A Chapel Hill living trust attorney can provide you with help making an incapacity plan. There are many tools that could be a part of this plan, but living trusts can be especially helpful in ensuring that you are prepared if you become incapacitated.
At Clarity Legal Group® we work closely with you to define how a living trust can fulfill your goals for organizing your affairs. We begin every engagement which a focus on what is important to you, and then provide clear solutions for how to use a variety of estate planning tools to achieve your goals– including a living trust — if that is right for you.
For most people, their concerns include making sure they are prepared to protect themselves and those who rely on them in the event they become incapacitated. You should give us a call to get personalized help defining your incapacity plan. You can also read on to find out why a living trust can be a very helpful tool in ensuring you are to face the challenges of incapacity.
How a Living Trust Can Help you Be Prepared for Incapacity
A living trust attorney can help you to prepare for incapacity by ensuring that a trusted and responsible person can take over the management of your assets if you become physically or mentally unable to manage your wealth any more. Increasely, we see in our practice that a living trust can be a more effectively means of managing financial assets in this case than a Power of Attorney.
Many conditions such as dementia, neurological diseases, or a stroke could leave you unable to make decisions about how your wealth is managed or how your assets are used. If you have no tools in place to prepare for incapacity, your loved ones may be forced to go to court to have a guardian named who will be put in charge of taking care of your financial affairs.
The process of having a guardian or can be complicated, time consuming, and expensive. Furthermore, it leaves the court in control when effective planning could have left the person or people you chose in control while maintaining your privacy and dignity.
With a living trust, you are not transferring your assets to a trust company, but rather creating a private agreement which is designed by you and your attorney to address your specific goals as to who will control your assets in the event of your incpacity and at your death as well as who will benefit from those assets. You are not changing what you own, but instead how they are managed. To begin with, you will serve as Trustee and manage the assets with full discretion. You can select a successor trustee who will be able to take over the management of trust assets if and when something happens to you. Make sure you work with a law firm which will help transfer your accounts and other assets into the trust, as this crucial step is as much a part of your planning as are the legal documents.
Trusts can give you more control over what happens to your assets in the event of incapacity, and can also give you the peace of mind of knowing your assets will pass quickly on to heirs or beneficiaries after you pass away. This means you are not only prepared for incapacity, but you will also have a plan in place for securing your legacy, defining your beneficiaries, and providing efficient and cost-effecitve management of your affairs.
Getting Help from a Chapel Hill Living Trust Attorney
A Chapel Hill living trust attorney can provide personalized assistance with determining if a living trust should be a part of your incapacity plan or if there are other tools that you should use to be prepared in case you get sick or hurt and can no longer manage your wealth on your own.
Clarity Legal Group® has worked with many clients to prepare estate plans using a living trust that ensures that a trusted person controls their trust assets after something has happened that makes them unable to control assets on their own. We can also help with all other aspects of the incapacity planning process. To find out more about the assistance we can provide, give us a call at 919-484-0012 or contact us online today.
- Is a Beneficiary Defective Inheritance Trust Right for My Business Succession Plan? - December 5, 2023
- Understanding Assisted Living in North Carolina - December 5, 2023
- 10 Estate Planning Tips to Help You Create a Successful Plan - July 11, 2023