Is a North Carolina Revocable Living Trust Right For Me?
Dec 04, 2023
Whether a Revocable Living Trust is right for your particular situation or not is never as simple as looking at your net worth, despite what other attorneys may claim. That is because how much wealth you have doesn't mandate what your estate goals are.
If you are trying to decide between using a Last Will and Testament and a Revocable Living Trust for your estate plan, here are the seven main factors to review and balance:
1) Do you want a government mandated court process for the distribution of your estate, or would you prefer to have your estate distributed privately?
2) What is your tolerance for anticipated costs of between 4-10% of your total estate?
3) What is your tolerance for anticipated delays of 6 months to a year and a half for your estate to be finally closed?
4) How badly would you want to safeguard your estate from challenges from potentially disgruntled family members or outside parties?
5) What is your tolerance for the financial and personal details of you and your estate being open to public inspection?
6) Are there any particularly important people or assets who need to be protected in this estate process?
7) Are you willing to pay a little more and put in more effort up front in order to avoid the negatives in the previous six items?
In all, it really isn't such a simple question as throwing out a dollar figure, and then stating that above the amount means use a trust but below the amount means use a Will. That's just lazy. Even worse, the figure a lot of attorneys who get rich from doing probate work will throw out is $12.96 million. That's the 2023 federal threshold before estate taxes are imposed, but it has nothing to do with how your estate is administered. It's like saying "you don't need to change the oil in your car because your gas tank is full." One thing has nothing to do with the other.
For more information to help you determine if a revocable living trust is right for your situation, check out the free program at http://www.FreeTrustCourse.com.
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