Newton Wills and Trusts Lawyer

Newton Wills and Trusts Attorney

You have worked your entire life to build your wealth and secure a prosperous financial future for your family. It is important that you protect this wealth by creating a sound estate plan for the management of your assets upon your passing. A skilled Newton wills and trusts lawyer can assist you in constructing a legally sound estate plan that can afford your loved ones peace of mind in the future.

The estate planning attorneys at The Jonas Law Firm, P.L.L.C., bring a wealth of knowledge and years of practice to their work with North Carolina families. With over a century of providing estate planning, real estate, and family law legal support, our team has a proven track record of successfully aiding clients from all backgrounds in the creation of their wills and trusts.

Creating and Administering Wills and Trusts in North Carolina

Wills and trusts are essential components of the estate planning process, along with advance directives and guardianships. They dictate what should happen with your property and assets after your death, and each document serves a different purpose. For a will to be considered valid, it must meet specific legal requirements, such as being in writing, signed by the testator, and witnessed by individuals who are not beneficiaries. If these conditions are not met, the will may be challenged or deemed invalid.

When a person passes away without a will or trust in North Carolina, the administration of their wealth is done through North Carolina’s intestate laws. This means their assets go to their spouse, any living children, or their parents once all debts are paid off. Otherwise, assets are distributed to the next of kin in an order prescribed by North Carolina law. To avoid common estate planning mistakes, it’s important to have a valid will or trust in place, ensure beneficiaries are clearly designated, and regularly update your estate plan to reflect any life changes.

In order to have control of what happens to your assets upon death, you need to create a will or a trust to define who receives your wealth.

Wills and trusts can serve to prevent any disputes over your property once you die. They permit you to name persons other than your family as beneficiaries, ensuring your last wishes are respected.

Wills and trusts are similar in that:

• They should be created by someone who is of sound mind and is at least 18 years old.
• The intended purpose of the document must be stated.
• They designate a person to manage the assets in the document.
• They can be amended (unless the trust is irrevocable).
• They require a valid signature from the person creating the document.
• They name a person to manage the inheritance of minor children or adult children with disabilities.

Not all assets can be managed through a will or a trust. Assets that have a named beneficiary, such as a life insurance policy or a retirement account, cannot be distributed to other non-beneficiaries in most cases. Similarly, marital property laws in NC may limit your ability to transfer an asset to someone other than your spouse through a will or a trust.

Differences Between a Will and a Trust

Despite the similarities, there are key differences between a will and a trust that you should consider when creating an estate plan that is most appropriate for you and your family.

Wills generally require the signature of two witnesses to be valid. They are administered through probate, where the courts will formally name an executor. This means that your estate will be a part of the public record.

A trust, on the other hand, is administered outside of the court, and thus, the process is more private. As the settlor — the person creating the will – you can name a trustee to manage the trust.

With wills, real property is legally transferred when the estate is administered through the probate process upon death. With a trust, the deed to any real property must be transferred to a trust before death. If you need to know about contesting a will, it’s important to understand that it may involve challenging the validity of the will, which can be complex and require legal assistance.

These are just some of the major differences between a will and a trust. It is recommended that you consult a seasoned estate planning lawyer who can provide you with better insight into how these estate planning tools can benefit your situation.

The Role of a Newton Wills and Trusts Lawyer

Having the backing of a Newton wills and trusts lawyer throughout the estate planning process can help ensure your estate planning needs are adequately met.

Our dedicated estate planning attorneys can assist you by answering your legal estate planning questions, allowing you to properly assess your options and choose the right estate planning instruments for you and your family. We can also assist with the creation of legally sound wills and trusts so that your last wishes are respected, and your loved ones are protected.

The team at Jonas Law Firm, P.L.L.C., can also advise you through the estate administration stage, including the probate process and resolving disputes regarding wills and trusts so your family does not end up in court following your death.

FAQs

Do I Need a Lawyer to Create a Will or a Trust in NC?

Though a lawyer is not required to create a will or trust in NC, you are highly advised to seek the guidance of a qualified estate planning attorney. A knowledgeable legal counselor can help ensure that your will or trust is legally valid. The language used in wills and trusts needs to be specific, and an attorney can help you draft a will or trust that meets your needs in Newton, North Carolina.

What Type of Lawyer Is Ideal for Wills and Trusts?

An estate planning lawyer is ideal for wills and trusts. These attorneys are knowledgeable about estate planning laws, and they can make sure your will and trust are both legally enforceable. A seasoned estate planning attorney with a background in real estate, tax, and family law practice can be an asset, especially when dealing with real estate transactions within your estate planning. They can ensure that your real estate assets are properly handled, transferred, or included in your will or trust.

How Much Does It Cost to Create a Will in NC?

The cost of creating a will can vary depending on your estate planning needs and the cost of the attorney fees. The size of your estate and the specifics of your will may dictate how much a skilled attorney will charge. There may be additional costs when a will goes through probate. In North Carolina, as in other states, these costs can include court fees, executor fees, and attorney fees for probate administration.

Is a Trust Better Than a Will in NC?

A trust can be better than a will if you hope to keep your estate outside of the public record. It is also more flexible in providing you with options for how your wealth is distributed following your death. Consulting an estate planning attorney can help shed light on whether a trust or a will is more appropriate for you or if you should create both.

Contact us to Get Defense Related to Wills and Trusts Cases

Whether you are considering creating a will or are unsure if a trust may be the optimal choice for the management of your wealth, working with a trusted Newton wills and trusts lawyer can help prevent any issues related to your estate.

The family of lawyers at The Jonas Law Firm, P.L.L.C., provides legal counsel to residents and businesses in North Carolina. We are equipped to handle your estate planning and probate needs. Schedule a consultation today to learn more about creating a will or a trust.