A living trust, sometimes call a revocable trust, is a written legal document through which your assets are placed into a trust for your benefit during your lifetime.
Why Do I Want This?
In the State of North Carolina, a living trust is a great estate planning tool that allows you to have your assets owned by your trust during your lifetime and distributed after your death, or while you are still living. This type of trust is very flexible and provides you with the capability to make changes as you choose. A living trust will keep your assets from having to go through probate. Probate is the court process in which a will is verified and carried out. This process can take months to accomplish and cost copious amounts of fees. Also, having the ability to bypass probate means that your assets can be distributed immediately after your death, rather than after the entire probate process.
How Does It Work?
In order to create a living trust in North Carolina, you must complete the trust document and sign it in front of a notary. After completing the trust document, you must then transfer ownership of your assets into the trust for it to be affective. You, the grantor, will be the one in charge of setting up your living trust. When you establish such a trust, your assets will be owned in the name of the trust. In order to gain as much benefit from this trust as possible, it is advised to transfer all of the assets you can into the trust. This trust will be managed during your lifetime by the trustee. More often than not, that trustee is you. Along with the initial trustee, you must name a successor trustee to take over the trust after your passing. The successor trustee will then be in charge of continuing to manage your assets, as well as distributing them to your beneficiaries according to the terms you specified.
North Carolina is a "no-fault" divorce state. In almost all cases, all that is required to file for divorce in North Carolina is that you have lived in the state for at least six months, and that you have lived separate and apart from your spouse for a year and a day. Once a divorce is filed, it typically takes from four to eight weeks to process. If you need to speak with a divorce attorney, contact Adkins Law. Adkins Law has locations in Huntersville and Ballantyne.
When a married couple separates and plans to get divorced, they must go through the process of equitable distribution. If the couple or one spouse owns a business, the business is subject to be divided equitably. If you are contemplating separation or divorce, and you own a business, contact Adkins Law if you would like to discuss your matter in detail. Adkins Law has locations in Lake Norman and south Charlotte.
You are legally separated from your spouse if you move out of the marital residence with the intent of remaining separate and apart. Once you remain separate and apart from your spouse for a year and a day, you are eligible to file for an absolute divorce. Once the absolute divorce is granted, all bonds of marriage are terminated between you and your spouse. If you need to speak to a family law attorney in regards to a separation and / or divorce, contact Adkins Law. Adkins Law has locations in Huntersville and south Charlotte.
What is the difference in being legally separated and getting a divorce? When one spouse moves out of the marital home with the intent of remaining separate and apart, the couple is legally separated. In North Carolina, however, you must remain continuously separate and apart for a year and a day in order to file for a divorce. Once your divorce is granted, the bonds of matrimony are broken, and your marital status reverts to single. If you need to speak with a family law attorney in regards to seeking information on separation and divorce, contact Adkins Law. Adkins Law has locations in Huntersville and Ballantyne.