your family’s privacy.
2. Providing for Your Children
A trust can be a powerful tool for new parents who want to provide for their children, especially if they are young or have special needs. A trust can specify how and when assets are to be distributed to your children (you don’t want your 18 year old having control over 3 million in life insurance, with a Trust you can specify when and how they received those funds). And it can also appoint a trusted individual, such as a family member or financial advisor, to manage the assets on their behalf. This can help ensure that your children have the financial support they need, even if you are no longer around to provide it.
3. Protecting Your Assets
A trust can also be used to protect your assets from creditors, divorce, or other financial claims. This can be especially important for new parents who are just starting to build their wealth and want to ensure that their assets are protected for their children’s future.
4. Estate Planning Flexibility
Finally, a trust can offer you more flexibility in estate planning than a will. A will is a one-size-fits-all document that is difficult to change once it is executed. A trust, on the other hand, can be amended or revoked at any time, which allows you to adjust your estate plan as your needs and circumstances change over time.
While a will is a common way to distribute assets after death, it may not be the best choice for new parents who want to provide for their children, avoid probate, and protect their assets. A trust can offer many benefits, such as flexibility, protection, and the ability to provide for your children, making it a valuable tool for new parents who are serious about estate planning. If you are a new parent and want to ensure the financial security of your family, consider speaking with an estate planning attorney to learn more about the benefits of a trust.
Give us a call or sign up for that seminar to lean more!