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Trusts

Explore Your Options & Protect Your Assets from Probate Court

One of the benefits of having a comprehensive estate plan is that it protects your assets from probate court. Your “estate” encompasses all the property and assets you own and intend to pass on to your beneficiaries. While your will may designate your beneficiaries and dictate how these assets should be distributed, it’s your revocable and irrevocable trusts that protect your assets from being consumed by the probate process.

The best way to protect your assets from probate court to retain the services of a skilled and experienced estate planning lawyer. At Epperson Law Group, PLLC, our estate planning attorneys in Charlotte can review your financial circumstances, explain your legal options, and help you decide which trust options are best for your situation.

Contact Epperson Law Group, PLLC to discover which trusts can benefit your estate.

Understanding Probate

When you pass away, probate court is responsible for appraising your estate and using your assets to settle any remaining taxes or debts you still owe. This is a costly legal process, and, depending on the extent of your estate and the quality of your estate plan, can take up to 6-9 months to complete. During this time, your beneficiaries won’t be able to access their inheritance and may have to pay costly out-of-pocket court fees, executor fees, and appraiser fees.

Determining Which Trust Options Are Right for You

By placing your assets into a trust, you relinquish ownership to protect them from the probate process. This is because probate court can’t access or appraise any assets or property you don’t own. When you pass away, your trust—and all the assets and property it encompasses—is consigned to your beneficiary.

A trust provides the following benefits:

  • Any assets or property in a trust can bypass the probate process
  • Your assets are distributed per your wishes
  • Your assets won’t be severely diminished by estate, federal, and state taxes
  • You can build wealth by investing your trust assets

An estate planning attorney can explain the various types of trusts that are available to you. Many people choose to place their assets in multiple trusts to ensure their estate is completely protected. The most common trust options are revocable and irrevocable trusts.

At Epperson Law Group, PLLC, we can help you establish the following trust options:

  • Revocable Trusts: This is the most popular trust option. When you place your assets into a revocable trust, you remain the controlling trustee and can modify or revoke it at any time.
  • Irrevocable Trusts: An irrevocable trust cannot be altered or revoked upon its creation. However, all the assets and property within the trust are protected from taxes, probate, and any lawsuits. This trust option mostly benefits people who have significant assets or want to apply for government or social benefits.

We can also help you establish unique and less common trusts, such as charitable remainder trusts and special needs trusts. It’s important to schedule an appointment with an attorney at our firm so you can discuss your specific financial needs and learn which trust options best represent your circumstances.

Schedule a Consultation Today

At Epperson Law Group, PLLC, our estate planning lawyers in Charlotte have over 50 years of collective experience and can help you establish trusts that protect your family and your estate from probate court.

Call our Charlotte estate planning attorneys today at (704) 200-9278 to schedule a case evaluation.

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