A trust-based plan is best for anyone who has dependents and/or owns a business or real property.
A trust-based plan is almost always the best choice for anyone who owns real property, is a business owner, or has minor children. Additionally, the trust-based plan is a workhorse when it comes to certain multi-generational planning when you are providing for your parents (just in case they outlive you) or for grandchildren.
A trust-based plan solves for the inefficiencies and public nature of the will-based plan. Like a will-based plan, I can create a collection of documents designed to ensure that you choose the person who manages your affairs and your intended beneficiaries receive your assets. However, these documents go one step further by ensuring privacy throughout your incapacity and death, efficiency of asset management and responsibility management (kids, parents, pets), and freedom from the court process. I can help you prepare:
- A revocable living trust
- A pour-over last will and testament
- A durable power of attorney for finances
- A healthcare power of attorney and advance healthcare directive
- An NC HIPAA authorization
- A nomination of guardian
- Asset transfer documents and assistance
What I really like about the trust-based plan is its ability to centralize your planning into one main document (the living trust) so that you can better account for how your assets will be managed or utilized in service of your plan. Your living trust can become the repository for life insurance, retirement accounts in certain circumstances, and real estate wherever situated in the U.S. Thus, updating your plan in the future takes less energy and review.