A revocable living trust is one of the most flexible and effective tools in estate planning. It allows you to manage your assets during your lifetime and ensure a smooth, private transfer of property when you pass away—all without going through probate. If you want to stay in control of your estate and make life easier for your family, a revocable trust may be the right choice.
Our estate planning law firm based in Charlotte helps individuals and families across Matthews create custom estate plans that include revocable trusts and more. Working with a revocable trusts lawyer in Matthews, NC gives you peace of mind that your plan is valid, comprehensive, and tailored to your needs. Contact us today to get started with a consultation.
What Is a Revocable Trust?
A revocable trust—sometimes called a living trust—is a legal entity you create to hold and manage your assets. You, the grantor, typically serve as the trustee during your lifetime and maintain full control over the trust property. You can add, remove, or change assets at any time and revoke or modify the trust whenever you choose.
When you pass away or become incapacitated, a successor trustee manages or distributes your assets according to your instructions. This structure allows your estate to bypass probate and ensures a more private and efficient transfer of property.
Benefits of a Revocable Trust
There are many advantages to including a revocable trust in your estate plan:
Avoids Probate
Assets held in your trust are not subject to the probate process. This means your loved ones can access them more quickly, without going through court.
Maintains Privacy
Unlike a will, a revocable trust is not filed with the court and does not become a public record. Your personal and financial information stays private.
Manages Incapacity
If you cannot manage your affairs, your successor trustee can take over without court intervention. This keeps your affairs running smoothly without the need for a guardianship proceeding.
Offers Flexibility and Control
You can provide detailed instructions for how and when your beneficiaries receive their inheritance, such as delaying distributions for minors or protecting assets from financial mismanagement.
Helps with Out-of-State Property
If you own real estate outside North Carolina, a revocable trust can help avoid separate probate proceedings in other states.
Potential Drawbacks and Considerations
While revocable trusts offer many benefits, they’re not the right solution for everyone. Here are a few things to keep in mind:
- Upfront Cost and Effort – Creating and funding a trust can involve more time and expense than drafting a will.
- Ongoing Maintenance – You must remember to title new assets in the name of the trust, or they may still pass through probate.
- No Asset Protection – Unlike some irrevocable trusts, a revocable trust does not shield your assets from creditors or lawsuits.
- No Tax Savings – A revocable trust does not reduce estate taxes or income taxes, though it may work alongside other tax planning strategies.
Your estate planning attorney can help you weigh the pros and cons and decide whether a revocable trust fits your goals.
How to Set Up a Revocable Trust in Matthews, NC
Creating a revocable trust involves more than just signing a document. It’s a multi-step process that requires legal precision and attention to detail:
- Initial Consultation – You’ll meet with your lawyer to review your assets, goals, and family structure.
- Drafting the Trust – Your attorney will prepare a trust agreement that names the trustee(s), beneficiaries, and terms for distribution.
- Funding the Trust – You must transfer ownership of your assets—such as bank accounts, real estate, and investments—into the trust.
- Ongoing Management – While you’re alive, you manage the trust and can make changes if you wish. After you pass, your successor trustee handles the distribution process.
- Periodic Reviews – We recommend reviewing your trust every few years or after major life changes to ensure it still reflects your intentions.
Failing to fund the trust is one of the most common mistakes—and it can undermine the very reason you created the trust in the first place. Our Matthews trust lawyers will help ensure this critical step is completed properly.
How a Matthews Revocable Trusts Lawyer Can Help
While you can find do-it-yourself trust forms online, they often leave out important language or fail to coordinate with other documents like wills and powers of attorney. Our Matthews trust lawyers ensure your trust is properly drafted, legally valid, and fully funded, so it functions as intended. We’ll help you structure the trust around your goals, transfer assets into it, and make updates as your life changes.
Our estate planning law firm, based in Charlotte, is familiar with Mecklenburg County Courthouse probate procedures, local financial institutions, and the Clerk of Superior Court, ensuring that your documents comply with state and local requirements.
FAQs About Revocable Trusts in Matthews, NC
Do I still need a will if I have a revocable trust?
Yes. A “pour-over” will captures any assets you forgot to place in the trust and ensures they’re distributed according to your wishes.
Can I name myself as trustee?
Absolutely. Most people name themselves as trustee and a trusted person—such as a spouse, adult child, or advisor—as the successor trustee.
What happens if I don’t fund the trust?
If you don’t transfer your assets into the trust, those assets won’t avoid probate—even if the trust itself is valid.
Can I change my trust later?
Yes. As long as you’re mentally competent, you can revise or revoke your revocable trust at any time.
Is my trust private after I pass away?
Yes. Unlike wills, revocable trusts are not public documents, so your beneficiaries and distributions remain confidential.
Talk to a Revocable Trusts Lawyer in Matthews, NC Today
A revocable trust offers flexibility, control, and peace of mind—but only if it’s set up and maintained correctly. Whether you’re starting your first estate plan or looking to add a trust to your current documents, our team is here to help.
Contact our estate planning firm today or call (704) 766-8836 to schedule your consultation with a revocable trusts lawyer.
