A will is a legal document by which a person, the testator, names one or more persons to manage his or her estate and provides for the distribution of his or her property at death. Property that is not properly disposed of by a will is then distributed by way of the North Carolina Intestate Succession Act. A will may also create a testamentary trust that is effective only after the death of the testator.
A will is valid in North Carolina if it meets the statutory requirements at the time of execution or at the time of death of the testator. A will must be signed in the presence of 2 witnesses and notarized. A basic will should include the names of the beneficiaries, the name of the executor who will execute your wishes, as well as a backup executor. It is important to make sure that the people you are naming as executor(s) are aware of the decisions you are making. You’ll also want to make sure that they fit the statutory requirements for serving as executor. Your will should also detail how you’d like the care of your children to be managed and distribution of your assets.
Finally, make sure that your will is typed and stored among your other important papers. The executor of your will should also be aware of the will’s existence and places where copies are kept.
A trust is a document created by a grantor, who transfers some or all of his or her property and assets to a trustee. The trustee holds that property or assets for the trust’s beneficiaries. The uses of trusts are many and varied, for both personal and commercial reasons, and trusts may provide benefits in estate planning, asset protection, taxes, as well as trustee oversight.
Trusts can be broken down into a few different categories.
- Revocable and irrevocable trusts
- ILIT (irrevocable life insurance trusts)
- Spendthrift/Special needs trusts
- Children’s/Educational trusts
- Charitable trusts
You should schedule a consultation with the Adaramola Law Firm at 828-348-0189 so that we can discuss your options and the most efficient management of your trust.